The start of a new year has different meanings for different people. It can symbolize fresh starts, or mark definitive ends. It can be reinvigorating, or it can be just another day of the year. While each person may hold their own sentiments about entering January, there is one aspect of this time period that rings true in all our minds: it marks the start of tax season.
Because of that, we want to help you get prepared. Below are some important dates you should be aware of regarding your 1099’s and other tax documents. We recommend that you review these dates prior to setting an appointment with your accountant so you can plan accordingly. Please keep in mind that we are unable to verify which mailing your account(s) will fall under.
If you have access to Wealthscape Investor (for NFS accounts) or your Schwab portal, you can log in to access digital copies of your tax documents rather than wait for hard copies. Another benefit of going online is that the digital copies are often available several days prior to the related mailing dates listed below. However, this is a rule of thumb, not a guarantee. Use the buttons below to access your accounts now:
FCCS/NFS: Mailing Dates 2019
Mail dates for the 2019 tax year IRS Form 1099 (B, DIV, INT, OID and MISC) are listed below for Fidelity Clearing & Custody Solutions (FCCS) / Financial Services LLC (NFS) accounts:
PHASE 1
1/25/20 - Contributions and year-end market values for retirement accounts (5498) and distributions from retirement accounts (1099R). Holdings and income that typically do not require reclassification or additional information from issuers. Generally, this includes accounts holding options, certain equities, and fixed income securities.
PHASE 2
2/15/20 - Equities and fixed income securities, closed-end funds and non-Fidelity mutual funds. Supplemental tax reporting information for corporate and eligible exempt accounts (informational). Revision mailing for 1099s sent in phase one, as required.
PHASE 3
2/29/20 - Unit investment trusts (UITs) and real estate investment trusts (REITs). Revision mailing for 1099s sent in phases one and two, as required.
PHASE 4
3/6/20 - All remaining accounts, including UITs, REITs, and mortgage-backed securities (MBS). Revision mailing for 1099s sent in all previous phases, as required.
Schwab: Mailing Dates 2019
1099 COMPOSITE AND YEAR-END SUMMARY REPORTS.
Schwab will send out the 1099 Composite and Year-End Summary in two mailings, depending on your investment types. And don't worry about providing 1099 copies to the IRS: Schwab does that as part of our reporting.
2/1/20 to 2/15/20 - With investments where Schwab has all tax information, including stocks, options, and money market funds/cash deposit interest. If you made sales or bought to cover short positions in December, watch for your form in the second mailing in mid-February.
2/15/20-2/28/20 – Where information is lagging on at least one investment. Examples: ETFs and mutual funds, fixed income, REITs, UITs, WHFITs, and U.S. and foreign stocks that have been reclassified in the past.
MORE FORMS: 1099 AND OTHERS.
Early February – 1099 Composite for brokerage accounts
Late January - 1099 Composite for Schwab Global Accounts
Mid-to-late January – 1099-MISC
Mid-to-late January – 1099-R
Mid-to-late January – 1099-Q
Late February to early March - Schedule K-1 (Form 1041)
Early March - 1042-S
Mid March - 1099-OID (REMICs and CMOs)
Late March – 2439
Mid April – 990-T
Late April - 5498-ESA
Mid to late May - 5498
March (but Varies by Partnership) - Schedule K-1 (Form 1065)
We hope you found this information helpful and we wish you a smooth 2019 tax season experience!
