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B&E Helps Clients Gather Essential Tax Information

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Are you getting your documents ready for your tax preparer?

Let us help save time, simplify the process of gathering the information and provide secure accurate information. 

Some of the following requirements may apply to you.
In 2020, if you:

  • made a contribution to your Donor Advised Fund, you will need details of that charitable contribution.
  • made a contribution from your IRA to a charity, you will need the 1099-R from the IRA as well as proof the charity received the donation.
  • made contributions to an IRA, Roth IRA, SEP IRA or Solo 401(k) Plan, you will need details of those contributions. Note if you have not done this and wish to do it, for IRAs and Roth IRAs, you still have until April 15th to make the contribution. For SEP IRAs and Solo 401(k)s, you have until the filing of your tax return, plus extensions.
  • took a distribution from or transferred your IRA, Roth IRA, SEP IRA or 401(k), you will need a 1099-R showing the distribution amount and any withholding. Note if this was a Coronavirus Related Distribution, you should communicate that to your tax preparer as the 1099-R will not note anything special for classifying such distributions.
  • made a contribution to a §529 Education Account, you will need details for that contribution. For the Minnesota Deduction, these needed to be funded by December 31st
  • had any sales of investments, you will need a 1099-B showing the proceeds and cost basis. Note these are often not produced until February, and sometimes even early March.
  • had an interest or dividends in a bank or investment account, you will need a 1099 reflecting these amounts. For investment accounts, these are usually part of the 1099 showing any gains or losses from sales.

Note: While we do not handle Health Savings Accounts, this is just a good reminder that if you did not maximize those contributions, you have until April 15th to do so.

Naturally, your tax preparer will request many other documents; we simply wanted to detail those we could assist in assembling should you need our help! 

It’s time to put 2020 to a close with comfort and clarity. 

Securities offered through Valmark Securities, Inc. Member FINRA/SIPC.  Investment Advisory Services offered through B&E Investment Advisers, Inc. a State Registered Investment Adviser that is a separate entity from Valmark Securities Inc.