Tax Reporting and Important Deadlines
We understand receiving your tax information in a timely manner is important to you. To assist you in planning for your 2020 taxes, we have produced the following schedule of various tax forms that may be mailed to you over the next several months depending on the type of account(s) you have. You will receive only those forms that are appropriate for the activity in each of your accounts. In the event you have income or distributions from securities where the final tax information was not made available to our firm at the time of the original mailing of your tax document, we will send you an amended version as soon as that information is provided. Please ensure you have received the required tax forms for all of your accounts that may have taxable activity before completing your tax return.
Note: The IRS no longer requires financial institutions to provide clients amended 1099's for amounts where the change in any box is $100 or less. If you would like to receive amended 1099's for corrections less than $100, please contact us.
Online access of tax documents
All tax documents will be available online. Call us for more information on how to view your documents online and suppress paper copies. With your permission, your tax preparer may also gain online access to your tax documents. Speak with us about setting up an agreement for third-party access.
Mailed on or Before IRS Mailing Deadline
|Consolidated Statement and Form 1099-DIV, Form 1099-OID, Form 1099-OID (REMIC), Form 1099-B, Form 1099-MISC, Form 1099-C, Form 1099-INT, Form 1099-INT (WHMT)||February 16, 2021 In some instances, you may receive an amended version for your account when additional income or distribution information was provided after the original deadline.||Information is provided on the following:|
|Market Value and RMD Information (Form 5498)||February 1, 2021||Included in your enclosed December 2020 statement. This shows the value of the account as of the last business day of the year and information regarding your Required Minimum Distribution (RMD), if applicable.|
|Form 5498-ESA||April 30, 2021||In most cases, this information will accompany your December 2020 statement and report contributions, rollovers, and direct transfers to your Coverdell Education Savings Accounts. The amended information will be sent by the given date for accounts that have made contributions after the last day of December 2020 but before Thursday, April 15, 2021.|
|Form 5498||June 1, 2021||In most cases, this information will accompany your December 2020 statement and report contributions, rollovers, and direct transfers to you Coverdell Education Savings Accounts. The amended information will be sent by the given date for accounts that have made contributions after the last day of December 2020 but before Thursday, April 15, 2021.|
|Forms 1099-R and 1099-Q||February 1, 2021||This provides information on distributions from your Individual Retirement Account (IRA), Coverdell Education Savings account, or 529 Plans.|
|IRA Corrected Valuations (for accounts with no December Statement)||February 1, 2021||This statement reports your year-end IRA portfolio valuation.|
Schedule K-1: Master Limited Partnership (MLP) income and capital account (or cost basis) information will be mailed to you directly from the Limited Partnership General Partner in March or early April 2021 (This information is not provided by Wells Fargo Clearing Services, LLC) The IRS mailing deadline for this information is March 15, 2021.
The information provided herein is for informational purposes only and should not be relied upon as tax advice. TradePMR does not provide tax, legal, or investment advice. Please be sure to consult a qualified tax or legal consultant for tax or legal advice.