When do tax statements get sent?

[808 Vibes]

I've only gotten one (thank you, Bee-of-Aay!!!) Everybody else is as slow as molasses.
The prop mgr I hired is on my case to get Chateau Renaissance occupied like yesterday

[trb]

They must be mailed by 1/31, unless there is a problem or they need an extension. Most places post them online now, so I usually can get everything I need to file electronically (since you don't need a paper copy) by Jan 25th or so. I need to get started, I want my refund soon!

[jake75]

Depends on the tax statement. Broker 1099's for accounts with stocks and mutual funds often don't arrive until late February and sometimes you get an amended 1099 later. If you have OID debt instruments you might not see a 1099-INT for them until April. If you have already filed and the amounts are much different you then have to file an amended return.

[808 Vibes]

Thank you...I got one more, from d f a s, so I guess they are going to continue to trickle in. Very frustrating.

[jake75]

From what I read in the papers due to last minute changes in the tax law the IRS really doesn't know when they will be able to begin processing any returns. Refunds also may be slower as part of an IRS program to reduce fraud. It is unfortunate because many people are financially stressed and need their refund to pay bills. A lot of people who otherwise can't "save" use over-withholding as a forced savings mechanism. Whatever works!

[trb]

Yeah, i should increase my withholding allowances, but to claim more than 9, you have to provide additional support with the w4. I really should claim about 13 or 14 with 4 kids, two in college, and about $20k in itemized deductions. My final tax rate is around 4 or 5% on my gross pay. But getting $2 or $3 k back at once is nice.

[808 Vibes]

It's not even my bills.

[SeattleJeremy]

It seems every company I've ever worked for sent them as late as possible (1/31 deadline).
Hopefully, I can have taxes filed by mid feb.

[tpollauf]

It seems every company I've ever worked for sent them as late as possible (1/31 deadline).

Sounds like we could have worked for the same idiots I've gotten them as late as February when the "law" states that we should get them by 1-31. As Jerome mentioned, some of us use this refund as a way of "forced savings" well I'm kind of one of those guys event though I don't need to rely on it. The refund is usually earmarked for some known & anticipated upcoming expense! Property taxes, tuition, insurances, etc. So I welcome the refund no matter how big/small and whenever it happens to arrive

[jake75]

It seems every company I've ever worked for sent them as late as possible (1/31 deadline).

Sounds like we could have worked for the same idiots I've gotten them as late as February when the "law" states that we should get them by 1-31. As Jerome mentioned, some of us use this refund as a way of "forced savings" well I'm kind of one of those guys event though I don't need to rely on it. The refund is usually earmarked for some known & anticipated upcoming expense! Property taxes, tuition, insurances, etc. So I welcome the refund no matter how big/small and whenever it happens to arrive

I think the law is that they have to me mailed by 1-31-2013. When you receive them is up to the post office. IRS announced yesterday that e-filing will not begin until 1-30-13. And that is only if your return is not very complex.

[808 Vibes]

No f r e a k i n g way! I have TWO complicated taxes to file!!!!

[jake75]

FYI - IRS Warns Against Submitting Incomplete Tax Returns - "The Internal Revenue Service warned electronic filing providers Wednesday that they must not submit tax returns electronically before receiving all Forms W-2, W-2G and 1099-R from taxpayers. In an email alert to tax professionals, the IRS said that if taxpayers are unable to secure and provide a correct Form W-2, W-2G, or 1099-R, e-file providers may submit the electronic return only after securing Form 4852, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Insurance Contracts, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs etc. in accordance with the use of that form. “This is the only time Providers should submit an electronic return with information from pay stubs or Leave and Earning Statements (LES),” the IRS added."

[808 Vibes]

This is why I let the ***PROS*** do it. Ours are WAY too stinkin' complicated with the rental, medical, educational, caregivers, donations, IRAs, CDs, property taxes...

[jake75]

I have done tax work for many years - this year I turned 70 and retired from that part of my practice. Too much work and stress for too little compensation. But maybe I just didn't charge enough. May I ask how much you pay for your prof prep?

[808 Vibes]

My tax prep will be free. It is complicated, but if you don't make much there are places with volunteers like a a r p. The trust I run is the one I will have to pay for tax prep this year because I just had to register the rental property with a business license and everything. This will be the first year for it, so I'm sorry, I don't know how much I will have to pay for that one. *shudders*

[vibenvy]

I only get one income tax form and it's a W2 from my workplace. They typically give them to us close to the end of January. I have done my own taxes online with Tax Slayer the past few years. It is super easy (they walk you through everything) and because my income is pitifully low, e-filing the Federal return is free, although the price to e-file the state return keeps going up every year so I may try to e-file the state return on the Illinois website for free this year. I don't have any deductions or anything like that so it literally takes me less than an hour to e-file my taxes every year. I always e-file as soon as I receive my W2 so I can get my money back ASAP. I don't really use it as forced savings, but it is definitely nice to get ~$1000.00 back to stick in the bank for a rainy day.

On a bit of a side note, I have also heard that just like last year, it will take longer this year to receive your refund, whether it's direct deposit, check, etc. I think I ended up waiting at least 3 weeks last year, when it is typically directly deposited into my account within about a week after being accepted by the IRS and State of Illinois .

[ponta2147]

Yeahh, I have to issue some 1099s this year to contractors... I'd better get on that.
And hope I don't get an underpayment penalty on my estimated taxes due to making more than I anticipated... hope the deductions will prevent the final April tax bill from being too heart-attack inducing.
The concept of the refund is foreign to me. Small business owners don't get those.

[vibenvy]

The concept of the refund is foreign to me. Small business owners don't get those.

My parents always end up having to pay too, so don't feel too bad as they're not even small business owners.

[jake75]

Yeahh, I have to issue some 1099s this year to contractors... I'd better get on that.
And hope I don't get an underpayment penalty on my estimated taxes due to making more than I anticipated... hope the deductions will prevent the final April tax bill from being too heart-attack inducing.
The concept of the refund is foreign to me. Small business owners don't get those.

Small business owners with profits don't get refunds - be glad you are one of those. I try to pay at least 90% of my prior year's tax so I don't incur an underpayment penalty. Also - that penalty is only about 2% of the underpayment in these low interest days. And never calculate the penalty - let the IRS do it and send you a bill. If it is under $100 My experience is that they don't bother - plus the number they come up with is usually less than the number your tax software calculates.

[808 Vibes]

Anybody get their Social Security statement yet? I'm waiting on this and one more bank int. You would think that everything from the same bank got sent together, but noooooo.

[trb]

Wow. Did a preliminary return last night using the info I have from paycheck stubs, tax bills and mortgage statements, and we get almost everything I paid in back this year! $2,500 credit per kid in college x2 plus the $2,000 in credits for my other two kids wipes my net tax bill to under $1,000! Can't wait until 1/30/13 so I can e-file my return.

[jake75]

Welcome to the 47 percent club. Unfortunately, or maybe fortunately, I am a member of the 53 percent club.
Long term I think we will need to shift a lot of those in the 47 percent club to the 53 percent club to have any hope to pay down the national debt.

[trb]

Hey, I'm still paying taxes, it is just not the usual amount I have been paying. This year is the perfect refund storm. Next year I'll only have my daughter in college and the twins at home, so if things don't change, my net taxes will be around $3,500. Once the twins are out of college (10 yrs from now) I'll be back to paying my full 15% share of taxes. No more refunds for me then.