Below please find the updated mailing schedule for your 1099 Consolidated form from LPL Financial. LPL mails 1099 Consolidated forms in waves to account for various deadlines and income variations so that your tax information is timely, accurate and reliable.
|1 – January 31 Release||Includes accounts with the simplest tax information and not subject to income reclassification|
|2 – February 15 Release||Includes accounts holding securities (REIT, UIT, foreign security or municipal bond funds) that may be subject to income reclassification.
Preliminary 1099 Consolidated Tax Statement – DRAFT COPY. Includes accounts that will not receive a final 1099 Consolidated Tax Statement until March 1 or March 15
|3 – March 1 Release||In the event investment companies do not furnish tax information to LPL in time for the February 15 mailing deadline|
|4 – March 15 Release||In the event investment companies do not furnish tax information to LPL in time for the February 15 or the March 1 mailing deadline and any accounts that hold securities that provide mortgage backed income reporting information|
Some accounts mail later than others due to the types of securities in those portfolios. Certain types of securities such as Unit Investment Trusts (UITs), Real Estate Investment Trusts (REITs), mutual funds, commodity trusts, and individual stock are more likely to reclassify or have later IRS deadlines to report their final financial data to the broker/dealers and the IRS.
Investments in certain assets, such as real-estate and commodities, are much more likely to require reclassification. Also, securities that represent direct or indirect investments within these assets may require income reclassifications.
If, in previous years, you received a separate tax form for your accounts holding mortgage backed securities, that information will now be included in the 1099 Consolidated. Because of this change, your 1099 Consolidated will be included in the March 15 mailings since those issuers have a later income reporting deadline with the IRS. That deadline is 45 days past the last record date for year-end distributions.
Even with our staggered mailing system, further delayed reporting and reclassification received from the security issuer can sometimes occur, which will result in having to send corrected 1099 forms. There is no IRS cutoff or deadline for providing you with corrected 1099 statements. If you need to file an amended tax return, be sure to discuss the situation with your tax advisor prior to refiling so that you can determine the best course of action based on your individual circumstances.
We hope this information will help you work with your tax advisor to plan your strategy for this tax season.
Greg R. Solis, AIF®
President and CEO
Bob Medler, CRPC®, CMFC®, AIF®
Wealth Advisor / Investment Analyst
78-075 Main Street
La Quinta, CA 92253
Office: (760) 771-3339
Fax: (760) 771-3181
CA Insurance License #0795867 & 0C05523
The Wealth Advisors of Solis Wealth Management are also Registered Representatives with and securities and advisory services are offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC
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