January 3, 2012 6:55 pm

Timetable for Receiving Tax Information

Certain payors are required to issue information returns to help you prepare your tax return. Here is a handy schedule of when to expect the information. If you fail to receive information you’re expecting, contact the payor immediately:

  • January 31, 2012: Form W-2 from your employer and Form 1099s from payors of interest, dividends, and nonemployee compensation (i.e., payments to independent contractors).
  • February 15, 2012: Form 1099-B from brokerage firms and other financial institutions showing gains and losses from sales and exchanges of stocks, bonds, and other securities.
  • March 15, 2012: Schedule K-1 from an S corporation allocating items of income, loss, etc., from the corporation. However, the corporation can obtain a filing extension, giving it until September 17, 2012, to furnish this information to shareholders.
  • April 17, 2012: Schedule K-1 from partnerships, limited liability companies, trusts, and estates. However, the partnership, LLC, trust, or estate can obtain a filing extension, giving it until September 17, 2012, to furnish this information to owners or beneficiaries.
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Factoids
FACT: 

Approximately 51.5 million taxpayers have $3.5 trillion in assets in IRAs (including traditional IRAs, Roth IRAs, SIMPLE IRAs, and SEP IRAs). In 2005, for example, contributions totaled $57.4 billion and rollovers to IRAs were another $231.3 billion.

Source: Joint Committee on Taxation

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