- January 31st , Phase One – Form 1099 statements will be available online and also mailed for accounts with holdings and income that typically do not require reclassification or additional information from issuers. Generally, this includes accounts holding stocks, bonds and options.
- February 15th , Phase Two – Generally, this group includes accounts which hold mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities, because the issuer provided their final tax information after the January 31st mailing was prepared. Pending 1099 Notices will be mailed for accounts where we are awaiting data from issuers or in cases where we have not completed processing and review of all the new information. The notice will list investments that are awaiting information from issuers or trustees or final review and will indicate the possible mail date of the 1099. This notice, which will be available in Netx360, will be mailed when issuers of reportable income cannot provide final tax information before the February 15 mailing is prepared. The notice will identify the income impacting the mail date. If clients received Form 1099, they will not be sent this notice. February 15th is also the date for revision reports for Form 1099s originally included in Phase One, if necessary.
- February 28th , Phase Three – Form 1099 statements will be available for accounts for which we can now include information that was previously pending income reclassifications from issuers of mutual funds, REITs and certain equities, because the issuer or trustee has provided final tax information. Generally, this includes remaining mutual funds, REITs and certain equities. February 28th is also the date for revision reports for Form 1099s originally included in Phases One and Two, if necessary.
- March 15th , Phase Four – Form 1099 statements will be available for all remaining accounts, regardless of whether pending income reclassifications for the account’s income have been received from issuers. Generally, this includes accounts holding complex non-equity securities, such as real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs) and some UITs. March 15th is also the date for revision reports for Form 1099s originally included in all previous phases, if necessary.
Clients may receive a corrected Form 1099. The IRS requires financial organizations to send corrected forms with revised information as it becomes available. There are several possible reasons for sending a Corrected 1099. 1) Issuers of securities held in the account may provide additional information after the initial Form 1099 was completed; 2) Securities held in a mutual fund you own may provide updated information to the fund company which must then provide the new information to its shareholders; 3) Tax authorities or auditors may require issuers to reclassify income differently than originally reported, which requires a new 1099 report to be sent to shareholders.