Broker Check

Important 1099 Information

| February 15, 2018
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Hi everyone!

Tax season is upon us and the Platania Financial Team wants to ensure that you stay up-to-date with 1099 statement developments for tax year 2017.

To refresh your memory, a 1099 is a statement generated by your investment company that discloses proceeds, dividends and/or interest earned within your account for tax reporting purposes. 1099s are generated primarily for non-qualified accounts (Joint, Individual, etc.) every calendar year. Another tax reporting statement is known as a 1099R, which is used to report distributions from qualified accounts (IRAs, etc.).     

While many investment companies handle 1099 statements differently, Pershing generates 1099s in four phases and either mails or makes them electronically available on January 31, February 15, February 28, and March 15. SEI has stated they will mail 1099s by February 28. 1099Rs were mailed on or before January 31 for Pershing and SEI qualified accounts. These protocols help ensure complete and accurate 1099 reporting.    

So what does this mean for you? 

Generally speaking, you should wait until after March 15 to file your taxes or meet with your tax accountant. Receiving a 1099 from Pershing, SEI, or another investment company does not necessarily mean that the 1099 is complete and final, as the numbers may be subject to change. 

As always, feel free to contact our office should you have any questions.

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