Tax Time: Your Tax Forms Will Arrive Soon

It is that time of year again! Your IRS tax forms will be available online and/or mailed to you over the next few months.  Online posting dates occur about five days prior to mailing dates. If you do not currently have online access and would like to take advantage of this tool, we encourage you to contact our office (941-365-3745) so we can assist you.  

Mailing dates for most non-retirement 1099 tax forms is February 15.  As in past years, Allegiant’s custodian, National Financial Services LLC (NFS), has applied for and received a mailing extension from the IRS that will permit the generation of some non-retirement 1099 tax documents after February 15, but no later than March 16.  

NFS makes every effort to issue your tax form by the February 15 IRS mailing deadline, but not all issuers send final information to NFS in time to meet the standard IRS mailing date. The use of the extension helps ensure that the tax form you receive is accurate and should help minimize the need to send you a corrected form, reducing any potential amendments to your tax return. NFS will post and mail consolidated 1099 tax forms in four waves, outlined in the table below.

For those of you who transferred an account to us in 2018, you may receive tax statements from your previous advisor / custodian in the coming months as well.  Your NFS tax statement(s) will include only account activity from the time the transfer occurred to the end of 2018.  Your previous advisor / custodian will provide any applicable tax reporting forms for activity that occurred in tax year 2018, prior to the transfer.  In order to accurately portray your tax liability, it is important to gather ALL tax reporting forms from both custodians.   For mailing times on non-NFS tax documents, please contact your previous advisor / custodian.     

NFS ONLINE POSTING DATES FOR 1099 FORMS

The dates below are online posting dates (i.e., the dates that your tax form will be made available online in Investor360°®).   If you are enrolled in e-notification, you will receive an e-mail notifying you that your tax forms are ready to view.   If you are not enrolled in e-notification, your form(s) will be mailed within five business days of the online posting dates noted below.     

RETIREMENT ACCOUNTS

TaxForms 1 

NON-RETIREMENT ACCOUNTS

TaxForms 2

TaxForms 3

SCHEDULE K-1s, when applicable

The Schedule K-1 is commonly issued for investments in limited partnerships; however, certain publicly traded securities such as master limited partnerships, real estate investment trusts and some exchange-traded funds/notes may also issue a K-1.   If you have never received a K-1 from us in the past, this most likely does not apply to you.  

For anyone holding a security that generates a K-1, this schedule will not be generated by NFS.  Instead, it will be issued from the investment entity’s custodian.  This means that the schedule will arrive separately from the other tax documents issued by NFS (e.g. Form 1099).  Federal law has specific requirements of partnerships to provide Schedule K-1s, as follows:

TaxForms 5

If you have any questions about any of the information shared here, please do not hesitate to reach out to Kristina Eastmond, Operations Manager at Allegiant Private Advisors, at 941-365-3745.