While the IRS has issued no indication that the deadline to file your 2018 tax return will be adjusted, we continue to monitor the effects that the government shutdown may have. We will continue to operate with the tax filing deadline of Monday April 15th unless the IRS issues a statement instructing otherwise. While filing deadlines may not be adjusted, we do encourage patience during the filing process as there will likely be delays due to a reduced IRS workforce during the shutdown.
While the filing process will be the same as years past, due to tax reform which was passed in late 2017, you will notice a new tax return design.
If you have a taxable brokerage account or made IRA withdrawals in 2018 you will need information from Form 1099 for your taxes. Pershing will be sending Form 1099s related to 2018 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 31st, 2019
- 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 15th, 2019
- 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 28th, 2019
- 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 15th, 2019
- 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.
