Broker Check

Tax Season Overview & Reminder - Pershing Correspondence

November 28, 2017
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Phased Mailing Schedule for 2017 Tax Reporting

The mail dates for IRS Form 1099 (B, DIV, INT, OID and MISC) tax statements for the 2017 tax year are below. We will continue with our phased approach, ensuring our clients receive their tax forms as early as possible with complete information.

Pershing will evaluate each account to determine whether we have received final tax information for each security. This method accelerates the issuing of original 1099 forms and reduces the publishing of revised forms. 

  • January 31 
    • Form 1099 will be mailed for accounts with holdings and income that typically do not require reclassification or additional information from issuers. Generally, this includes accounts holding stocks, bonds and options.
  • February 15 
    • Form 1099 will be mailed for accounts holding mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities, because the issuer provided their final tax information after the January 31 mailing was prepared.
    • Pending 1099 Notices will be mailed for accounts where we are awaiting data from issuers or in cases where we have not completed processing and review of all information. The notice will list investments that are awaiting information from issuers or trustees or final review and will indicate the possible mail date of an investor's 1099. This notice, which will be in e-Document Suite, will be mailed when information is not finalized before the February 15 mailing is prepared. 
    • Revision mailing for 1099s sent in Phase One, as required.
       
  • February 28 
    • Form 1099 mailing will occur for accounts for which we can now include information that was previously pending income reclassification from issuers of mutual funds, REITs and certain equities, because the issuer or trustee has provided Pershing with final tax information. Generally, this includes remaining mutual funds, REITs and certain equities.
    • Revision mailing for 1099s sent in Phases One and Two, as required.
       
  • March 15
    • Form 1099 mailing will occur 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 real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs) and some UITs. 
  • May 31 - Form 5498
    • This form is sent to traditional, Roth, SEP and SIMPLE IRA owners who made contributions to their accounts. (This form cannot be generated until after the April 15th tax filing deadline, because investors have until the April 15th filing deadline to contribute to their IRAs for the prior year.) The form includes information on:
    • IRA, rollover and recharacterization contributions to traditional IRAs
    • Roth, rollover, conversion and recharacterization contributions to Roth IRAs
    • rollover contributions to SEP and SIMPLE IRAs
    • fair market value of account as of December 31
    • indication whether IRS has been notified that account is subject to required minimum distribution (RMD) rules (if IRA owner will be age 70½ or older

For a client brochure regarding the mailing schedule, click here.

Tax documents will also be posted in Online as they become available. This includes Draft 1099s, Initial 1099s, Pending 1099 Notices and Revision Mailings. 

Instructions for Accessing Your Pershing Accounts Online

You may access your accounts by going to www.ElmTreeCapital.com and clicking the‘Client Login’ button under the ‘Client’ parent tab.  

On the Login screen, please enter the following when prompted:

                Financial Organization: NetXInvestor

                Financial Organization Number: 39K

Investor Communications

Statement Messages

A statement message was included in clients' November and December 2017 statements informing you of the 1099 tax statement mail dates.

Please note the following information for Pershing's 2017 IRS Form 1099 (B, DIV, INT, OID and MISC): Your form 1099 will be delivered as early as possible, beginning January 31, 2018. By February 15, you will be mailed either your 1099 form or a special Pending 1099 Notice. The Pending 1099 Notice will be sent if issuers of securities you hold have not yet provided their final tax information. It will inform you of the securities that are pending final reporting, and will provide the anticipated mail date of your 1099 form. Your 1099 will be mailed no later than March 15, 2018.

The following message will be included in clients' January 31, 2018 statements.

Important Reminder for Pershing's 2017 IRS Form 1099 (B, DIV, INT, OID and MISC): As a reminder, by February 15, 2018, you will be mailed either your 1099 form or a special Pending 1099 Notice. The Pending 1099 Notice will be sent if issuers of securities you hold have not yet provided their final tax information. It will inform you of the securities that are pending final reporting, and will provide the anticipated mail date of your 1099 form. Your 1099 will be mailed no later than March 15, 2018.

Should you have any questions or comments, please feel free to contact my office directly or my Client Account Manager, Ashley Carvalho, at 978-779-5361 ext. 2237 or acarvalho@boltonglobal.com.