TaX-Files: Taking The Mystery Out of Taxes

January not only brings bitterly cold weather but also another season which sends chills up some people’s spines: Tax Season. Tax season officially begins Tuesday, January 20th, when the IRS and MN Department of Revenue ”go live” and begin processing returns. Here are some other dates for taxpayers to remember as they gather their tax documents.

  1) January 31 is the date most information needs to be sent out to taxpayers so that it is received no later than the beginning of February. These documents include W2, pension statement(1099R), Social Security statements, interest statements from financial institutions and tuition statements(1098T) from education institutions.

2) New this year is the 1095A “Health Insurance Marketplace Statement.” If you bought health insurance form the Marketplace, this form needs to be mailed to you by January 31. You should receive it by the beginning of February, and it comes from the Marketplace. When you receive it, check it very carefully to be sure it matches your records. You will need this form to help determine if you will receive a Premium Tax Credit. If you did not buy your Health Insurance through the Marketplace you will not receive a 1095A.

  3) The Certificate of Rent Paid, which landlords give to their tenants for the Minnesota Renters Property Tax Refund.

4) Brokerage Statements are required to be mailed out no later than February 15

Finally, let’s not forget the most important date of all: returns need to be filed and taxes paid by midnight on April15, 2015. Have a great tax season!

Mary Lawless, EA 651-343-0234