Tax Reporting

We want to ensure that your tax preparation goes as smoothly as possible. To assist you, listed below is the Raymond James Tax Season 2013 schedule for mailing tax documents. Raymond James will mail tax year 2013 Composite Statement of 1099 Forms in accordance with the IRS mailing deadline of February 14. You will also find links for some services that can help make your filing easier.

Tax season 2013 mailing dates

January 31 – Raymond James mails Year-End Tax Packages for retirement accounts (1099-Rs and 5498s) and Raymond James Bank 1099s.
February 14 – Raymond James begins mailing Original 1099 statements to account holders.
February 28 – Raymond James begins mailing amended 1099s and Original 1099s delayed due to specific holdings and/or income reallocation.
March 14 – Raymond James mails remaining original 1099s, 1099 OID statements, 1042S and Royalty Trust Tax packets.
March 31 – Raymond James mails 2439 statements.

Income Reallocation

To capture correct data on original Composite Statement of 1099 forms and minimize the number of amended forms you receive, we will extend the mailing date of original 1099s until March 14 for clients who hold particular types of investments, specifically those that are tax reporting pass-through vehicles.

Securities that traditionally have late reporting and/or income reallocation (a practice in which companies adjust the tax characterization of income paid during a tax-reporting period) include:

  • Regulated investment companies (mutual funds)
  • Real estate investment trusts (REITs)
  • Widely held fixed investment trusts (WHFITs) such as unit investment, grantor and royalty trusts
  • Holding company depository receipts (HOLDRs)

Consult with your tax advisor to discuss the possibility of filing and extension with the IRS to obtain additional time to file your tax forms, particularly if you hold securities subject to income reallocation.

View, print or save online copies of your tax reports

You can view your tax reports, along with statements for all of 2013, by accessing your account online through Investor Access: raymondjames.com/investoraccess.

These documents are available in Adobe PDF format, so you are able to print or save them to your own computer. They will be archived in Investor Access for 20 years.

Amended 1099s

Even after delaying statements, issues such as late reporting and further income reallocation can still occur.

The IRS requires us to produce an amended tax statement if notice of such adjustments is received after the original 1099 has been produced. There is no cutoff or deadline for amended 1099s.

The following may result in amended 1099 forms:

  • Late income reallocation
  • Corrections to cost basis (due to the Economic Stabilization Act of 2008)
  • Changes made by mutual fund companies related to foreign withholding
  • Tax-exempt payments subject to alternative minimum tax
  • Any portion of distributions derived from U.S. Treasury obligations

If you receive a corrected 1099 after you have already filed your tax return, you should consult with your tax advisor about the requirements to refile based on your individual tax circumstances.

TurboTax users click here for additional information

2013 COST BASIS REPORTING

As a reminder, for this tax reporting year 2013, equities and RICs (including Mutual Funds) will all be covered and reportable to the IRS.

Security Type Effective Date Reported to the IRS (Covered)
Equities January 1, 2011 Yes
Regulated Investment Company (RIC) shares, including Mutual Funds, and Dividend Reinvestment Plan (DRP)shares January 1, 2012 Yes
Select Bond and Options January 1, 2014 No
Variable Rate Bonds, Convertible Debt, Foreign Issued Debt and other Bonds & Options not outlined in 2014 requirements January 1, 2016 No

To learn more about cost basis legislation that affects reporting on your tax forms: raymondjames.com/costbasis.

If you have any questions, please contact your financial advisor.

1099-B

In response to cost basis legislation, the Form1099-B includes cost basis information for both covered securities (reported to the IRS) and uncovered securities (not reported to the IRS) sold or exchanged during 2013.

For uncovered securities, cost basis is provided for informational purposes only. Cost basis, for uncovered securities, may have been estimated by you or your advisor, or may have been obtained from third-party sources. In these instances, please keep in mind that Raymond James cannot guarantee its accuracy.

The detail reported on the Form 1099-B flows through to the IRS form 8949, which needs to be completed by the taxpayer. The Schedule D functions as a summary of all capital gains transactions, while individual investment sales are detailed on the new Form 8949.

Key details:

  • Form1099-B goes into detail, broken down by category (long term, short term), tax lot, covered/uncovered, reportable/non-reportable.
  • There are indicators identifying cost basis accounting methods.
  • There are endnotes, footnotes in relation to cost basis.

Raymond James and its affiliates do not provide legal, estate planning or tax advice, and nothing in this communication should be construed as legal, estate planning or tax advice. You should consult with and rely solely on the advice of your own legal, estate planning and tax advisors prior to taking any action with respect to any matter addressed in this communication