Tax season can be a very busy time of year, and therefore we wanted to provide you the specific details regarding the Form 1099 tax reporting schedule to help you plan ahead. As in past reporting years, the goal is to provide the information as early as possible. The schedule of delivery of tax reports is based on the specific holdings in an account. By January 31, 2017, the first group of Form 1099 tax statements are available online through NetX360 and NetXInvestor. Be aware that some issuers of securities do not make their final distribution information available until after January 31st, which means that tax reports for clients holding those securities will be delivered after that date.

For tax year 2016 for Form 1099 statements, here is the reporting schedule in 4 phases (Please note that 1099 Drafts (not Finals) will be available on NetX360 starting on January 16th):

January 31st , Phase One - Form 1099 statements will be available online and also mailed for accounts with holdings and income that typically do not require reclassification or additional information from issuers. Generally, this includes accounts holding fixed income (debt) or equity-only investments and options.

February 15th , Phase Two - Generally, this group includes issuers of mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities, because the issuer provided their final tax information after the January 31st reporting group. Pending 1099 Notices will be available for accounts where we are awaiting data from issuers. Accounts that hold positions for which issuers have not provided final 2016 tax information will receive a Pending 1099 Notice. This will identify the holdings impacting the availability date of your Form 1099, and it will provide the anticipated completion date. Accounts that have already received Form 1099 will not be sent this notice.  February 15th is also the date for revision reports for Form 1099s originally included in Phase One, as required.

February 28th , Phase Three - Form 1099 statements will be available for accounts for which we can now include information that was previously pending income reclassifications from issuers of mutual funds, REITs and certain equities, because the issuer or trustee has provided final tax information. Generally, this includes remaining mutual funds, REITs and certain equities. February 28th is also the date for revision reports for Form 1099s originally included in Phases One and Two, as required.

March 15th , Phase Four - Form 1099 statements will be available for all remaining accounts, regardless of whether pending income reclassifications for the account’s income have been received from issuers. Generally, this includes accounts holding complex non-equity securities, such as real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs) and some UITs. March 15th is also the date for revision reports for Form 1099s originally included in all previous phases, as required.