2015 Tax Reporting Update
For those clients who transferred their accounts from Schwab to Raymond James in 2015, please be aware you will receive 2015 tax reports from both Schwab and Raymond James.
The IRS has granted Schwab and Raymond James, along with several other custodians, a reporting extension that allows them to delay 1099s for those clients who hold specific types that are considered “pass-through” vehicles (e.g. mutual funds) for tax reporting purposes. As a result of the extension, we are able to provide an up-to-date 1099 that otherwise may result in an inaccurate tax filing or require an amended tax return to be filed.
The schedule for 1099s below applies to both Schwab and Raymond James.
- By February 15 -- Mailing of original Form 1099s with no reporting issues
- By early March -- Mailing of amended 1099s and those delayed due to specific holdings
We apologize in advance if you receive a delayed or amended 1099. We know some of our clients have experienced delayed or amended 1099s over the years, but unfortunately there is little we can do. If you receive an amended 1099 after you have already filed your tax return, you should consult your tax advisor about the requirements to re-file based on your individual tax circumstances. Additional information can be found at http://www.raymondjames.com/taxreporting.htm.
Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. We do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.