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2025 Tax Dates & Questions

2 days ago2 min read

Thinking about tax season? Learn more on tax deadlines and documents.
Thinking about tax season?

By Chase Fowler, Financial Advisor


At-a-glance tax planning table

Looking for tax-planning with an at-a-glance table? Click here.


Tax documents

Below, you will find the Wells Fargo Advisors anticipated mailing schedule for 2024 tax documents:

  • January 8, 2025: Market Value and RMD information (Form 5498)

  • January 16 & 21, 2025: Anticipated mailing date for 1099-Q and 1099-R

  • January 28, 2025: IRA Corrected Valuations (for accounts with no December statement)

  • January 24, 2025: 1099-NEC

  • February 3 & 18, 2025: Consolidated Form 1099 (includes 1099-DIV, Form 1099-INT, Form 1099-OID, Form 1099-B, Form 1099-MISC, Form 1099-OID (REMIC), Form 1099-B & Form 1099-INT (WHFIT))


Tax season surprise? Take steps to reshape your strategies

Know your IRS deadlines (click here). If tax season resulted in you owing more to the IRS than you expected, you may want to revisit your investment-related tax strategies. Doing so can help put you in a better position and avoid having to face unexpected surprises. These steps can help.

 

Review your investment portfolio for tax efficiency


  1. Review the location of your investments.

    • Do you have investments in taxable accounts that distribute nonqualified dividends or taxable interest?

    • Do you have actively managed funds that are generating significant capital gains?

    • Could these investments be held in tax-advantaged accounts instead?


  1. Evaluate the tax impact of the types of investments you select for your taxable accounts.


  • Compare taxable bonds or bond funds with tax-exempt bonds or bond funds. Determine which are better for your situation.

  • Work with a financial advisor to identify investments that will distribute primarily qualified dividends. Qualified dividends generally are taxed at the preferential long-term capital gain rates while nonqualified dividends are taxed at ordinary income tax rates.

  • Mutual funds can distribute capital gains at year-end, delivering income that may be difficult to predict. If this is a concern, review other investment options that could offer more control over the recognition of capital gains.


  1. Identify any unexpected taxable events that occurred. Determine if they are going to reoccur and think about actions you may want to take to help mitigate that impact.

 

Formulate your plan

Work with both, your tax advisor and your financial advisor, to build your overall plan.


First, schedule an appointment with your tax professional to discuss your situation and review your tax projection. Running multiple-year projections can assist with determining when to increase or decrease income and/or deductions.

Then, follow up with your financial advisor to evaluate your portfolio strategies and any investment changes that may help reduce your tax bill. If you’re nearing retirement, a financial advisor can also run multiple scenarios to help you understand the potential portfolio and tax implications of your retirement income strategy.

 

Wells Fargo & Company and its affiliates do not provide tax or legal advice. This communication cannot be relied upon to avoid tax penalties. Please consult your tax and legal advisors determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your

tax return is filed.

 

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