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.

You can find additional information at www.raymondjames.com/taxreporting.

 

 

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.

Raymond James Tax Season 2014 Mailing Schedule

As you prepare for the 2014 tax season, here is some information that you may find beneficial.

2014 Form 1099 mailing schedule

  • 2/17- Mailing of original Form 1099s
  • 3/2 – Begin mailing delayed and amended Form 1099s
  • 3/16 – Final mailing of any remaining delayed original Form 1099s

Please note the exceptions immediately below:

Delayed Form 1099s

In an effort to capture delayed data on original Form 1099s, the IRS allows Raymond James to extend the mailing date until March 16, 2014 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; as well as holding company depositary receipts
  • Processing of Original Issue Discount and Mortgage Backed bonds
  • Cost basis adjustments

Amended Form 1099s

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

  • Income reallocation
  • 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?

You should consider talking to your tax advisor 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 securities during 2014.

If you receive an amended Form 1099 after you have already filed your tax return, you should consult with your tax advisor about the requirements to re-file based on your individual tax circumstances.

Additional information can be found at http://www.raymondjames.com/taxreporting.htm.

I hope you find this additional information helpful. Please call your Advisor if you have any questions or concerns about the upcoming tax season.

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.

2013 Raymond James 1099 Mailing Schedule

As you prepare for the 2013 tax season, here is some information that you may find beneficial.

Raymond James 2013 Form 1099 Mailing Schedule

2/14/14  Mailing of original Form 1099s
2/28/14  Begin mailing delayed and amended Form 1099s
3/14/14  Final mailing of any remaining delayed original Form 1099s

We hope you find this information helpful as you approach tax season. As always, please feel free to contact us with questions regarding your accounts.

Happy Tax Season!

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Raymond James does not offer tax advice or services.