Welcome to another edition of Tax Rates and Tax Updates! The most exciting time of the year, I know!
We are in the middle of preparing the Tax Report for 2020, so stay tuned, you’ll receive that in an upcoming newsletter.
For now, here are the Marginal Tax Rates for 2020. Not many major changes in this area, but each year the income brackets are raised to keep up with inflation. See below for the chart.
As a housekeeping note: Form 1099 and 1099R will be arriving soon. Tax Laws indicate that Form 1099R (1099’s associated with retirement accounts) must be mailed by January 31, so those should arrive by the first of February. Form 1099 (for non-retirement accounts) takes a bit longer because of the more complex nature of calculating dividends, interest, capital gains, capital gains distribution and so on. Those typically will arrive end of February. However, the IRS does allow for a late distribution of March 15th. Please plan accordingly. Those tax forms will be mailed out, but you can also find them (when they become available) on your Online Account View.