Contributed by: Melissa Joy, CFP® , CDFA®
IRS Filing Dates
The first day you may file your taxes is January 29. Typically, the regular tax return filing deadline is April 15th. However, this year the filing deadline will be on Tuesday, April 17th. This is because the 15th falls on a Sunday, and the 16th falls on Monday for the observance of Washington D.C. Emancipation Day holiday.
Raymond James Tax Reporting
Please visit this page for resources from Raymond James on tax reporting. This includes information on electronic download of tax information, online access to forms, and additional information on the 2017 tax information provided by Raymond James. In addition, if you have online access to your accounts through Investor Access, you can view your tax reports when available through this service.
Mailing Schedule & Online Availability for Raymond James Forms
- January 31st – Forms for retirement and education savings accounts (1099-R, 5498, and 1099-Q).
- February 15th – Mailing of original 1099s.
- February 28th – Mailing of amended 1099s and those delayed due to specific holdings.
- March 15th – Final mailing of any additional original 1099s as well as continued amended mailings as needed.
Information on Amended and Delayed Documents
The IRS has granted Raymond James, along with several other broker/dealers, a reporting extension that allows them to delay 1099s for those clients who hold what are considered “pass-through” vehicles for tax reporting purposes. The goal of this extension is to provide an up-to-date 1099 that otherwise might be amended causing confusion or the need to refile.
As a reminder, Raymond James is required by the IRS to produce an amended 1099 if one of the following adjustments is received after the original 1099 has been produced: Income Reallocation, Adjustment to Cost Basis, Incomplete or Incorrect Reporting on Original 1099, or Other Adjustments.
The Center's Commitment to You
At The Center, our goal is to provide exceptional service and help meet your needs as efficiently and effectively as possible. We offer the following commitments and services related to the tax season:
- Consistent communication about timelines for tax document receipt, as that information is available.
- Assistance in understanding your tax-related questions and coordination of information, such as cost basis.
- Coordination and communication with CPA’s and tax preparers upon your request. We’ve found that sharing and collaborating with your other trusted advisors can have substantial benefit to you.
- Financial planning and investment management integrated with perspective on tax consequences. If you would like to review or discuss our approach to taxes as it relates to your personal situation, please let us know!
- There is still time to make contributions to IRA's, Roth IRA's, and SEP IRA’s until April 18th. Please contact us if you need assistance or would like to discuss this further.
As you complete your taxes for this year, a copy of your tax return is one of the most powerful financial planning information tools we have. Whenever possible, we request that you send a copy of your return to your financial planner, associate financial planner, or client service manager upon filing. Thank you for your assistance in providing this information which enhances our services to you. If you would prefer that we request a copy of your returns from your tax preparer and have not already, please complete a Consent to Disclosure of Tax Return Information Form and return it to our office.
The Center and Raymond James are constantly exploring ways to enhance technology to provide better service and overall experience for our clients. If you need an advance look at your tax picture before all of the reports are available, we continue to offer a Tax Snapshot Report. This personalized report can be generated at any time throughout the year by simply contacting your planner. The Tax Snapshot will give a breakdown of any realized capital gains, losses, and income (dividends and interest) generated within your portfolio throughout the year. This report allows us to have a clear, concise view of the tax status of your portfolio and offers us the opportunity to better communicate these figures with your tax professional as we all strive to work on the same team to serve you in the best way possible.
As always, we are here to answer any questions that you or your tax preparer may have. Don’t hesitate to let us know how we can help!
While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.
Melissa Joy, CFP®, CDFA® is Partner and Director of Investments at Center for Financial Planning, Inc.® In 2013, Melissa was honored by Financial Advisor magazine in the Research All Star List for the third consecutive year. In addition to her contributions to Money Centered blogs, she writes investment updates at The Center and is regularly quoted in national media publications including The Chicago Tribune, Investment News, and Morningstar Advisor.
Financial Advisor magazine's inaugural Research All Star List is based on job function of the person evaluated, fund selections and evaluation process used, study of rejected fund examples, and evaluation of challenges faced in the job and actions taken to overcome those challenges. Evaluations are independently conducted by Financial Advisor Magazine.