and IRA Deadlines
All tax forms, including Form 1099, will be delivered as early as possible. Brokers are required by law to provide Form 1099 by February 15. Many firms, including Folio, have requested and been granted by the IRS a 30 day extension to limit the number of corrected 1099 Forms required. Corrected 1099 Forms are typically necessary due to issuer changes to issuer provided information. As a result, less than 0.2% of our 1099 Forms are corrected. Generally, 1099 Forms are posted around the end of February.
Below are deadlines for 2018 IRAs, as well as estimated dates of when to expect tax forms. Please keep in mind that these dates have been provided by Folio and all tax documents will be available on the EQIS platform within 5 business days after the date they become available at Folio. Once a form becomes available, you can find them by logging into www.eqis.com and navigating to your filing cabinet. The files will have an upload date of December 31 for the tax year they were created.
helpful tax season guides:
1099 Help Sheet - A guide to the consolidated 1099s different sections including 1099-DIV, 1099-INT, 1099-OID,1099-MISC, and any supplemental information provided.
Importing Data into Tax Reporting Software - A step-by-step guide on how to import 1099 information into a tax reporting program.
K-1 Help Sheet - Answers to K-1 related questions.
What is consolidated Form 1099?
A consolidated Form 1099 is produced for taxable accounts and details the income associated with that account for a particular year. Our consolidated Form 1099 is a single document with sections for 1099-DIV, 1099-INT, 1099-MISC, 1099-OID, and 1099-B. The first four 1099 documents are found on page one of the consolidated Form 1099. These documents, along with the 1099-B pages (which list security sales and other proceeds) contain account data that is furnished to the IRS and must be included in your tax return.
When and where will I receive my Form 1099?
Brokers are required by law to provide Form 1099 by February 15. Many firms, including Folio, have requested and been granted by the IRS a 30 day extension to limit the number of corrected 1099 Forms required. Corrected 1099 Forms are typically necessary due to issuer changes to issuer provided information.
Generally, 1099 Forms are posted around the end of February at Folio. Folio will send a notification once tax forms become available. EQIS will upload tax forms within 5 business days of them being available at Folio. You can find tax documents by logging into www.eqis.com and navigating to your filing cabinet. The files will have an upload date of December 31 for the tax year they were created.
Why does the consolidated Form 1099 contain so many pages?
Due to the nature of fractional shares, the length of Form 1099 can extend into multiple pages. Pages 1, 2, and 3, if applicable, are the primary pages that contain your tax reporting information. You can also refer to the Gain Loss Report which is also generally available at the end of February. This report is in spreadsheet format and can be used to import gain/loss information into tax reporting software.
Can I import my Form 1099 into reporting software like TurboTax and H&R Block?
Yes. You can import the reportable data from your Form 1099(s) directly into tax reporting packages including TurboTax and H&R Block by using their “import from brokerage/financial institution” function. The following types of tax information can be imported:
• 1099-DIV (Dividends and Distributions)
• 1099-INT (Interest Income)
• 1099-MISC (Miscellaneous Income)
• 1099-B (Proceeds from Broker and Barter Exchange Transactions)
• 1099-OID (Original Issue Discount)
Please note that the information found on your Form 1099-R cannot be imported at this time. You will need to enter this information manually. For detailed steps, view the Importing Data into Tax Reporting Software guide.
What is Form 8949?
Form 8949 is a listing of your long and short term, reportable and non-reportable capital gains on taxable accounts. We may generate four versions of IRS Form 8949, reporting sales of securities with short and long-term capital gains, further subdivided into sales with cost basis reported to the IRS (Box A), and sales without cost basis or sales where cost basis is not reported to the IRS (Box B). Each of the four versions of this Form is necessary to complete Schedule D of your tax return, along with any corrected versions that may be generated.
What is Form 1099-R?
Form 1099-R is an IRS form that reports your distributions from profit-sharing plans, retirement plans, IRAs, and pensions. You will also receive a 1099-R for any rollovers, Roth conversions, and recharacterizations made to your Traditional, Roth, SEP, SIMPLE and Beneficiary IRAs.
What is Form 5498?
Form 5498 reports the fair market value (FMV) of your IRA as of December 31st along with any reportable contributions. Reportable contributions include rollovers, contributions, Roth conversions, and recharacterizations made to your Traditional, Roth, SEP, SIMPLE and Beneficiary IRAs.
The information provided here is for general guidance. EQIS does not provide tax advice. Due to the complexity of tax regulations and the individual circumstances of our customers we recommend that you consult a tax advisor.