As your trusted financial advisor, it is important to keep you informed to ensure you have accurate information and updates about the process for reporting your investment income and preparing your tax documents. In an effort to save you and your CPA some frustration, we advise that you NOT file your taxes until at least April 1st. This will save you the inconvenience of possible refiling if 1099s are revised. Due to the complexity of our tax laws, 1099s are frequently revised. Because of this, 1099 documents will be sent to account holders using a staggered mailing process dependent on the complexity of your investments held.
LPL will mail 1099 Consolidated Tax Statements in 4 phases, which are outlined below.
Even with LPL’s staggered mailing process, delayed reporting and reclassification can sometimes occur, which is outside of our control. For the most part—with rare exceptions— corrected 1099s are triggered by updates from security issuers after the IRS deadline. If you need to file an amended tax return, be sure to discuss the situation with your tax advisor prior to refiling so you can determine the best course of action based on your individual circumstances.
Olson Wealth Group Can Coordinate with Your CPA or Tax Advisor
Let us know if you prefer that we organize and gather your LPL Financial tax documents for your CPA or tax advisor. These may include 1099’s Advisory Performance, Fees, Statements, etc. To do this, we will need written permission with a signed Permission to Disclose Personally Identifiable Information form. Let us know if you want this authorization on file for your accounts and we will e-mail the form to you for electronic signature. We look forward to hearing about you and helping you navigate through this tax season more smoothly. I hope this information is helpful to you, and I want to thank you for your continued confidence and trust.
Please contact us if you have any questions.