The 2017 tax season is approaching and we want to make sure you are aware of some important dates regarding your 1099s and other tax documents.
We recommend keeping these dates in mind when setting up appointments with your accountant so that you have time to receive your documents beforehand. We are unable to verify which mailing your account(s) will fall under, but can say that clients most commonly received their 1099s during the first and second mailings (**).
If you have access to Wealthscape Investor, you can login to access digital copies on the dates listed below rather than wait for hard copies. You can log into Wealthscape Investor using the “Account Access” page on our website at any time.
All forms are to be mailed within five business days of the dates* listed below. (*subject to change)
1099-R and 592-B - January 20
These are tax documents for your IRA distributions for California residents.
**First mailing: January 27
Accounts holding securities with no anticipated reclassification or additional information from issuers. Generally, this includes accounts holding options, certain equities, and fixed income securities.
**Second mailing: February 17
In addition to accounts holding securities with income reclassifications to date, it might include equities and fixed income securities, closed-end funds, and non-Fidelity mutual funds where the issuer provided final tax information after the first mailing. Informational 1099 for corporate accounts will also be mailed at this time.
Third mailing: March 3
In addition to brokerage accounts holding securities with income reclassifications to date, it might include brokerage accounts holding unit investment trusts (UITs) and real estate investment trust (REITs).
Fourth mailing: March 10
In addition to brokerage accounts holding later issuer reclassification (UITs, REITs, etc.), it includes mortgage-backed securities (MBS) in which final tax information from the issuer has been received
First mailing: January 20
Contributions and year-end market values to retirement accounts
Spring mailing: May 15
Retirement account year-end market values and contributions made January 1 - April 15 of the following tax year
480.6 A, B, C, D – February 28
480.6A – Reports U.S. domestic taxable income, Puerto Rico taxable income without Puerto Rico (foreign) sources withholding, and all gross proceeds paid to Puerto Rico residents
480.6B – Reports only Puerto Rico residents with Puerto Rico source withholding for securities
480.6C – Reports non-Puerto Rico residents with Puerto Rico source withholding for securities
480.6D – Reports only Puerto Rico source income, from Puerto Rico debt instruments and dividend income, as reported on Form 480.6B
Correction and Duplicate Process
Duplicate and corrected forms follow the same mailing cycle for each form type, beginning in mid-February. Some account types generate the original tax form after this date. If an account has not yet received an original tax form, a corrected tax form will not be generated. Any adjustments will be applied to the original tax form.
Any requests for duplicate forms entered before the beginning of the correction cycles will be held until the correction cycles begin to run. Each form type has a different schedule for the frequency of generating corrected and duplicate tax forms, so not all forms are sent the day the corrections begin. This is due to the likelihood of more than one change occurring. By having different cycles for different form types, FCCS is able to find the balance between sending out the correction quickly and minimizing the need for multiple corrected tax forms.
Non-retirement Tax Form Duplicate and Corrected Mailing Schedule
First correction cycle: February 24
Second correction cycle: March 8
Third correction cycle: March 22
Daily corrections: April 3 - April 17 (includes prior day updates)
Biweekly corrections on Thursday: April 26 - November 10 (includes updates completed on the prior Tuesday)
Final correction run: November 10
Retirement Tax Form Duplicate and Correction Mailing Schedule
Daily corrections: February 6 - June 2
Weekly on Friday: June 8 - November 09
Final correction run: November 9
We hope you find this information helpful and wish you a smooth 2017 tax season experience!
Trice Rainer, MBA, CFP®