2018 Tax Reminders

Please note that due to the observed Emancipation Day holiday on Monday, April 16, this year’s tax filing deadline has been moved to Tuesday, April 17.

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 2017 return.

  • TD Ameritrade has communicated that as of February 14, all 1099s will be 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.

Tax Returns  

JNBA requests your 2017 tax returns in order to provide well-rounded and accurate financial planning advice. If you did not sign a Tax Professional Authorization form, please send a copy of your 2017 tax return to your Advisory Team or upload your return to your JNBA Modestspark Portal.

IRA Contributions

If you would like to confirm contributions already made for 2017 or want to discuss moving money from a non-IRA account to an IRA for your 2017 contribution, please contact your Advisory Team.

In order to make the April 17 deadline, contribution checks (made payable to TD Ameritrade with “2017 contribution” written in the memo line) need to arrive at our office no later than April 12, 2018.

Social Security Tax

Those who worked for multiple employers in 2017 may have paid too much in Social Security tax. The maximum amount withheld by employers was $7,886.40. If your Social Security withholdings exceeded that maximum, you may be able to claim the excess as a credit.

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 2017 tax year. Specifics vary from state to state, and you should consult your tax professional for additional information.

Minnesota Resident 529 Plan Contributions

Beginning in tax year 2017, you may be eligible for a Minnesota nonrefundable income tax credit or an income tax deduction for contributions to any state’s 529 plan. The nonrefundable income tax credit is subject to phase-out. You should consult your tax professional for additional information regarding the credit or deduction.

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.

Important Retirement Contribution Numbers

Additional “Catch-up” Limits (individuals age 50 and over)

Please contact your JNBA team if you have any questions.


Disclaimer: JNBA is also not an accountant and no portion of the above should be construed as accounting advice. All accounting issues should be addressed with an accounting professionals of your choosing. JNBA is not an agent of the Social Security Administration. All claiming strategies and benefits must be verified and accepted by the Social Security Administration. JNBA is not an insurance agent and no portion of the above should be construed as insurance advice. All insurance issues should be addressed with the insurance professional of your choosing.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, Inc.

Please see important disclosures information at www.jnba.com/disclosure