You have been receiving various tax documents over the past several weeks, W-2’s, mortgage interest statements, 1099’s from banks, etc. Can I file now?
Trying to file your 2015 tax return too early can lead to mistakes. Brokerage companies will not be sending their consolidated brokerage statements until February 15th. Many of these statements will have changes after the initial statements are mailed, especially if you invest in Real Estate Investment Trusts and Mutual funds.
Partnerships and S corporations and trusts generally do not issue their K-1’s usually until late February or sometime in March. Trust K-1s are often issued in late March or early April. The due dates for partnership and S corporation K-1s for extended returns is September 15th. Partnerships that invest in hedge funds generally cannot issue K-1s until September.
So, when do I bring my “tax stuff” to my CPA?
When you have most of your tax information together and have completed your tax organizer, then you should forward your information to you CPA. For many taxpayers, this will be sometime after February 15th. Don’t wait on the final K-1 that always comes in late March before you drop off your tax information. Late K-1s can easily be added to tax returns that are in process, CPA’s do this all the time.
If you have a student in college and will be completing a FAFSA Form, then you need to get your tax return information in as soon as you have gathered the bulk of it. Communicate to your CPA what is missing and your deadline for having numbers for the FAFSA form. The FAFSA can filed with tentative numbers and amended later.