Tax Time
Five popular tax breaks on the brink of extinction
2010 tax reporting packages were mailed to Raymond James clients on January 21, 2011
Please Note: clients who had no reportable activity in 2010 will not receive a tax package.
As a courtesy we calculate and provide clients RMD amounts. Clients who are or will turn 70½ or older in 2011 will receive a tax reporting package which will include a 2011 RMD amount on the summary page and Form 5498 and an insert detailing required minimum distributions and required minimum beneficiary distributions. Beneficiary clients will receive information needed to calculate their RMD.
As in years past, we will delay statements for some clients due to an industry practice known as Income Reallocation (IR). IR adjusts declarations of income paid during a tax-reporting period. Changes made by mutual funds related to foreign withholding, tax-exempt payments subject to alternative minimum tax, and the portion of the distributions derived from U.S. Treasury obligations can also result in amended statements. This will impact clients who hold Regulated Investment Companies (Mutual Funds), UITs, Real Estate Investment Trusts (REITs) and Widely Held Fixed Investment Trusts (WHFITs) that are pass-through vehicles for tax reporting purposes for which we have not received final reallocations. Raymond James will keep with the January 31st mailing date for all 1099s not affected by Income Reallocation. The remaining “delayed” 1099s will be mailed by February 28.
Because the IRS has extended the Original 1099 mailing date to February 16th, many companies are also delaying their release of Income Reallocation information. This information is required for Raymond James to produce accurate 1099s and as a result, the delay of this information could cause additional delayed and/or amended 1099s.
If you have a Raymond James Investor Access Account, you can view your tax information by logging onto the Investor Access Sign In page and selecting "My Accounts", "Statements" and "Tax Reporting".
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Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.
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