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Royal Alliance/Pershing Tax Mailing Schedule For 2017 (1099s)

Royal Alliance/Pershing Tax Mailing Schedule For 2017 (1099s)


Phase One: January 31, 2018

Form 1099 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 fixed income (debt), equity-only investments and options.


Phase Two: February 15, 2018

Form 1099 will be mailed for accounts holding mutual funds, certain unit investment trusts, real estate investment trusts (REITs), and certain equities, because the issuer provided their final tax information after the January 31 mailing is prepared.

Pending 1099 Notices will be mailed for accounts for which Pershing is awaiting data from issuers or in cases where Pershing has not completed processing and review of all 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 investor’s 1099. This notice, which will be available in e-Document Suite, will be mailed when issuers of reportable income impacting the mail date. If clients received form 1099, they will not be sent this notice.

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

 

Phase Three: February 28, 2018

Form 1099 mailing will occur for accounts for which Pershing 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 with final tax information. Generally, this includes remaining mutual funds, REITs, and certain equities*.

Revision mailing for 1099s is sent in Phase One and Two, as required.


Phase Four: March 15, 2018

Form 1099 mailing will occur 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 securities, such as real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs), and some UITs.

Revisions 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 information after your Form 1099 is mailed to you. The IRS requires financial organizations to send corrected forms with revised information as it becomes available.

 

Reminder: Electronic Delivery of Form 1099

Enrolling in e-delivery will provide faster access to your tax statements.

 

Important Tax Information for 2018

For 2018, cost basis regulations remain in effect for stocks, mutual fund shares, options and some bonds. As a reminder, more complex bonds are now reportable in 2018. These include bonds with more than one rate, convertible bonds, stripped bonds or stripped coupons, payment-in-kind (PIK) bonds, foreign debt, foreign currency debt, some private issues and physical certificates. For the 2018 tax year, you may also want to update your account to reflect the proper elections you will be making with the IRS. For more information, visit irs.gov.

Next Steps

  1. Consider e-delivery, which provides the fastest access to your tax forms and other account documents.
  2. Visit http://www.universalwm.com/library/taxes/tax-calendar for more information about this year’s phased mailing schedule of tax information statements/Forms 1099 and other resources.
  3. See https://www.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.