The 2015 tax season is underway and you may be wondering when will I receive my 1099 tax info from Raymond James. Here is the mailing schedule for the 2014 Form 1099.
2014 Form 1099 mailing schedule
• 2/17- Mailing of original Form 1099s
• 3/02 - 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 us to extend the mailing date until March 14, 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 distribution 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 had any of the aforementioned securities during 2014.
If you receive an amended Form 1099 after you have 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 us if you have any questions or concerns during this tax season.
Rimmer Retirement Advisors 405-721-7210
Raymond James Financial Client Services 800-647-7378