Broker Check

Tax Forms

Below please find the updated mailing schedule for your 1099 Consolidated form from LPL Financial. LPL mails 1099 Consolidated forms in waves to account for various deadlines and income variations so that your tax information is timely, accurate and reliable.

For clients who view your accounts online in Accountview, tax forms will be uploaded to your "Statements" tab as soon as they are available.

Some accounts mail later than others due to the types of securities in those portfolios. Certain types of securities such as Unit Investment Trusts (UITs), Real Estate Investment Trusts (REITs), mutual funds, commodity trusts, and individual stock are more likely to reclassify or have later IRS deadlines to report their final financial data to the broker/dealers and the IRS.

Investments in certain assets, such as real-estate and commodities, are much more likely to require reclassification. Also, securities that represent direct or indirect investments within these assets may require income reclassifications.

If, in previous years, you received a separate tax form for your accounts holding mortgage backed securities, that information will now be included in the 1099 Consolidated. Because of this change, your 1099 Consolidated will be included in the March 15 mailings since those issuers have a later income reporting deadline with the IRS. That deadline is 45 days past the last record date for year-end distributions.

Even with our staggered mailing system, further delayed reporting and reclassification received from the security issuer can sometimes occur, which will result in having to send corrected 1099 forms. There is no IRS cutoff or deadline for providing you with corrected 1099 statements. If you need to file an amended tax return, be sure to discuss the situation with your tax advisor prior to refiling so that you can determine the best course of action based on your individual circumstances.

We hope this information will help you work with your tax advisor to plan your strategy for this tax season. Of course if you have any questions for your financial advisor, please don't hesitate to reach out to us at 856-810-7701.