1099 Consolidated Statements
As 2019 starts out, 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.
If you made a distribution from or a rollover to your Retirement account that was held at LPL Financial in 2018 (IRAs, 401(k)s, etc.) You should have received a 1099-R form that was generated and mailed on January 31. For tax reporting purposes, you may receive a 1099-R even if the rollover or distribution was not a taxable event.
The first wave of 1099 consolidated forms were also generated and mailed out by LPL Financial on January 31 as well. This should include the basic non-retirement accounts that only held positions with already reported income reclassifications.
February 15: The second wave of 1099 consolidated forms was sent by LPL Financial. Accounts that will not have final 1099s until March 1 or March 15 will have preliminary 1099 forms available through your LPL Financial online access AccountView only. Preliminary 1099 forms should not be used to fill and complete your 2018 tax return as they are subject to change.
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 15: IRS filing deadline or extension request deadline.
Once your 1099 is mailed it can also be accessed through your LPL Financial online access AccountView login. The full schedule of LPL Financial’s 1099 distributions and more information can be found here on our website.
Note that alternative investments which were held within an LPL Financial account 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.