Tax Day Fast Approaching

taxes-safe-4-3
taxes-safe-4-3

We’re about two months away from Tax Day. Your W-2 is one thing, but you’re not totally ready to file your taxes unless you have the proper documentation of money earned outside of your employer. That could mean having a 1099, says Kyle Whipple, partner and financial advisor at Custom Wealth Solutions. He spoke to Michigan News Network.

“Any time that you have money coming out of an account, so if it’s after taxes money and that account has earned interest or received dividends or capital gains, you’re going to get a 1099,” Whipple said. “That report, though, and you’re going to want to make sure that you include that.”

Whipple says any money you have coming from a pension plan, annuity or IRA will also involve a 1099. Unless you have all those documents, Whipple says you’re not yet ready to file.