Waiting For Those 1099 Tax Forms?
Tuesday, January 12, 2010 at 7:00AM MAD21 By Heather (Balance with Purpose)
It’s that time of year again–when accountants update their pocket protectors along with their tax software and people all over the United States wait anxiously by the mailbox to see if this will be the day that their W-2s and 1099s arrive so that they can rush right over to their accountant’s office to see what their refund will be from 2009.
Well, not so fast. For years after 2008, certain 1099s are not required to be mailed out to taxpayers until February 15. This includes: 1099-B (Proceeds from Broker and Barter Exchange Transactions), 1099-S (Proceeds from Real Estate Transactions), and 1099-MISC (if amounts are reported in boxes 8 (substitute payments in lieu of dividends or tax-exempt interest) or 14(payments to attorneys)).
Confused? Well, don’t be. The item that affects most people is the 1099-B, which is the 1099 that brokerage firms and banks use to report proceeds from stock and mutual fund sales during the year.
So, as you gather your tax data this year, keep in mind that certain 1099s aren’t required to be mailed until February 15. Your W-2 should still be issued by January 31.
Do you have general tax or financial questions? I would love to hear from you. Taxes can be very personal and gray, but I like to take the mystery out of financial and tax concerns and talk about the issues that bother people. Let me know if you would like to see an article about anything in particular. Let’s get to the black and white of things.
Heather Sunseri is a Christian, wife and mother of two young children. She has worked as a CPA for the past 15 years for thoroughbred horse farms and in public accounting in Central Kentucky. She spends her free time as an inspirational writer and enjoys the little things in life from long bike rides in the country to homemade pizza and family game night.
Reader Comments (1)
I always get so frustrated waiting for all the forms we are supposed to get. I hate that companies wait until the last minute to get them out to people. Somehow I think they've forgotten that these dates are "get it to us by.." dates, not "don't mail them out until..." dates. Thanks, Heather!