On February 15, Raymond James will begin sending Forms 1099 to clients with investment assets in taxable (non-retirement) accounts. As we do each year, we remind you that 1099 delays and amended 1099s are an inconvenient reality. In some cases, finalized 1099s may not be sent before the end of March, with delays due to specific holdings and other complexities.
Because of the potential for delays and amendments, we urge you to wait until April to complete your tax filing or file for an extension. This doesn’t mean that you can’t get started with your tax preparer, but only that the actual filing should be put off to avoid the potential hassle and extra expense of processing and filing an amended return.
You can find a timeline for the delivery of various tax documents and instructions for importing and exporting tax reporting data on the Raymond James Tax Year 2021 Resources page.
You might prefer to obtain your tax documents online through Client Access. If you’re already using Client Access, go to your Account Services screen to choose paperless delivery of your tax reports and other documents. You can click here to enroll in Client Access.
With the online delivery option, your Raymond James tax documents are securely stored and easy to find and print. You should receive an email each time a new document is available.
If you used a QCD strategy in 2021, be sure to advise your CPA. You’ll find a list of your 2021 QCDs on your 2021 Individual Retirement Account Year End Summary packet which was mailed by Raymond James on January 31 (and includes Forms 5498 and 1099-R).
It can be easy to forget that the QCD portion of your distribution should not be included in your taxable income on your tax return. Here are two things to remember as you prepare your 2021 return:
1) Your 1099-R will not break out the amount of your QCDs from your gross distribution. The specifics of reporting a QCD when you file your tax return can be found on page 26 of the Instructions for Form 1040 at IRS.gov.
2) Keep receipts or acknowledgements from the charities you’ve donated to with your tax records to document that your contribution was received.
The creativity of cyber criminals never stops evolving. At tax time and year-round, take steps to protect your devices and your identity. Familiarize yourself with the various types and warning signs of identity theft and identity fraud, and stay abreast of the latest scams and fraud tactics. The IRS page outlining tax scams and consumer alerts is a good place to start.
The advisors and staff at TGS Financial collaborate regularly with the CPAs and other professionals on our clients’ financial teams. Many of our clients have given us permission to communicate directly with their CPAs. Please don’t hesitate to reach out to TGS Financial should you or your tax preparer have questions this tax season.
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