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.

 

Wave

Description

1 – January 31 Release

Includes accounts with the simplest tax information and not subject to income reclassification

2 – February 15 Release

 

 

2 – February 19 Release

Includes accounts holding securities (REIT, UIT, foreign security or municipal bond funds) that may be subject to income reclassification.

 

Preliminary 1099 Consolidated Tax Statement – DRAFT COPY. Includes accounts that will not receive a final 1099 Consolidated Tax Statement until March 1 or March 15

3 – March 1 Release

In the event investment companies do not furnish tax information to LPL in time for the February 15 mailing deadline

4 – March 15 Release

In the event investment companies do not furnish tax information to LPL in time for the February 15 or the March 1 mailing deadline and any accounts that hold securities that provide mortgage backed income reporting information

 

During the tax season, in order to meet all IRS deadlines, reduce errors, and reduce the need to mail corrected versions, LPL will be mailing the 1099 Consolidated Statements in multiple phases. LPL will file for a 30-day extension with the IRS in an effort to reduce the number of forms you receive. All accounts with reportable activity will receive a 1099 Consolidated Statement on or before March 15. 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. If you have questions, please call us at 856-810-7701.