As we draw closer to tax filing season, we wanted to send a reminder on the timing of your tax forms. Please note that tax forms will be available online via Account View sooner than you’ll receive them via mail. We highly recommend that you make sure you’ve set up your access in advance of tax season. We’re more than happy to walk you through the process of downloading the documents or verifying whether documents were sent out.
That being said, here’s a general summary of the dates you can expect to be able to access your tax forms:
IRS Tax Form
|January 21 & 28
1. Accounts not subject to income reclassification
February 4, 11, 18 & 25
2. Accounts subject to income reclassification
3. Preliminary 1099 Consolidated Tax Statement – Includes accounts that will not receive a final 1099 Consolidated Tax Statement between February 26 and March 12
March 4, 11 & 18
4. (Accounts subject to reclassification, OID/ REMICs, & WHFITs,) (Revised 1099s Issued April through October 2021)
|Reports payments your client received as taxable dividend income, capital gain distributions from mutual funds, gross income attributable to WHFITs, federally tax-exempt interest, original issue discount (OID) on debt obligations, royalty payments, sale of securities (and their cost basis and holding period), and merger considerations.
Notes on reclassification: If your client held a RIC, REIT, UIT, foreign security, or municipal bond funds, these may be subject to income reclassification and will be issued later in February or March and could result in 1099 revisions.
We hope this information will help you work with your tax advisor to plan your strategy for this tax season. Please feel free to contact us with any questions or concerns.
Tiffany Valentine, CFP®
CERTIFIED FINANCIAL PLANNER™
Vice President and COO
SOLIS WEALTH MANAGEMENT
78-075 Main Street
La Quinta, CA 92253
Office: (760) 771-3339
Fax: (760) 771-3181
CA Insurance License 0D73175
During the tax season, in order to meet all IRS deadlines, reduce errors, and reduce the need to mail corrected versions, LPL will be mailing the 1099 Consolidated Statements in multiple phases. LPL will file for a 30-day extension with the IRS in an effort to reduce the number of forms received. All accounts with reportable activity will receive a 1099 Consolidated Statement on or before March 18. 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.
Even with our weekly 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 a corrected 1099 tax statement. If a corrected 1099 form is received after March 18 determine the best course of action based on your individual circumstance before filing an amended return.