Composite Form 1099
The official mailing date for Composite Form 1099 is February 15, 2013. Your custodian (i.e., bank, credit union, broker-dealer, insurance company, investment company, trust company) mail some statements in an early mailing by January 31, 2013. The early mailing includes statements for investment accounts in which holdings and income are exclusively from traditional-type common stock and simple activity, such as credit interest, stock sales, and cash dividends on common stock.
Should the issuer of a security reclassify an income distribution or revise information they provide to your custodian after the custodian issues the original 1099, the custodian will be required to send a corrected Form 1099. The custodian mails revised versions shortly after they receive updates. Your custodian will process corrections and mail applicable updates every two weeks from March through April 15 and then monthly for corrections received after April 15.
Form 5498 and Required Minimum Distributions
There are two separate mailing dates for Form 5498, which reports IRA contribution information. The first mailing occurs by January 31, 2013. If you make a "carryback" contribution for 2012 (during 2013), you receive another 5498 on May 31, 2013. If you were required to take a minimum distribution from your IRA but did not have a contribution, you will have 5498 by January 31, 2013. It will display the account's fair market value (FMV) with the required minimum distribution amount.
Cost Basis Reporting
As part of regulation changes that began January 1, 2011, Composite Form 1099 will include cost basis information. This includes adjusted cost basis, sales proceeds and the holding period. Securities classified as "Covered" have cost basis that a custodian reported to the IRS.
You can access tax forms online by logging into your investment account. For more information regarding this tax form mailing schedule and regulation changes for Cost Basis and Gain/Loss Tax Reporting, which began in 2011, contact Chris.
Chris Bryant, MBA, RFC® is founder & CEO of Bryant Wealth Management, Inc. – an institutional investor and independent, fee-only, state-registered investment adviser. Bryant provides financial planning services for individual investors. Since 1999, Chris has devoted himself to helping people make money, save money, protect money, have convenience and peace of mind. Connect with Chris by E-mail or call 1-800-980-3048 toll free.
Chris Bryant is an American financial advisor.