We hope your New Year is off to a great start! With the 2025 tax filing season fast approaching, Covenant Trust is working to get you the information you need to file your tax returns as quickly as possible. TIP: We recommend waiting until you receive all the necessary forms before meeting with your tax preparer or completing your tax return so that you have the most accurate, up-to-date information.
Mailing Dates for 2024 Tax Forms from Covenant Trust:
- 1099-R: End of January
- 1099-DIV, 1099-INT, 1099-B: Mid-February (if we receive corrected forms, we will send corrected 1099s as soon as possible).
- Grantor Tax Information (revocable trusts): End of February
- K-1s (irrevocable trusts or LLCs): Mid-March, provided we have the information to provide you with a complete report. If we do not have full information, we will send you the K-1 as soon as it is complete.
Important Notes for Trust Beneficiaries:
- If you received distributions from an irrevocable trust (Simple or Complex) in 2024, please wait for Form K-1 before finalizing your tax return.
- Missing K-1 information may require you to amend your return.
- We recommend that you wait until you have received all necessary forms before meeting with your tax preparer or completing your tax return so that you have the most accurate, up-to-date information.
What to Expect:
- If you have an IRA or Charitable Gift Annuity and had a distribution in 2024, you will receive a 1099-R.
- If you have an investment management account where:
- you received a dividend or a capital gain distribution in 2024, you will receive a 1099-DIV.
- interest income was received in 2024, you will receive a 1099-INT.
- you sold mutual funds or other securities in 2024, you will receive a 1099-B.
- If you have a Revocable Trust with taxable income, you will receive a Grantor Tax Letter.
We hope that this information will help to make it easy for you to file your income tax returns.