Broker Check

AssetMark, Pershing & Fidelity Tax Document Dates

February 08, 2021
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It is tax time again.  Below is more information on when to expect to see tax forms from custodians. 

2020 Tax Form Availability Dates

All dates are based on the 2021 calendar year—some dates may vary and are subject to change. 

Form

AssetMark Trust

Pershing

TD Ameritrade

Fidelity

RMD Letter

January 12

N/A

N/A

N/A

1099-R

January 21

February 1

February 1

January 31

1099

February 26 -
March 151

January 31 -
March 15

January 14 -
March 161

February 15

Revised 1099
(if applicable)

Mid-to-Late March

February 15 -
March 15

February 19 through
late March

Mid-to-Late March

Form 5498s

May 31

May 31

May 31

May 31

 1Mailing date could be March 15 for accounts with pending income information for mutual funds or hold REMICs, WHFIT, and some UITs securities.


Common tax questions

Why are some 1099s sent in late January/early February and others sent in mid-to-late February?

Each custodian determines the timing they send 1099s and revisions are common as new information is received from certain mutual fund issuers; a client who receives a 1099 in January might receive a revised 1099 a few weeks—or months—later.

Late reporting that generally results in a revised 1099 usually includes the reclassification of Ordinary Dividends to Return of Capital (non-dividend distributions), other dividend classifications, and/or Foreign Tax Paid on a fund's foreign source of income.


What can I do to avoid revised returns?

Tax preparers usually advise that clients wait until mid-March or early April to prepare tax returns to reduce unplanned revisions. It's also recommended that clients choose paperless delivery on tax documents where applicable, so they have easy 24/7 access to the most up-to-date documents and don't have to store and secure paper documents or wait around for the mail.


Recent Updates

2021 Contribution Limit for Retirement Accounts

The basic salary deferral amount for 401(k) and similar workplace plans is $19,500, with a $6,500 catch-up amount for those 50 or older.

In 2021, the overall limit for these plans goes up from $57,000 to $58,000 to help workers whose employers allow special after-tax salary deferrals, and those who are self-employed save to the limit in solo or individual 401(k)s or SEP retirement plans.

The contribution limit for an Individual Retirement Account (IRA) is $6,000, with a $1,000 catch-up limit for those 50 or older.

Clients who choose to rollover an IRA are limited to one rollover in any 12-month period, regardless of the number of IRAs the client owns. The rule does not apply to direct transfers between IRAs, direct rollovers from employer plans, or conversions to a Roth IRA.