2017 Year-End Tax Information
BB&T Securities is the entity through which your firm clears transactions, and is the Payer responsible to the Internal Revenue Service (IRS) for reporting your federal income and any tax withholding that appears on your Form(s) 1099. When reporting information on your tax return (such as on Schedule B of Form 1040), be sure to use the BB&T Securities name and Employer Identification Number instead of the name of your brokerage firm.
Due to the Presidents’ Day Federal holiday, The IRS deadline for mailing 2016 Consolidated Form 1099s is February 16th rather than the normal February 15th. Due to the increased volume of information for some complex investments, the IRS allows financial institutions a 30-day extension, until March 19th, to gather information and mail tax statements to clients. This may include investments in companies that have dividend reclassification such as RICS (Regulated Investment Companies), mutual funds, and REITS (Real Estate Investment Trusts).
In order to capture late information from these companies, and lessen the need for corrected tax statements, BB&T Securities will mail Tax Statements in early February through the middle of March. We are projecting that the majority of our 1099s will be mailed by February 15th but depending on the type of investments held in the client account, some Consolidated Tax Statements may not be issued until early March. All 2017 Consolidated Form 1099s will be mailed prior to March 16, 2018.
Understanding your 2017 Tax Statement
BB&T Securities is committed to providing concise, detailed information to help you complete your income tax returns. The following links explain the 2016 1099-Consoldiated Tax Statement in greater detail. The sample statements are for illustrative purposes only.
Please keep in mind that BB&T Securities does not provide tax advice. Consult your professional tax advisor for questions concerning your personal tax or financial situation, or visit www.irs.gov. The material provided is for informational purposes only and BB&T Securities is not responsible for any errors or omissions.
Important Dates and Deadlines
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I think my 1099 is incorrect, what should I do?
Please review your Form 1099 and contact your Financial Advisor or Financial Counselor as soon as possible. Generally, the amended tax forms are processed weekly beginning in late February through mid-April.
Cost Basis Reporting
The Emergency Economic Stabilization Act of 2008 included new tax-reporting requirements that dramatically changed how financial institutions and their clients think about cost basis. For the first time, financial institutions will report the adjusted cost basis of sold securities to the IRS. These new requirements are designed to help capture accurate reporting of investors’ gains and losses at tax time.
For additional information about Cost Basis, please contact your Financial Advisor or Financial Counselor for assistance.
Master Limited Partnerships (and K-1 Information)
Information reporting for Limited Partnerships is distributed directly from the partnership on Schedule K-1 (Form 1065). General partners have until March 15th to issue K-1s, but also have the ability to file for a 30 day extension to the stated deadline. Please contact the partnership directly if you do not receive a K1 or have further questions about the form. For additional information please refer to IRS Publication 541, www.k1support.com or www.partnerdatalink.com.
Royalty Trust Tax Information
If you are a unit holder of a royalty trust, the trust provides a tax information booklet that is typically available at a website for the trust. The web addresses for these booklets are provided at the end of your 1099-Consoldiated Tax Statement. We are also providing the list of royalty trust website links here for your convenience.