Important Tax Information for Clients

One important change to be aware of is the 1099 mailing dates, which will be different from previous years. This year’s mailing schedule will be as follows:

1099Rs will be mailed on January 22
1099s will be run in two waves:

For “simple” accounts without mutual funds – RICs, REITs and UITs – 1099s will be mailed February 6-15.

For “complex” accounts with mutual funds – RICs, REITs and UITs – 1099s will be mailed February 13-21.

Run Date Electronic Version Posted Mailing Schedule Downloads

Available

1099 First Wave 2/5/2011 2/6/2011 2/6/2011 to 2/15/2011 2/14/2011
1099 Second Wave 2/12/2011 2/13/2011 2/13/2011 to 2/21/2011* 2/14/2011

*The IRS mailing deadline is 2/15/2011. First Clearing will request and expects to receive a standard 30-day extension.

If you have multiple brokerage accounts, you may not receive 1099s for ALL applicable accounts until mid to late February. Remember, must receive required tax forms for all applicable accounts that may have taxable activity before beginning to complete your tax forms for the IRS.

It is still possible that you will receive one or more amended Forms 1099 in 2011 for tax year 2010. Amended 1099 forms will be sent to clients as revised information is received from issuers. Since many distributions on Form 1099-DIV are reclassified after yearend, First Clearing strongly urges clients to wait as long as possible before preparing their returns. Bear in mind that forms issued contain information available at that time and may be corrected at a later date, generating one or more amended forms.

If you have questions about this information, please call us at 877.749.8837