When Will I Have Everything I Need to File My Taxes for 2019?

As we progress into the new year and approach tax filing season, there are several items related to your Pershing accounts we would like to bring to your attention.

If you have a taxable brokerage account or made IRA withdrawals in 2019 you will need information from Form 1099 for your taxes. Pershing will be sending Form 1099s related to 2019 in 4 phases. You will receive your Form 1099 by email or postal delivery depending on your delivery preferences. You can expect to obtain the following information from your Form 1099:

• Dividends 1099-DIV
• Interest Income 1099-INT
• Capital Gain Distributions 1099-B
• Retirement Distributions 1099-R

Phase 1: January 31^st, 2020

• Form 1099 will be mailed for accounts with no income reclassifications pending from issuers. Generally, this includes accounts holding simple debt or equity-only investments.

Phase 2: February 15^th, 2020

• Form 1099 mailing will occur for accounts for which we are able to include previously pending income reclassifications from issuers of mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities because the issuer or trustee has provided Pershing final tax information. This is when the majority of our clients will have their Form 1099s distributed.
• Pending 1099 Notice mailing for accounts for which we are awaiting data from issuers. Notice will list investments that are awaiting information from issuers or trustees and indicate the possible mail date of investors’ 1099.

Phase 3: February 29^th, 2020

• Form 1099 mailing will occur for accounts for which we are now able to include previously pending income reclassifications from issuers of mutual funds, REITs, and certain equities because the issuer or trustee has provided Pershing with the final tax information.

Phase 4: March 15^th, 2020

• Form 1099 will be mailed for all remaining accounts, regardless of whether pending income reclassifications for the account’s income have been received from issuers. Generally, this includes accounts holding complex non-equity securities, such as REITs, certain equities, UITs, real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs) and royalty trusts.