Client Friendly Reminders

Important Information for Tax Season 2014

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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.

New Paperless Tax Reports for Raymond James Investor Access Users

 If you have elected to receive your account documents online through Raymond James Investor Access, we are happy to report that for the 2014 tax year, your tax reports will be available electronically. Tax reports that may be delivered online include: IRS Composite Form (1099-B, -DIV, -INT, -MISC, and IRS Forms 1099–R and 5498.

How to Sign Up

Previously, year-end tax reports were delivered by regular mail only. To receive your 1099 and other tax reports electronically, you will need to sign up. Just Log in to Investor Access and click on the Quick Link for Document Delivery Options. This is where you can make the election to receive your tax documents online. When a new tax document becomes available, you will receive email notification.

Anytime Access

Like documents you already receive online, you will be able to simply log in to Investor Access and go to the Documents page to view your tax reports.

New Quicken Features for Raymond James Investor Access Users

 If you use Quicken software for Windows or Mac, recent updates to the Raymond James system will help by providing you easier access to your account(s). Quicken Direct Connect is now available to all clients enrolled in Investor Access who use Quicken software for budgeting and money management. Direct Connect communicates directly with a client’s Investor Access account(s), allowing you to update your Investor Access account data directly within Quicken.

Previously, Raymond James offered Quicken Web Connect to Windows users only. Web Connect requires clients to manually log in to Investor Access and take action to update their account information in Quicken. Now, Mac users may also use Quicken Web Connect.

System Requirements

Raymond James supports the following Quicken® products for both Web Connect and Direct Connect:

  • Quicken® for Windows – the most current version of Quicken® and the two prior versions
  • Quicken® for Mac – Quicken® Essentials for Mac 2010; Quicken® 2007 for Mac using OSX 10.7 or later

Accessing Direct Connect

Current Raymond James Web Connect Users:

You now have access to Quicken Direct Connect but must upgrade your existing account(s) in Quicken to use Direct Connect. You should have received an alert in Investor Access regarding the upgrade requirements. 

New Raymond James Direct Connect Users:

If you have not used Raymond James Quicken Web Connect downloads, you can begin using Quicken Direct Connect by logging into Quicken. You can access the Quicken® Download page in Investor Access by clicking Account Services, Client Tools, and then clicking the Quicken® Downloads link.

 

Save Trees & Save Some Green!

 Go Paperless by April 30th and receive a one-time $50 fee waiver*

We invite you to stop receiving paper statements, trade confirmations and shareholder communications by mail and instead opt for electronic delivery via Investor Access, a free service exclusively for Raymond James clients.

Just imagine - no more rummaging through overstuffed filing cabinets, dusty shoeboxes, cluttered in-boxes or wherever you stow your statements. Online, they're always easier to find. And if you need them on paper, just print them on demand.

Here are some additional benefits to Investor Access:

  • Your portfolio is continuously updated throughout the day
  • View your accounts at any time
  • See cost basis information and recent transactions
  • See upcoming activity such as dividend payments
  • Read relevant news about your investments
  • Access Raymond James' award-winning equity research

Investor Access uses many different measures to protect your information, including password protection and encryption. Sound good? Here's how to think outside the envelope and go paperless. Sign up by visiting raymondjames.com/investoraccess and click on Enroll in Investor Access in the left-hand column. You'll need your account number to get started and will be prompted to select your document delivery preferences during the enrollment process.

If you already use Investor Access to access your accounts online, log in and go to Account Services > Client Tools > Account Name and Document Delivery Tab (first one that displays). Choose "I want to receive all of my documents online only to update your preferences.

Please contact your favorite Center Client Service associate with any questions you may have.

*Subject to offer terms and conditions: http://www.raymondjames.com/investoraccess/enhancements/terms_conditions.htm C14-005361

Prepping for Tax Time

 As you prepare your 2013 taxes, here is some information you may find beneficial.

The Center’s Commitment to You

At The Center, our goal is to provide exceptional service and 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 find 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!

  • 2013 Year-End Tax-Planning Letter

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 upon filing to your financial planner, support planner, or client service manager at the time of filing. Thank you for your assistance in providing this information which enhances our services to you.

IRS Filing Dates

For Tax Season 2013, due to the government shutdown in 2013, the IRS will not start accepting and processing returns until somewhere between Jan. 28 and Feb. 4. This is approximately two weeks later than the standard start date.

Raymond James Tax Reporting.

For the most up to date information on the 2013 Tax Season & Raymond James, visit their tax resource page.

Many 1099’s will be delayed so as to ensure accuracy and reduce the potential for amended 1099’s.

2013 Form 1099 Mailing Schedule

  • February 14 – Raymond James begins mailing “basic” or fully reallocated 1099s
  • February 28 – Second round of original 1099s and first round of amended1099s are mailed

To reduce the number of delayed tax forms due to income reallocation, Raymond James will be utilizing February 15th as its deadline for mailing our first round of original 1099s. This additional time will allow Raymond James to capture further income reallocation and produce additional tax forms that would otherwise been delayed until the 2/28 mailing. 2/15 also aligns with the regulatory IRS mailing date.

Electronic Access to Tax Documents through Investor Access

You can view your tax reports, along with statements for all of 2013, by accessing your account online through Investor Access: raymondjames.com/investoraccess.

These documents are available in Adobe PDF format, so you are able to print or save them to your own computer. They will be archived in Investor Access for 20 years.

TurboTax users click here for information on importing tax data

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. You should discuss any tax or legal matters with the appropriate professional.

Melissa Joy, CFP®is Partner and Director of Investments at Center for Financial Planning, Inc. In 2011 and 2012, Melissa was honored by Financial Advisor magazine in the inaugural Research All Star List. In addition to her frequent contributions to Money Centered blogs, she writes frequent 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. A14-001496

Social Security Increases Benefits by 1.5% for 2014

 The Social Security Administration has announced a cost of living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income (SSI) benefits. More than 57 million Americans will see the 1.5% increase in their payments beginning on December 31, 2013.

The increase is tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers and was put in place to ensure the purchasing power of these benefits isn’t eroded by inflation. The increase is just less than the 1.7% jump that beneficiaries saw in 2013.

Keep in mind, all federal benefits must be direct deposited. So if you haven’t already started receiving benefits, you need to establish electronic transfers to your bank or financial institution.

"The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete."

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