As tax season approaches, we understand the importance of receiving your tax documents promptly so that you can file your returns. In light of that, we want to provide you with important information regarding the preparation and delivery of these documents.
Our custodians follow a strict regulatory schedule. Some documents are produced quickly, while others may not be available until later in the tax season, potentially as late as March.
Here's a quick overview of the most common tax forms:
- 1099-R: Reports distributions from retirement accounts (IRAs, 401(k)s, pensions).
- Consolidated 1099: Combines multiple 1099 forms (dividends, interest, broker transactions). Specifically for non-retirement accounts such as individual, joint, or Trust-owned brokerage accounts.
- 5498: Reports IRA contributions and year-end fair market value.
Keep in mind: The 5498 is for reporting only and is not necessary for filing your taxes. It is possible that you may not receive any tax documents if you did not make a withdrawal from a retirement account, and do not have any of the non-retirement accounts listed above.
FSG is unable to accept requests for duplicate tax documents until after March 15th.
When your documents are available, they can be delivered to you in three ways: via your custodial login (Fidelity, Charles Schwab, etc.), your FSG client portal, or mailed to you via USPS.
IMPORTANT: Consolidated/Composite 1099s often go through 2-3 different cycles of corrections. While it is rare, it is possible you may receive a corrected Consolidated/Composite 1099. Most custodians request an extension of the February 15th deadline of 30 days, which gives them until March 15th for any corrections.
To avoid having to file an amended return. We encourage you to check your custodial login for any corrected 1099 after March 15th and then proceed with filing your income tax return.
In the interim, please feel free to email taxdocs@fsgmichigan.com with any questions you may have.