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Tax Resources


We have provided information below on 2021 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.


2021 Tax documents

Sometimes investment issuers (i.e., companies or municipalities offering the securities for sale to investors) cannot submit final information in time for NFS to meet IRS tax form mailing deadlines. In such cases, NFS will request a 30-day extension from the IRS so that it can mail tax information for these investments after the initial IRS mailing deadline of February 15.

By waiting for final information, NFS can help ensure that it will only need to send each client one correct form. This can prevent NFS from having to mail multiple versions that will need to be corrected, which could result in clients having to amend their tax returns.

Please note: If the initial mailing deadline date falls on a weekend or holiday, it is automatically moved to the next business day.

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.


Tax Forms

Description

Retirement Tax Forms 5498

This form provides the fair market value of the account as of the prior year-end, as well as beneficiary information. The 5498 will capture contributions made to a traditional, SEP, or SIMPLE IRA, as well as Roth IRA conversions or recharacterizations completed in 2021.

Retirement
Tax Forms 1099-R

This form is issued when you have made a distribution from your retirement account or in connection with a Roth IRA conversion or recharacterization.

Forms 1099-B, 1099-DIV, and 1099-INT

These tax documents include information on the proceeds of any sales and cost basis (when known) of securities within your account, as well as dividends or interest paid within an account for most securities.

The 1099 form also features supplemental information (not reported to the IRS) that you may find helpful in preparing your income tax returns.

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. This is not reported to the IRS, and should not be used for tax reporting purposes.


Investor360º

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:

  1. Go to the Settings page and scroll to the Paperless Preferences section.
  2. For each brokerage account, select the account holder and enter an email address for delivery.
  3. 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.

Thank you,

Weller Group

 

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