Fiduciary Trust Estimated Tax Document Mailing ScheduleDecember 2012
Each year, as we head into tax season, we like to keep you informed of our timeline for delivering your year-end tax information.
Estimated Tax Document Mailing Schedule
Internal Revenue Service requirements mandate that most 1099s must be mailed by February 15th. We make every effort to deliver your year-end tax information as quickly as possible. Under certain circumstances, however, meeting this deadline with final, accurate information may be impossible. This is especially true for our clients invested in mutual funds, WHFITs (Widely Held Fixed Investment Trusts), and REITs (Real Estate Investment Trusts), because the IRS requires much more detailed reporting for these investments. In fact, many of these issuers do not provide the tax information necessary for us to calculate year-end tax figures until well after February 15th.
Fiduciary Trust will therefore apply for a 30-day extension from the IRS to deliver our clients’ 1099s. As a result, you may want to take a prudent approach to the timing of the preparation and filing of your income tax returns. For your reference, the chart below provides estimated mailing dates for our tax documents.
For Clients Who Are Beneficiaries of Calendar Year Trusts and Estates
Beneficiaries of calendar year trusts and estates must receive their K-1 (Beneficiary’s Share of Income, Deductions, Credits, etc.) information by the return due date of April 15th. If information necessary to complete the return is not available by this date, we will apply for an extension to September 16th. If the return is extended, we will send K-1s as soon as information is obtained and the return is completed.
For Non-Resident Alien Clients
Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, is required to be furnished by March 15th each year. We are also eligible to obtain a 30-day extension for Form 1042-S until April 14th and shall do so this year.
Changes to Your 2012 Tax Reporting
In response to new federal cost basis tax reporting requirements, the 2012 IRS Form 1099-B has been expanded. The new 1099-B will now include the cost basis of mutual fund shares acquired and sold after December 31, 2011.
A Reminder Regarding Your Online Tax Statements
To make tax reporting easier, you can view your Tax Information Statement along with your Combined Year-End 1099 forms for the prior five years online. If you haven't already benefited from Fiduciary Trust's online statement services, we encourage you to sign up for online statement access by contacting your Fiduciary Trust representative or Carmine McGowan at (800) 845-4514, extension 3068.
Should you have any questions, please feel free to contact your Portfolio Manager, Relationship Manager or Trust Officer.
Fiduciary Trust's new capabilities brochure provides you with a comprehesive overview of our breadth and depth of wealth management services, our investment management philosophy and approach, and our firm's history and heritage.
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