Tax Season Reminder

Please note that due to the observed Emancipation Day holiday on Monday, April 17, this year’s tax filing deadline has been moved to Tuesday, April 18.

1099 Delivery Reminders:
As a reminder, realized gain/loss (cost basis) as well as management fee information is included on your 1099 coming directly from TD Ameritrade. Please provide your 1099s to your tax professional for preparing your 2016 return.

  • TD Ameritrade has communicated that as of February 15, all 1099s were placed in the mail. Please note you could receive a corrected 1099 from TD Ameritrade as late as April 11. All 1099s are sent via regular mail to the address of record.
  • Clients who have established online access can also access any 1099 forms online through AdvisorClient.com. Using your existing login credentials, go to the “My Account” drop down and click on “Tax Documents.” From here you can download your most recent 1099s and either print, save, or email them to your tax professional. In order to switch between accounts, click on the filter at the top of the screen to select the appropriate account.
  • Also, clients who wish to download their account information directly into Turbo Tax or H&R Block should use their account number as their username and the Document ID located in the upper right hand corner of the 1099 form as their password. Feel free to contact your Advisory Team if you have any questions.
  • We fully appreciate the frustration corrected 1099s often cause as neither JNBA, nor TD Ameritrade, can control this delay in adjusted information. As business has become more global, companies often have to modify reported dividends, interest, or capital gain information. As a result, by law, those companies are required to pass these revised figures on to the appropriate parties, in this case, TD Ameritrade.

Long-Term Care Insurance:
If you own long-term care insurance, you may be eligible for an income tax credit for premiums paid during the 2016 tax year. Specifics vary from state to state, and you should consult your tax professional for additional information.

Tax Returns:
JNBA requests your 2016 tax returns in order to provide well-rounded and accurate financial planning advice. If you did not sign a Tax Professional Authorization form, please mail a copy of your 2016 tax return to your Advisory Team or upload your return to your JNBA Modestspark Portal.

Social Security Tax:
Those who worked for multiple employers in 2016 may have paid too much in Social Security tax. The maximum amount withheld by all employers was $7,347. If your Social Security withholdings exceeded that maximum, you may be able to claim the excess as a credit.

IRA Contributions:
If you would like to confirm contributions already made for 2016 or want to discuss moving money from a non-IRA account to an IRA for your 2016 contribution, please contact your Advisory Team.

In order to make the April 18 deadline, contribution checks (made payable to TD Ameritrade with “2016 contribution” written on the memo line) need to arrive at our office no later than April 13, 2017.

Health Insurance:
The Affordable Care Act requires that a taxpayer and each member of their family has qualifying health coverage for each month of the year, qualifies for an exemption, or makes an individual shared responsibility payment when filing their tax returns. Similar to last year, those that had qualifying health coverage for the whole year will simply have to check a box stating that they are covered.Please contact your JNBA team if you have any questions.

Please contact your JNBA team if you have any questions.