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Royal Alliance/Pershing Tax Mailing Schedule For 2019 (1099s)

Royal Alliance/Pershing Tax Mailing Schedule For 2019 (1099s)

Phase One: January 31, 2020

2019 Pershing/Royal Alliance and SEI Private Trust Company Forms 1099 (B, DIV, OID and MISC)* Tax Packages and SEI Private Trust Company 5498 Tax Packages will be 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.  

 

Phase Two: February 15, 2020

Pershing/Royal Alliance and SEI Private Trust Company will be producing the first batch of 1099 Composite Tax forms. Generally, this mailing includes accounts holding mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities that were not included in the phase one mailing or because the issuer provided their final tax information after the January 31st mailing is prepared*.

Pending 1099 Notices will be mailed for accounts for which Pershing/Royal Alliance is awaiting data from issuers or in cases where Pershing/Royal Alliance has not completed and processing of all information.  The Notice will list investments that are awating informaiton from issuers or trustees or final review and will include the possible mail date of investors 1099s. This Notice which will be available in eDocument Suite(c) will be mailed when issuers of reportable income cannot provide final tax information before the February 15th mailing is prepared.  This letter will identify the income impacting the mail date.  If clients received Form 100, they will not be sent this notice.

Revision mailings for 1099s sent in Phase One, as required.

 Holding only these types of securites does not guarantee that clients' tax statements will be mailed on the indicated date.   

Phase Three: February 29, 2020

Forms 1099 will occure for accounts for which Pershing/Royal Alliance is now able to include information that was previously pending income reclassifications from issuers of mutual funds.  REITS and certain equities because the issuer or trustee has provided Pershing/Royal Alliance with final tax information.  Generally, this includes remaining mutual funds, REITs and certain equities.

 Revision mailings for 1099s sent in Phases One and Two, as required.

Phase Four: March 15, 2020

Final 2019 1099 Tax Forms will be mailed for all remaining accounts regardless of whether pending income reclassifications have been received from issuers. Generally, this includes accounts holding certain complex securities such as such as real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs) and some UITs.

Revision mailing for 1099s sent in all previous Phases, as required.

Corrected 1099 Forms Will Be Mailed as Needed

You may receive a corrected Form 1099.  There are several reasons for this - for example, issuers of securities held in your account may provide updated or additional infomation after your Form 1099 s mailed to you.  The IRS requires financial organizations to send corrected forms with revised informaiton as it becomes available. 

If a retirement account holder makes a contribution in 2020 for the 2019 tax year after January 31st, Royal Alliance/Pershing and SEI will revise their 2019 tax form and reissue. 

 

Other Important Tax Information for 2019 and Next Steps

For additional tax Information for 2019, visit us at Universalwm.com or visit irs.gov for up to date tax changes for 2019.  For the 2020 tax year, you may also want to update your account to reflect the proper elections you will be making with the IRS.

  1. Consider e-delivery, which provides the fastest access to your tax forms and other account documents. Visit www.Universalwm.com and Client Center for a direct link to Royal Alliance/Pershing - NetXView and/or SEI Private Trust for your online registration access.
  2. Visit mytaxhandbook.com for more information about this year’s phased mailing schedule of tax information statements/Forms 1099 and other resources.
  3. See irs.gov for more details about tax and cost basis reporting.

This information is subject to change without prior notice and is not intended or written to be used as a substitute for specific tax, accounting or legal advice.