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Wealth management is more than just investment advice – it includes all aspects of a client’s financial life.

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At Virtus Wealth Management, we believe we can help you no matter what age you are, what life stage you are in, or how much money you are working with. We want you to feel educated, empowered, and involved in the planning of your financial future.

When Will I Get My Tax Documents

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  • When Will I Get My Tax Documents

by | Feb 23, 2018

It’s hard to believe that tax season is here already. In an effort to help our clients be prepared, we wanted to make sure you are informed of important dates and items to consider when preparing to file your taxes.

Important Dates

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.

Wave Description
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 15mailing 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

Important Items to Consider

Here are some important items to consider as you begin receiving your tax documents.

1. Schedule K-1 – What is a K-1, should I expect one, and when are they mailed out?

Schedule K-1’s are used by pass through entities and document income distributed to you during the tax year. So, you will receive a K-1 if you are a partner or shareholder in a pass through entity (like a Master Limited Partnership). Realize, too, that you might receive a K-1 form if you are invested in a fund or an Exchange Traded Fund that operates as a partnership.

The tricky part for you with a K-1 is timing. Unlike 1099 and W-2 forms, which are due to the taxpayer by the end of January (mid-February at the latest), a K-1 isn’t due until mid-March because businesses need more time to file their tax returns.

2. Corrected Forms – What is a Corrected 1099 and why did I receive one?

Please be aware that you may receive a Corrected 1099 after your initial 1099 due to income reclassification. Income reclassification refers to changes that security issuer companies (such as outside banks and institutions) make to all or part of previously reported distribution income to some other tax classification. Your annual 1099 tax statement reports are received from these outside issuer companies. After issuers complete year-end audit and reporting processes, this information may change, which is referred to as income reclassification. This information is then applied to accounts that are impacted by the securities changes and a new 1099 statement is generated and mailed in the next correction mailing.

Similar to other major financial firms’ standard protocols and delivery, 1099 Consolidated statements are mailed in waves as information is received from various institutions. For certain security types, final tax information from the bank, institution, or other type of issuer may be received after the standard deadline, resulting in your statement not arriving on the anticipated February date. In these cases, the statement will be mailed on March 1 or March 15, 2017.

Tax statement corrections due to income reclassifications are more likely for certain investments including:
— Regulated investment companies (mutual funds)
— Unit investment trusts (UITs)
— Real-estate investment trusts (REITs)
— Widely-held fixed investment trusts (WHFITs)

Unfortunately, there’s no IRS cutoff or deadline for providing corrected 1099 forms. If you need to file an amended tax return, it’s recommended that you discuss the situation with your tax advisor prior to refiling so you can determine the best course of action based on your individual circumstances.

Note: Reclassification is an industry-wide activity. All financial industry firms receive reclassified data from the issuers.

3. Filing an Extension – Do I need to file an extension?

It’s always a good idea for you to maintain an open line of communication with us and your tax advisor throughout the year in order to seek a desirable tax strategy and outcomes. This dialogue will help you decide if filing an extension is the best course of action. There are many reasons why filing an extension might make sense. For example, the volume of data or complexity of certain transactions inside or outside your accounts may require additional time to address. Also, if you are expecting to receive your 1099 in the fourth mailing wave in March, it may be reasonable to consider filing an extension to allow sufficient time for their tax advisor to accurately complete their tax return forms.

We hope this information is helpful as you prepare for completing your taxes. Please understand that this information isn’t intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. That said, we have a strategic alliance with Crest Tax Pros and have access to a professional team of CPAs to support you in your tax preparation efforts if you would like. Please let us know if we can be of assistance.

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