When Will I Receive My 1099???

Tax TimeWe hope you have enjoyed a nice holiday and are looking forward to 2014! As we move into the new year, most of you are probably already thinking about taxes. We wanted to be sure you were aware of LPL Financial’s policies regarding the distribution of 1099s. 1099 Release Date Information In 2009, Section 6045(b) of the Internal Revenue Code extended the deadline to furnish 1099 Consolidated Reporting Statements to customers from January 31 to February 15. Since February 15, 2014 will fall on a Saturday and February 17, 2014 is Presidents Day, the IRS has extended this date to February 18, 2014.

LPL Financial is required to report your sales, dividends and other distributions paid by investment companies on the 1099 Consolidated Reporting Information Statement (1099-DIV, -INT, -B, -MISC, -OID). Mutual Funds, Real Estate Investment Trusts, and Unit Investment Trusts are examples of investment companies which pass through tax reporting information to LPL Financial. Please also note that cost basis legislation requirements may cause additional revisions due to the complexity of wash sale, short sale, and average cost calculations.

As it is common for investment companies to amend tax information, LPL Financial will request a supplemental mailing extension in the event investment companies also abide by the February 18 mail date and do not furnish tax information to LPL Financial in time for its own February 18 mailing deadline. This additional extension attempts to minimize corrected 1099s resulting from amended reporting by investment companies.

Tax Reporting for IRAs 1099 Consolidated Reporting Information Statements are not issued for IRAs, and you will only receive a 1099-R if you have taken a retirement plan distribution during the year. The mailing dates for the 1099-R and 1099-Q forms will remain the standard deadline of January 31, 2014.

Advisory Fee Information We would like to remind you that if you need to provide your accountant with your total advisory fees, these fee totals can be found on your December statement (available mid-January). If you look under the “Account Activity Summary” you will see a line item for “Fees and Expenses” with a year-to-date total. If you need additional assistance, you may contact our office and we will be happy to help.

Permission to Speak to your Tax Professional Please note that if your tax professional needs to contact us to ask for information or duplicate tax forms, we must have your permission in writing in advance of the request. Please contact our office and request our “Information Disclosure Consent” form. Submitting this form to us in advance will cut down on unnecessary delays in providing information to your tax advisor.

Account View – Online Access to your Accounts As a reminder, tax statements from the 2010 tax year and forward are now also available to clients who subscribe to Account View. Since we are unable to email tax forms for security reasons, Account View provides a convenient way for you to securely access those forms electronically. If you would like more information on Account View, please contact our office.

If you have any questions, we are happy to help you. Just give us a call at 336.544.6800 or email me at dparmele@hmc-partners.com.