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Tax Documents Explained

Tax Documents Explained

March 05, 2021
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Many clients get in touch with us this time of year to inquire about tax forms that they might need. In this video, Freddy walks through the different tax documents related to your accounts with us. 

Listed below are a few of the forms Freddy discusses in the video. 

Retirement Accounts:

  • 1099-R for distributions released in mid-January
  • 5498 for contributions released in May (to allow time for catch up contributions for the prior year) 
  • If there's no activity, you won't receive a form

Individual, Joint, and Trusts Accounts:

  • Consolidated 1099 for dividends, interest, and capital gains released in mid-February
  • Should receive one 1099 for each account, but you won't receive a form if there weren't dividends, interest, or capital gains paid into your account
  • Form does not provide final tax information, because the mutual fund company sometimes changes the classification of some of the distributions

529 Plans:

  • 1099-Q released in early February

Limited Parnerships:

  • Schedule K-1 released late, after the filing deadline