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Time To File Your Taxes: Tax Season Has Begun!



Kat Jennings

The start of the 2017 tax season occurred this Monday on January 23rd. (Some argue tax season never ends.) By this we mean that Monday was the first day you can officially your income tax returns. Employers have until the 31st of this month to give you your W-2 and 1099 forms. If you made income on your investments in 2016, you may have to wait until mid-February to get all of your required forms.

Below is a chart of some of the forms that you may receive in order to complete you tax filing:

Form Name Purpose When you will receive it
1099-B Stock sales and capital gains January to mid-February
1099-DIV, 1099-INT Dividends paid and interest earned over $10 January to mid-February
1099-G State and local tax refunds January
1099-K Credit card payments for sharing economy income January
1099-MISC Non-employee income, rental income January
1099-R Distribution from a retirement plan or IRA January
1099-SA Health savings account distributions January to mid-February
K-1 Partner’s share of income, deductions and credits Could be as late as the business’s extended due date for filing its returns
SSA-1099 Social Security income January
W-2 Wage and tax statement January

This year, tax payers have until the 18th of April in order to file taxes. If they opt for an extension, that date gets pushed back to the 16th of October.

For some deductions, you will need specific forms. Below is a chart looking at some of the popular deductions and credits you may receive:

Form Name Purpose When you will receive it
1098 Mortgage interest January
1098-E Student loan interest paid in excess of $600 January, may be online
1098-T Tuition and education costs January
Annual giving statement Size and timing of your charitable gift 2016 and through January
Childcare expenses Amount paid to your childcare provider Ask your care provider for details
Property tax statement Amount you owe on property taxes Late 2016 to early January, may be online

Remember, some tax returns may be mailed back to you later than usual, as per the IRS. Don’t fret. AS long as you get your taxes in on time, you will be fine.

Source: Cari Weston, American Institute of Certified Public Accountants

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As TaxConnections CEO, Kat Jennings founded the leading tax platform connecting tax professionals and taxpayers worldwide. TaxConnections blogs educate tax professionals and taxpayers on the impact of tax laws affecting citizens all over the world.

Contact Kat@TaxConnections.com or call 858.999.0053 at TaxConnections.com

   

One thought on “Time To File Your Taxes: Tax Season Has Begun!

  1. Avatar Barbara Helzing says:

    what about the 1095 forms

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