Important Dates and Documents You Might Need for Tax Season
With tax season quickly approaching, it is important to stay organized and informed. Being aware of important dates and documents you may require for tax season can relieve some stress in upcoming weeks.
Important Dates
For our clients with accounts at Raymond James, the key tax form mailing dates are outlined below.
Raymond James will mail retail composite Forms 1099 out in three main groups. The date your form will be mailed typically depends on the holdings in your account.
Group 1 Forms will be mailed by February 15th. Group 1 typically includes accounts with holdings where issuers have determined income reallocations or accounts holding less-complex securities, such as equities.
Group 2 Forms will be mailed by February 28th. Group 2 typically includes accounts with holdings where issuers have determined income reallocations since Group 1 was mailed. This usually includes mutual funds and unit investment trusts. The first amended composite Form 1099s are also mailed by this date.
Group 3 Forms will be mailed by March 15th. The remaining original 1099s are mailed in this group, including final real estate mortgage investment conduit (REMICs) that report on Form 1099-OID. Additionally, the second amended forms are mailed as needed. By March 15th, all Forms 1099 must be mailed, regardless of any pending adjustments or income reallocation, per IRS regulations.
A Form 1099 may be delayed from the first or second mailing group due to pending information from a security issuer, or for other various reasons. You might experience delays for accounts that hold securities that have not been 100% reallocated or could potentially have income reallocation. The 1099s for accounts that hold OID bonds, including select municipal bonds may also experience delay. Accounts containing specific 45-day delay mortgage-backed securities reportable based on the record date might be delayed as well.
Documents You Might Need
In preparation for tax season, you might need these documents:
Copies of your 2023 and 2024 income tax returns
Form W-2 from your employer
Brokerage statements (Form 1099-B) and any statements showing investment purchase/sale dates
Dividend and interest statements (Forms 1099-DIV and 1099-INT and 1099-OID)
Social Security statement (Form 1099-SSA) and/or retirement distributions (Form 1099-R), if applicable
Statements reporting profits from partnerships, trusts and small businesses (Form K-1)
Mortgage interest statements (Form 1098)
Student loan interest statements (Form 1098-E)
Receipts or proof of:
Charitable gifts
Medical/dental expenses
Education expenses
Moving expenses
Daycare/childcare costs
Tax regulations are complex and ever-changing, so be sure to consult with both your financial advisor and a tax professional for advice on your unique situation. Please note that we are not tax professionals here at West Michigan Advisors, and we do not provide tax advice.
The material has been gathered from sources believed to be reliable, however West Michigan Advisors cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. To determine which investments or planning strategies may be appropriate for you, consult your financial advisor or other industry professional prior to investing or implementing a planning strategy. This article is not intended to provide investment, tax or legal advice, and nothing contained in these materials should be taken as such. Investment Advisory services are offered through West Michigan Advisors. Advisory services are only offered where West Michigan Advisors and its representatives are properly licensed or exempt from licensure. No advice may be rendered unless a client agreement is in place. Securities offered through Level Four Financial, LLC, a registered broker dealer and Member of FINRA/SIPC