Below please find the updated mailing schedule for your 1099 Consolidated tax form from LPL Financial. LPL mails 1099 Consolidated forms weekly to account for various deadlines and income variations so that your tax information is timely, accurate and reliable.
During the tax season, in order to meet all IRS deadlines, reduce errors, and reduce the need to mail corrected versions, LPL will be mailing the 1099 Consolidated Statements in multiple phases. LPL will file for a 30-day extension with the IRS in an effort to reduce the number of forms received. All accounts with reportable activity will receive a 1099 Consolidated Statement on or before March 10. Some accounts mail later than others due to the types of securities in those portfolios. Certain types of securities such as Unit Investment Trusts (UITs), Real Estate Investment Trusts (REITs), mutual funds, commodity trusts, and individual stock are more likely to reclassify or have later IRS deadlines to report their final financial data to the broker/dealers and the IRS.
Investments in certain assets, such as real-estate and commodities, are much more likely to require reclassification. Also, securities that represent direct or indirect investments within these assets may require income reclassifications.
Even with our weekly mailing system, further delayed reporting and reclassification received from the security issuer can sometimes occur, which will result in having to send corrected 1099 forms. There is no IRS cutoff or deadline for providing a corrected 1099 tax statement. If a corrected 1099 form is received after March 10 determine the best course of action based on your individual circumstance before filing an amended return.
We hope this information will help you to plan your strategy for this tax season.
Neither LPL Financial, nor its registered representatives, offer tax or legal advice. Always consult a qualified tax advisor for information as to how taxes may affect your particular situation.