As you prepare for the 2014 tax season, here is some information that you may find beneficial.
Our team is available to assist you with your tax reporting needs. Please don’t hesitate to reach out with questions. We are also happy to coordinate with your CPA or tax preparer on your behalf if you make this request.
2014 Raymond James Form 1099 mailing schedule
2/17- Mailing of original Form 1099s
3/2 - 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 16, 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 distributions 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 held any of the aforementioned securities during 2014.
If you receive an amended Form 1099 after you have already 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.
We hope you find this additional information helpful. Please call us if you have any questions or concerns during 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.