Important Information for Tax Season 2016

As you prepare for tax season, here is some information that you may find beneficial.

2016 Form 1099 mailing schedule

  • January 31 – Mailing of Form 1099-Q and Retirement Tax Packages
  • February 15 – First mailing of original Composite Form 1099s
  • February 28 – Begin mailing delayed original and amended Composite Form 1099s
  • March 15 – Final mailing of any remaining delayed original and second round of amended Composite Form 1099s

Delayed Form 1099s
In an effort to capture delayed data on original Composite Form 1099s, the IRS allows us to extend the mailing date until March 15, 2017, for clients who hold particular investments or who have had specific taxable events occur. Examples of delayed information include:

  • Income reallocation related to mutual funds, real estate investment, unit investment, grantor and royalty trusts
  • Processing of Original Issue Discount and Mortgage Backed bonds
  • Expected cost basis adjustments including, but not limited to, accounts holding certain types of fixed income securities and options.

Amended Form 1099s
Even after delaying your Composite Form 1099, please be aware that adjustments to your Form are still possible. Raymond James is required by the IRS to produce an amended Form if notice of such an adjustment is received after the original Composite Form 1099 has been produced. There is no cutoff or deadline for amended Forms. The following are possible causes of an amendment:

  • Income reallocation, a practice in which companies adjust the tax characterization of previously paid income during the tax year
  • Adjustments to cost basis (due to the Economic Stabilization Act of 2008)
  • Changes made by mutual fund companies related to foreign withholding
  • Tax-exempt payments subject to alternative minimum tax
  • Any portion of distributions derived from U.S. Treasury obligations

What can you do?
Consider talking to your tax professional about whether it makes sense to file an extension with the IRS to give you additional time to file your tax return, particularly if you held any of the aforementioned types of securities during 2016.

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Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.