Keeping You Informed On Tax Year 2023

We want to ensure that your tax preparation goes as smoothly as possible. To assist you, listed below are 2023 Tax Year Resources along with a schedule for mailing tax documents. Raymond James will mail tax year 2023 Forms 1099-R, 5498 and 1099-Q on or before January 31 and the Composite Statement of 1099 Forms that are considered complete on or before February 15 in accordance with the IRS mailing deadlines. You will also find links for some services that can help make your filing easier below.

Tax Year 2023 Mailing Dates

January 31 – Raymond James mails Year-End Tax Packages for retirement accounts (Forms 1099-R and 5498), Form 1099-Q and Raymond James Bank 1099s.

February 15 – Raymond James mails original Composite Statements to account holders.

February 28 – Raymond James mails original Composite Statements delayed due to specific holdings and/or income reallocation and amended Composite Statements as needed.

March 15 – Raymond James mails remaining original Composite Statement of 1099 Forms, Form 1042-S and Royalty Trust Tax packets.

March 31 – Raymond James mails Form 2439 statements.

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Online Delivery

As an added convenience, you can choose to receive your tax documents electronically. To go paperless, enroll or log in to Client Access, our secure system for accessing your account information online.

With electronic delivery, you’ll have 24/7 access to your client documents as soon as they become available. Not only will you be able to view your documents sooner, but also, your documents are archived together in one secure location so they are easy to find when you need them.

Tax documents available electronically include the IRS Composite Form (1099-B, -DIV, -INT, -MISC, -OID) and IRS Forms 1099-R, 5498 and 1099-Q.

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Tax Form 1099 Export to Excel

Raymond James, in conjunction with our tax vendor, offers the ability for clients to download 1099 information into an Excel format. The download provides the ability for clients to send tax reporting information to tax professionals or upload directly into tax preparation software. The link is accessible (in Client Access) once the forms are produced.

The download contains all reportable activity that corresponds with your tax ID and document ID. This includes Forms 1099-B, 1099-DIV, 1099-INT, 1099-MISC, 1099-OID and 1099-R.

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 15 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 an extension with the IRS to obtain additional time to file your tax forms, particularly if you hold securities subject to income reallocation.

Delayed Composite Statement of 1099 Forms

In the interest of providing you with the most accurate and-up to-date tax information, Raymond James will delay a Composite Statement of 1099 Forms (1099-B, DIV, INT, MISC, and OID) that we know has pending information from the issuers and will cause an amended form.

Reasons we delay:

• Income reallocation related to mutual funds, real estate investment, unit investment, grantor, and royalty trusts; as well as holding company depositary receipts
• Processing of Original Issue Discount and Mortgage-Backed bonds
• Expected cost basis adjustments including but not limited to accounts holding fixed income securities and options.

Preliminary Statement of Tax Forms

Clients receiving a delayed 1099 will also have access to a "Preliminary Statement of Tax Forms," available through Client Access and Client Center. The statement will provide a snapshot of the account's tax information as of that time. The preliminary statement should not be used for a tax return, but when available, there will be a breakdown of the assets awaiting finalization. The preliminary statement will not be mailed and will only be provided with the first wave of mailings. A preview has been provided below:

Preliminary Statement of Tax Forms:

Assets Awaiting Final Data:

Amended Tax Forms

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 tax form has been produced. There is no cutoff or deadline for amended tax forms.

The following may result in an amended Form 1099:

• 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 tax form 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.

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.