IMPORTANT TAX FORM INFORMATION FOR OUR CLIENTS
Tax planning is an important part of the overall investment process. Janney provides you with a number of required tax planning forms and statements related to your account(s) with us. The information below should be of assistance as you gather and plan for the tax-planning season.
- Consolidated 1099 Tax Statements will be mailed to our clients over a period of time beginning January 19, 2009 through approximately February 27, 2009. If you have multiple brokerage accounts, you may receive 1099 forms as early as mid to late January, but may not receive 1099s for all of your accounts until mid to late February. Please ensure that you have received the required tax forms for each account that may have taxable activity before beginning to complete your 2008 tax forms for the IRS.
- In some instances, we will mail 1099s later than February 15, 2009 in order to capture as much data as possible from certain investment products including mutual funds, unit investment trusts and other complex investments. We delay these 1099s to limit the need for amended forms providing you the most accurate data we can from the issuers prior to you creating your tax return. Amended 1099 forms will be sent by us to clients as revised information is received from the issuers.
- In some cases, the Income and Distribution totals on your December account statement do not represent the amounts to be reported to the IRS. Many distributions on Form 1099-DIV are reclassified after year-end. We strongly urge you to wait as long as possible before preparing your returns. We recommend consulting with your professional tax advisor to explain how this may apply to your individual situation.
To assist you in planning for your 2008 taxes, we have created the following schedule of the various forms and statements Janney will mail to you over the coming months. Any amended forms are typically mailed between March 2 and April 1. You will receive only those forms below that are appropriate for the type of activity in each of your accounts.
Mailing Deadline
| Mailing Type
| Description of Contents
|
| January 31, 2009 |
Forms 1099-R and 1099-Q |
Distributions from your IRA, Qualified Plan or Education Savings Account |
| February 15, 2009 |
Form 1099-DIV |
Dividends & Other Distributions |
| Form 1099-INT |
Reportable Interest Income |
| Form 1099-OID |
Original Issue Discount Income (other than CMO/REMIC instruments) |
| Form 1099-B |
Proceeds of Sales, Redemptions & Tenders |
| Form 1099-MISC |
Royalties, Substitutes Payments & Miscellaneous Income |
| March 16, 2009 |
Form 1099-OID (REMIC) |
OID and Interest Accruals from CMOs/REMICs |
| March 16, 2009 |
Schedule K-1 |
Master Limited Partnership (MLP) Income, which will be mailed directly from the General Partner |
| April 30, 2009 |
Form 5498-ESA |
Form 5498-ESA reports contributions and rollover contributions made for 2007 |
| June 1, 2009 |
Form 5498 |
Form 5498 reports Traditional, SEP, Simple and Roth IRA contributions including rollovers. Conversions and recharacterizations are also reported. SEP and Simple IRA contributions will appear on the 5498 for the year IN which the contribution is made as opposed to FOR which the contribution is made. This form also reports the fair market value of the account at year-end. |
Should you have questions regarding the tax documents we provide please contact your Financial Consultant. Tax preparation questions should be directed to your professional tax advisor. |
2008 Year-End Tax Guide
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