We have provided information below on 2020 tax document availability, as well as resources for retrieval of tax documents electronically through Investor360º.
Tax document availability and extensions
As a reminder, many investment companies receive an extension each year from the IRS for mailing deadlines, which in turn could affect the timing of the availability of your tax documents. If you are scheduling an appointment with your tax preparer and are unsure if you have all of your tax documents for investments held through Weller Group, please contact our office in advance so that we can provide you with an updated timeframe for tax document availability. Tax season is a busy time of year and our office is likely fielding many requests for tax documents, so we will do our best to assist you in a timely manner if your request is made in advance of your tax preparation appointment.
2020 Tax documents
The IRS tax form mailing date for most non-retirement 1099 tax forms is February 15. As in past years, National Financial Services LLC (NFS) has applied for and received a mailing extension from the IRS that will permit the generation of some non-retirement 1099 tax documents after February 15, but no later than March 5.
NFS makes every effort to issue your tax form by the February 15 IRS mailing deadline, but not all issuers send final information to NFS in time to meet the standard IRS mailing date. The use of the extension helps ensure that the tax form you receive is accurate and should help minimize the need to send you a corrected form, reducing any potential amendments to your tax return. NFS will post and mail consolidated 1099 tax forms in four waves, outlined in the table below.
The dates below are online posting dates (i.e., the dates that your tax form will be made available online in Investor360°®). If you are enrolled in e-notification, you will receive an email notifying you that your tax forms are ready to view. If you are not enrolled in e-notification, your form will be mailed within five business days of online posting. In either case, once issued, you may access an electronic version of your tax forms in Investor360° under Statements & Documents > Tax Reporting > Most Recent.
(on or before)
Retirement Tax Forms 5498
Year-end market values of contributions to retirement accounts
Distributions from retirement accounts
Non-retirement accounts with holdings whose income doesn’t require reclassification or additional information from issuers (Generally, this includes accounts holding options, certain equities, and fixed income securities.)
Equities and fixed income securities, closed-end funds, and non-Fidelity mutual funds where issuer provided final tax information after 1st mailing; 2nd mailing includes information-only 1099s issued for exempt accounts, including nonprototype and corporate accounts
Supplemental tax reporting information for corporate and eligible exempt accounts; details aren’t reported to IRS
Point-in-time snapshot of reporting activity for customers slated for a later mailing; includes symbols/CUSIPs for positions that lack final tax information as of February 15, 2021 (This is online only, is not reported to the IRS, and should not be used for tax reporting purposes.)
Accounts holding unit investment and real estate investment trusts (UITs and REITs)
Accounts holding UITs and REITs for which final tax information was delayed from issuer and mortgage-backed securities for which final tax information has been received from issuer
Please note: In instances when tax reporting for an account occurs during the extension period, NFS will provide an online preliminary tax statement starting on February 15. This is viewable only online, in Investor360°, and will provide a single view of current tax information to assist you in determining early tax liability.
Many of our clients have taken advantage of using our client portal Investor360º to view all of their investment accounts held through Weller Group in one convenient place. The benefits of Investor360º also include the ability to:
- Receive any of the following by e-delivery (i.e. paperless preference): monthly brokerage statements, trade confirmations, shareholder reports, and/or tax documents
- View documents that our office has shared with you
- View account holdings, investment values, and investment activity
Investor360º and paperless preference instructions
If you have not registered to use Investor360º, we encourage you to call our office to establish a login ID. Any investor in your household can request his or her unique login ID.
Once you have established access to Investor360º, you can elect your paperless preferences for your Commonwealth brokerage account(s) by following these steps:
- Go to the Settings page and scroll to the Paperless Preferences section.
- For each brokerage account, select the account holder and enter an email address for delivery.
- Check the box for each option you would like to receive by paperless delivery. Click Save; then read and accept the disclaimer that appears, and you’re done.
Tax documents for Commonwealth brokerage accounts
One of the paperless delivery options through Investor360º is to receive tax documents electronically for your Commonwealth brokerage accounts. It is important to note that if you select this preference, you will no longer receive a paper copy of your tax documents from Commonwealth in the mail. You will instead receive an email notification once your tax documents are available to view online.
- Upon receiving an email notification that your tax documents are ready, it is your responsibility to log into Investor360º to obtain your tax documents if you have elected to receive them by e-delivery.
- Our office will not be notified of your paperless preference changes.
- If you have not selected the paperless preference for your tax documents, the default delivery method for tax documents is by USPS to your mailing address.
- Any investor who has established access to Investor360º—regardless of whether paperless preference is selected—can view tax documents by going to the STATEMENTS & DOCUMENTS tab and scrolling down to the Tax Reporting section.
Tax documents for non-Commonwealth investment accounts
If you hold investment products through Weller Group where the account is held directly at the investment product company (your investment account statement comes directly from American Funds, Fidelity, Franklin Templeton, Hartford, Lincoln, Oppenheimer, Prudential, etc.) rather than held within a Commonwealth brokerage account, there is no option to receive tax documents through Investor360º for such accounts. You will receive direct investment account tax documents by mail. Also, you can log onto the direct investment company’s website to retrieve tax documents.
There are other helpful resources related to taxes, including links to the IRS and NYS Tax Department on our WEBSITES page.
If you have any questions or need additional assistance, please contact our office.