Financial Planner
Checklist: Your Taxes
Things to do this weekend with your money: For more information and resources on filing your taxes, visit https://www.latimes.com/taxes.
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* Today: Don’t forget your Roth IRA conversion. If you converted a traditional IRA to a Roth IRA in 1998 and opted to spread the income over four years, you’ll need to include one-fourth of the income in this year’s taxes. If you converted to a Roth IRA in 1999 and your adjusted gross income was over $100,000, not including the conversion amount, you’ll need to undo the conversion. For more details, consult your IRA trustee or visit https://www.irs.gov and search the publications forum for “Roth IRA.”
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* Saturday: Although most tax forms issued by employers and financial institutions are accurate, taxpayers should still compare W-2s, 1099s and K-1s against their own records before filing returns. Taxpayers might need to file an extension while errors are corrected or attach a note explaining any discrepancies.
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* Sunday: Time is running out for people who failed to claim their 1996 tax year refunds. The IRS estimates that some 1.6 million people paid taxes that year but failed to file returns to claim $2 billion in refunds. The deadline for filing 1996 returns is April 15--not April 17, which is the deadline for other federal and state tax returns.
