This information only applies to you if you have accounts held at NFS.
Below are the most common tax documents, followed by a description that will help you better understand the purpose of the forms and the 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)*
|Year-end market values of contributions to
Tax Forms 1099-R
|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, 2020 (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.
Below are the most common tax documents, followed by a description that will help you better understand the purpose of the mailings and when you can expect to receive them.
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.
Most 1099 tax forms for tax year 2020 will be available online between January 23 and February 13 and will be mailed shortly thereafter. Like in past years, however, NFS has filed and received a 30-day extension from the IRS that will permit the generation of some 1099 tax forms after February 15.
Not all issuers send final information to NFS in time to meet the February standard IRS 1099 mailing deadline. NFS uses this extension to ensure that the information on the tax documents you receive is accurate, which, in turn, reduces the need to send a corrected form after February 15.
In the event that final tax reporting information is expected for your account after February, a “preliminary” tax statement will be available online in Investor360° on February 13. The preliminary form will provide a single view of current tax information to assist in determining early tax liability.
Form 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.
Form 5498: A Form 5498 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 2020.
If you make prior-year contributions between January 1, 2021, and April 15, 2021, these transactions will be captured in an updated 5498 tax document that will be mailed to you by May 5, 2021.
If you have any questions regarding the information shared here, please don’t hesitate to call our office at 919.845.5315 .