The Internal Revenue Service (IRS) has changed the deadline for delivering most IRS Forms 1099 from January 31 to February 15 of each year.
Mailing of 2012 Consolidated 1099 Tax Statements has begun. They are also available for download through our client Online Access site. These forms include 1099 DIV, INT, OID, B and MISC. See the mailing schedule below for additional details.
Please ensure that you have received the required tax forms for each account that may have taxable activity before beginning to complete your 2012 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 2012 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.
For more information on RIC (Regulated Investment Companies) distributions paid in late January 2013 and UITs (Unit Investment Trusts) that expect to issue further reclassifications of 2012 reportable income please refer to our Tax Year 2012: Understanding the Changes guide.
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 2012 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.
Should you have questions regarding the tax documents we provide, please contact your Financial Advisor. Tax preparation questions should be directed to your professional tax advisor.
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.
Tax Year 2012: Understanding Your Form 5498 – provides a summary of the Form 5498 and a helpful list of frequently asked questions. Click here to read more. A Guide to Annual Limits for 2013 - provides key planning and tax-related limits for 2013. Click here to read more. 2013 Tax Brackets and Standard Deductions - review tax brackets and standard deductions for 2013. Click here to read more. 2012 - 2013 Tax Planning Guide - The Janney 2012 - 2013 Tax Planning Guide is now available. Click here to access.
Tax Year 2012: Tax Form Mailing Schedule - provides the estimated mailing dates of required tax forms related to your account(s). This information will assist you in planning for the preparation of your 2012 taxes.Click here to read more.
Tax Year 2012: Understanding the Changes - provides a summary of changes in tax form 1099 for tax year 2012. Click here to read more.
Tax Year 2012: Understanding Your 1099 Tax Statement - provides a summary of each section of the 1099 consolidated tax statement. It also includes a helpful list of frequently asked questions. Click here to read more.
Tax Year 2012: Understanding Your Form 1099R and Form 1099Q - provides a helpful list of frequently asked questions concerning your Form 1099-R or 1099-Q. Click here to read more.
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