Its January, so how about a tax question?

[id10t]

I know my employer has to give me my W form by end of January...

What about 1099s? Wife had some CC debt discharged, I understand a 1099 can be sent for this - is there a date by which we can say "Ain't coming" and file and not have to worry about amending, etc?

What about the data from stock sells? I know the company will send me the info, just wondering if there is a "must send to me by" date?

In short, at what point can I fire up Turbo Tax and get my taxes done and not need to worry about amending, refiling, or missing income that was reported to the IRS ?


Thanks!

[Zeke]

Although forms must usually be sent by Jan 31, it doesn't relieve you of any liability if they are late.

[id10t]

Originally Posted by Zeke

Although forms must usually be sent by Jan 31, it doesn't relieve you of any liability if they are late.

So... if I file mid february, and mid march get a 1099 w/ a postmark date of March 1, i'm still liable?

[jwasbury]

Originally Posted by id10t

So... if I file mid february, and mid march get a 1099 w/ a postmark date of March 1, i'm still liable?

Yes...you are supposed to report all income, regardless of whether it was properly reported to the IRS by the payor on a form W2, 1099' etc. This is true even if your income is from illegal activities (as in drug dealers or for hire assassins).

Its just that if income is not reported to the IRS by the payor its rather unlikely that IRS will audit you for failure to put it on your return or pay tax on it.

[Zeke]

Which makes it a real Catch 22 because if you do receive a latent form it may still be compared to your filing. The penalties for firms not sending out forms on time are not enough to make it high crime. The smaller the firm (not the amount on the form) the less likely it will ever amount to anything.

Now if Goldman Sachs was late on millions of forms, it could cause them some grief.