Important Tax Form Information for Janney Clients: Tax Year 2016
Janney provides clients with a number of required tax forms and statements related to their account(s). The information provided below will assist you in planning for tax season and the preparation of your taxes.
The Internal Revenue Service (IRS) has changed the deadline for delivering most IRS Forms 1099 from January 31 to February 15 of each year.
Janney plans to mail Consolidated 1099 Tax Statements in February 2017. Please ensure that you have received the required tax forms for each account that may have taxable activity before beginning to complete your 2016 tax return for the IRS.
Certain accounts may require the issuance of an amended 1099 as revised information is received from the issuers. Janney will send any amended Forms 1099 to clients as revised information is received from the issuers. Janney typically mails amended Forms 1099 to clients between March 1 and April 2.
We encourage you to wait as long as possible before preparing your 2016 tax returns to ensure the 1099 received is the most current form. We recommend consulting with your professional tax advisor to understand how this may apply to your individual situation.
Please use the tax forms that Janney sends to you for the preparation of your income tax return(s), rather than the Income and Distribution totals on your December account statement.
To assist in planning for the preparation of your 2016 taxes, we have created a schedule of the forms and statements Janney will mail to you over the coming months, provided below. You will receive only those forms in the table that are appropriate for the type of activity in each of your accounts.
*The IRS changed the deadline for delivering most IRS 1099 Forms from January 31 to February 15. When a deadline falls on a weekend, the mailing deadline is moved to the next business day. As in the past, we expect to receive a 30-day extension from the IRS to March 17, 2017 based on this year’s February 15, 2017 deadline.
** When a deadline falls on a weekend, the mailing deadline is moved to the next business day. The mailing date for 2017 has been moved to May 1, 2017 due to April 30, 2017 falling on a weekend.
IRS Circular 230 Disclosure: Janney Montgomery Scott LLC, its affiliates, and its employees are not in the business of providing tax, regulatory, accounting or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
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