The New Year is here, and many taxpayers are anxious to get their tax refunds as soon as possible. But before you can file, you need to get tax forms from your employer, financial institutions, and others that provide vital information you need to include or attach to your return. When will those forms show up in your mailbox?
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, talks about the various deadlines for you to receive the tax forms you need. Dan notes that employers are required to give their employees their W-2 forms by the end of January, and the same rules apply to most 1099 forms as well. But certain forms, including the 1099-B that brokers provide to customers who've sold investments in 2013, aren't due until mid-February. Dan also notes that for investors in Kinder Morgan Energy Partners (UNKNOWN:KMP.DL), Enterprise Products Partners (NYSE:EPD), and other partnership investments, K-1s for income reporting aren't due until mid-March, and smaller partnerships actually have until mid-April to provide K-1s to partners. Despite the later deadline, Enterprise says it plans on sending K-1s between Feb. 18 and Feb. 24 this year, while Kinder Morgan also expects a mid-February release for its K-1s. Dan warns that even if you get your forms on time, many brokers will come back and revise their 1099s later, putting you in the awkward position of having to file an amended tax return if you relied on the first 1099 you received to file your taxes.