Tax season is imminent. Here are six dates you need to know to make sure you get all your tax ducks in a row this year.
Here’s a breakdown of what forms to expect and when they will be available. Details around the specific forms are made available through the IRS. We also recommend consulting IRS.gov for the most official source of deadlines, rules, and regulations, and taking things to a tax professional if you have specific questions.
On or before February 18, 2020
Form 1099-R is available from Stash. You will only receive a 1099-R if you have taken a distribution (withdrawal) from your Stash Retire account that was $10 or more. If you’ve taken more than $10 out of your Stash Retire account, you should be receiving this form.
Consolidated Form 1099. If you meet the criteria for multiple 1099s we will issue you what’s called a Consolidated 1099 that will consolidate all relevant forms into one convenient document. Many Stash investors will have Consolidated 1099s. A Consolidated 1099 may include:
Form 1099-B. This form is issued by Stash if you’ve sold $20 or more of any investment in your Stash Invest account in 2019.
There’s still a chance that you might get a 1099-B if you are subject to any backup withholding. Backup withholding happens when the information you have on file with the IRS does not match the information you have on file with Stash, the information is not corrected within an allotted time-frame, and you have any activity in your account during this time. For instance, the IRS has your social security number on file as 123-45-6789 but your SSN was reported to Stash as 124-35-6789.
Form 1099-DIV. This form is sent by Stash if you received more than $10 in dividends in 2019.
Form 1099-INT. This form is sent by Stash if you received more than $10 in interest in 2019.
March 15, 2020
Corrected Consolidated Form 1099. This form will be issued to Stash investors who held All that Glitters (GLTR) or Real Estate Tycoon (VNQ) in 2019 and meet certain income distribution requirements. This form consolidates all of the relevant 1099s related to your account and includes pertinent, updated information particular to these two investments. Your Corrected Consolidated 1099 will be available by March 15, which will replace the 1099s made available to you in February.
**If you owned All the Glitters or Real Estate Tycoon last year and received an email from us alerting you that you meet the income distribution requirements, you need to wait for this form to appropriately file your taxes.**
April 14, 2020
3 p.m. EST
Stash Retire users!
This is the final deadline to make a contribution toward your 2019 IRA contribution limit. Any contributions made after 3:00 p.m. EST on April 14 will go toward your 2020 contribution limit.
April 15, 2020
This is your deadline to file your taxes this year. Certain states have specific deadlines, so be sure to check your state’s website for the most accurate deadline information.
June 1, 2020
Form 5498. This form is only applicable for Stash customers with a Stash Retire IRA. This form will showcase all activity, such as contributions, distributions, rollovers, etc., that took place within your Stash Retire IRA during the 2019 tax year. This is sent to you and to the IRS and is not necessary for you to file your taxes in a timely manner. This form is mostly a form for your records.
October 15, 2020
Tax Day Take 2!
This is the last day to file your taxes if you’ve previously filed for an extension.
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Disclosure: Nothing written in this article should be construed as Investment, Legal or Tax advice. For all tax related inquiries, please consult a Tax Professional.