Tax Time Is Coming!

Arthur Stein Financial, LLC |

You may already be thinking about your taxes but you can’t prepare them until you receive all your 1099s and other tax information.

Consolidated 1099s for brokerage accounts (not IRAs) have to be mailed by February 16 this year. The normal February 15 deadline was delayed one day due to the Presidents’ Day holiday.

The deadline used to be January 31. In 2008, the IRS changed it to February 15 because of the complexities involved in producing these tax forms.

This change affects 1099s that are combined with a 1099-B – the form that summarizes the proceeds of stock transactions. Standalone 1099s must be postmarked by January 31.

Why Custodians Issue Corrected Form 1099s to Some Clients

Some taxpayers receive an initial Form 1099 from the custodian of their taxable accounts as well as a later, corrected form.

Corrected 1099s are typically issued when an investor holds mutual funds, equities, real estate investment trusts (REITs) and unit investment trusts (UITs) that, in January or later, reallocate or reclassify their distributions for the previous year.

Basically, it comes down to timing. The custodian is dependent on the issuers of securities sending the data. If the custodian hasn’t received the corrected data by the time it sends 1099s to clients, then it issues a corrected 1099 once received.

Arthur Stein Financial, LLC does not provide tax advice. Consult with a tax-planning professional with regard to your personal circumstances.


This is for educational purposes only. To learn more about the topics mentioned and if they are suitable for you, consult an appropriate professional. Tax laws can change at any time.

Any information provided in this presentation has been prepared from sources believed to be reliable, but is not guaranteed and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for information purposes only and does not constitute a recommendation.

None of the information provided is necessarily relevant to anyone’s personal situation. Circumstances differ among individuals and they should not assume that these generalizations or information apply to them.