As we edge closer to April 15th, Tax Day, I’m sure you have some questions lingering in the back of your mind.
First, by now, you should have received your 4th quarter statements and Annual Valuation Worksheets. If you haven’t received them, please click here for a copy of the worksheet: AAV Worksheet
We also sent out 1099s to anyone who took a distribution last year. The 1099s went out on January 31st. If you haven’t already received it, you should get it within the next few days.
We report any contributions made to your account and the value of your account on the 5498 form, which will not go out until May. The reason they don’t go out until May is that you have until April 15th to make prior year contributions. Don’t worry, you will not need the 5498 to do your taxes. Your CPA or tax professional can show you how to report contributions and rollovers on your tax forms.
Individuals must file income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. For more information, see Form 4868. Then, file Form 1040, 1040A, or 1040EZ by October 15.
Individuals, if you are not paying your income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2014 estimated tax. Use Form 1040-ES. For more information, see Publication 505.
April 15th is also the deadline for making Traditional and Roth IRA contributions. Even if you file for an extension for your personal Federal Tax Return, the April 15th deadline for making Traditional and/or Roth IRA contributions for the previous year still holds.
NOTE 1: Certain exceptions or extensions may apply for those in the military and for certain state holidays. Be sure to check with your tax professional.
NOTE 2: If Professional Farmers or Fisherman filed their income tax return (Form 1040) and paid any tax due, they still have until April 15th to make their Traditional and/or Roth IRA contributions for the previous tax year.
NOTE 3: Single member, IRA-Owned LLCs do not have to file a tax return unless there is UBTI.
Partnerships must file a calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then, file Form 1065 by September 15.