Custodian 1099s
- In early February, most custodians will send out Form 1099s either by mail or with an email notification of the form’s online availability.
- HFM recommends consulting with your tax advisor about the possibility of receiving a corrected Form 1099 and the timing of filing your tax return to avoid having to submit an amended return.
- Management fees deducted from your account are shown on your custodian’s 1099.
Access Your Tax Documents Online to Avoid Mailing Delays
1099s
Electronic Notification – If you have elected to receive printed Form 1099s and your custodian knows your email address you will be notified via email when your Form 1099s have been mailed. There is also a link in the email to the custodian’s website where you can access your tax forms.
Faster Access to Tax Info Downloads – Clients who receive their 1099 electronically can immediately download their 1099 into TurboTax or H&R Block.
K-1s
If you owned Master Limited Partnerships (MLPs) in your account during the year, the tax reporting is provided to you directly by the MLP in the form of a Schedule K-1 Partnership Distribution report. K-1s are not sent to your advisor or custodian. While there are several advantages to owning an MLP, one of the trade-offs is that producing K-1s is complicated and they frequently arrive late in the tax season. Please be sure that all of your K-1s have been provided to your tax-preparer before filing your taxes. If it is late in the tax season and you have not received all of your K-1s, please discuss it with your tax-preparer. Most K-1s are available online on the MLP’s website or at https://www.taxpackagesupport.com/ which provides a list of all K-1 securities and when the K-1 will be available.