It's Tax Time

As you begin planning with your advisors for 2020, there are still several loose ends that need to be taken care of to wrap up 2019. The most important and anticipated documents will be your tax statements. Please keep the below information in mind as you are scheduling a time to meet with your CPA and file your tax return.

The dates below are online posting dates (i.e., the dates that your tax form will be made available online in Investor360°®). If you did NOT opt out of paper or do not use Investor360° at all, your Tax Statements will be mailed within 5 business days after the online posting dates below. Corrections will be mailed, thereafter, if applicable.

Tax Time 01.30.2020 Grid

Please note: In instances when tax reporting for an account occurs during the extension period, NFS will provide an online preliminary tax statement starting on February 15. This is viewable only online, in Investor360°, and will provide a single view of current tax information to assist you in determining early tax liability. 

How do I access my NFS tax statements online? 

Log in to Investor360°. From the Statements & Documents tab, scroll down to the Tax Reporting section and click the “Most Recent” link for each account. The PDF document will launch for viewing and printing. If the most recent link pulls up your 2018 tax statement, this simply means it is not yet available for 2019. 

As a note, regardless of your paperless settings, you will have the ability to access your tax statements online, once posted. The added benefit to opting out of paper for Tax Statements is that you will also receive an e-Notification as soon as the statements are available for viewing and/or if a correction has been issued. 

When can I expect to receive my Schedule K-1? 

Schedule K-1 tax documents are mostly issued for investments in limited partnerships; however, certain publicly traded securities, such as master limited partnerships, real estate investment trusts, and exchange-traded funds and exchange-traded notes, may also issue a Schedule K-1. 

Who Will Issue My Schedule K-1? 

While some of these holdings are held in your accounts with us, a Schedule K-1 will not be generated by Commonwealth or NFS. Instead, it will be issued from the investment entity’s custodian. The schedule will arrive separately from the other tax documents issued by NFS (e.g., Form 1099). 

When Can I Expect to Receive My Schedule K-1? 

Federal law requires partnerships to provide Schedule K-1s to partners by April 15; if the partnership has filed a five-month extension, the Schedule K-1 will be provided by September 15. Approximate mailing dates are typically posted on the investment entity’s website. 

If you have any questions regarding this information, please give us a call at 941-365-3745.