Tax Form Status Update
By Clint EdgingtonPosted on February 5th, 2013
Here are some forms you should expect to see related to your investment accounts:
Form 1099-R (reporting IRA distributions), 5498 (reporting contributions, rollovers and conversion rollovers made prior to 1/01/2013, fair market value, and Required Minimum Distribution (RMD)), and Form 1099-Q (reporting Coverdell ESA distributions) are mailed by Jan. 31.
- Composite 1099s are mailed by Feb. 15. This consists of the 1099-B, 1099-DIV, 1099-INT, 1099-OID and supplemental activity.
- Form WHFIT (reporting income paid from mortgage backed securities) and Form 1042-S (for reportable income generated for a Non-Resident Alien) are mailed by Mar. 15.
Please note that mutual funds can restate 1099 information and that, if they do so, brokerage firms will be sending a new 1099 (which can even be after April 15th). Also, Beacon Hill will not be automatically providing capital gains information this year as brokerages will be providing information to the IRS. Beacon Hill does not want to provide you with information that could be in conflict with this information. Please contact us if you need help reconciling your capital gains.