IRS 1099 Mailing Deadline February 18, 2014!
In 2009, Section 6045(b) of the Internal Revenue Code extended the deadline to furnish 1099 Consolidated Reporting statements from January 31 to February 15. Since February 15, 2014 will fall on a Saturday, the IRS has extended this date to February 18, 2014.
In other words, you will not be receiving the forms you need to do your 2013 taxes until after February 18th. Please plan accordingly.
Accessing your statements online
With the rollout of our new “Account View”, you can access all of your statements online. Visit our website at www.EnduringWealthAdvisors.com and click the “Client Login” button in the top right of the screen.
Account View is accessible from all of the most popular devices, including your smartphone or tablets, but initial registration must be done from a computer’s browser.
Call us if you have any problems or haven’t yet registered for access to the site.
IRS Form 5498 IRA Contribution Information mails in June
Since the deadline for contributing to an IRA is the April 15, the form used to confirm receipt of contributions is not mailed until after all the contributions have been made for the year. This report includes rollovers as well as new contributions to an IRA account.
Be sure to advise your tax preparer of any contributions you made to your IRA account. If your contributions occur between January & April 15 of the New Year (2014) please be sure to have us confirm that they have been properly coded as contributions for tax year 2013.
Most systematic investment plans use the calendar year of the contributions as the default for the tax year of the contributions, but they all allow the coding to be changed relatively easily. Please call us if you have any questions about your contributions.
IRA Contribution Limits
If you (or your spouse) have earned income to support the contributions, you can put $5,500 into your IRA accounts for either tax year 2013 or 2014. Your spouse can do the same.
An additional $1,000 can be contributed every year, beginning in the year you turn 50 years old.
All IRA contributions must be completed by April 15 of the year following the contribution year. For practical purposes, it’s important to get them into us before April 14.
NOTE:
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.