As you prepare to file your taxes this year, we will use this page to consolidate helpful information for clients of Pearl Planning.
Our team here at Pearl Planning is committed to assisting you and your tax professional in gathering the information you’ll need for your tax return. Don’t hesitate to reach out or ask your CPA or tax preparer to contact us with questions or for assistance.
When you’ve completed your tax return, if you are a client, we’d love you to send a copy via your document vault so we can incorporate your tax information in your financial planning.
Raymond James 2020 Form 1099 mailing schedule
- January 31 – Mailing of Form 1099-Q and Retirement Tax Packages
- February 15 – Mailing of original Form 1099s
- February 28 – Begin mailing delayed and amended Form 1099s
- March 15 – Final mailing of any remaining delayed original Form 1099s
Mark your calendar now for important 2021 dates
- April 15 – deadline to file tax return unless you receive an extension, make an IRA, Roth IRA, or HSA contribution for 2020, and 1st quarter tax estimates are due
- June 15 – pay 2ndquarter tax estimates
- September 15 – pay 3rdquarter tax estimates
- October 15 – deadline for those who filed for a 6-month extension for your tax returns
- December 31 – deadline for required minimum distributions if over age 70.5/72 (depending on age at passage of SECURE Act) as well as last day to make 2021 contributions for 401(k)s and other company or employer plans
Additional important information
Qualified Charitable Distributions
We are pleased to inform you that those of you who completed Qualified Charitable Distributions will receive information on these distributions in your tax forms.
Delayed Form 1099s
In an effort to control amended 1099s, we currently expect to delay the mailing of 1099s that meet the following criteria:
- 1099s for accounts which hold securities that have not 100% reallocated or could potentially have income reallocation (such as mutual funds, real estate investment trusts, unit investment trusts, exchange traded funds and holding company depository receipts and select equity securities)
- 1099s for accounts which hold Original Issue Discount (OID) bonds, including select municipal bonds
- 1099s for accounts with hold specific 45 day delay Mortgage Backed Securities which are reportable based on record date (i.e. Record on 12/31, payable on 2/15)
- Specific expected 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 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 securities during 2019.
If you receive an amended Form 1099 after you have already filed your tax return, you should consult with your tax professional about the requirements to re-file based on your individual tax circumstances.
You can find additional information at the Raymond James Tax Reporting resource page.
I hope you find this additional information helpful. Please call our office 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.