1099 Consolidated Statements
As 2017 comes closer to an end, now is the best time to start preparing for the upcoming tax season. In an effort toward limiting the need for revised 1099s, LPL Financial will again mail the 1099 consolidated statements in four phases as noted below.
January 31: 1099R forms and the first wave of 1099 consolidated forms are mailed out. 1099R includes all retirement accounts with distributions and rollovers. The first wave of 1099 consolidated forms will include accounts with the simplest tax information and are not subject to income reclassification.*
February 15: Second wave of 1099 Consolidated mailed out, including accounts that may hold securities subject to possible income reclassification.
New this year is the preliminary 1099 consolidated statements – draft copies will be available for accounts that will not receive a final 1099 until March 1 or March 15. These preliminary copies will not be mailed, but can be accessed through AccountView.
March 1: Third Wave of 1099 Consolidated mailed out. This includes accounts subject to income reclassification where the investment companies did not furnish tax information to LPL in time for the February 15 mailing.
March 15: Fourth wave of 1099s. This includes AMBIR information (All Mortgage Backed Income Reporting) and any accounts that hold investment companies that did not report tax information to LPL in time for the previous mailings.
April 17: IRS filing deadline or extension request deadline.
Note that alternative investments held at LPL Financial will likely continue to mail out a separate 1099. This includes positions held with Northstar Healthcare, Griffin Capital, FS Energy, WP Carey, and KBS Real Estate. Please be on the lookout if you hold one or more of these positions.
* Income reclassification is an industry-wide occurrence. All financial firms may receive reclassified data and have to adjust accordingly.