GETTING READY FOR THE UPCOMING TAX SEASON - Important Tax Season Mailing Dates - 2020/2021 1099 Consolidated Statements Guide

Sep 19, 2026

Upload by Sarah

Guidance for preparing for the 2020/2021 tax season, emphasizing early coordination with financial and tax advisors and clear expectations for 1099 reporting. Explains why 1099 consolidated statements are mailed in four waves, how income reclassification can delay tax statement delivery from the anticipated February 12 date, and what corrected forms mean when issuers adjust data after original production. Includes considerations for filing extensions, identifies security types more likely to reclassify, and provides information on downloading documents in TurboTax after statements arrive.

LanguageEnglish

CategoryLetters

FormatPDF

Pages6

Reading Time2 min

AccessFree to download

Getting Ready for the Upcoming Tax Season

Why There Are Different Mailing Dates for 1099 Consolidated Statements

Reclassification: What It Is and What You Need to Know

Should I File an Extension?

Corrected Forms: What You Need to Know

When Can I Download My Documents on TurboTax?

Important Tax Season Mailing Dates

GETTING READY FOR THE UPCOMING TAX SEASON This information is not intended to be a substitute for specific individualized tax advice. We recommend that you discuss your specific tax issues with a qualified tax advisor Tax Season is approaching and being prepared is the best way to make this tax season your easiest yet. Following are important information and tools to help you get ready. As always, meeting with your financial advisor early and often will ensure your questions are answered, so reach out to your financial advisor today. Why are there different mailing dates for 1099 Consolidated Statements? During the 2020/2021 tax season, LPL will mail 1099 consolidated statements in four waves (similar to other major financial firms) to meet all IRS deadlines, reduce errors, and cut down on the need to mail corrected forms. See “Important Tax Season Mailing Dates” below for a full list of mailing dates. Certain investment types are more likely to experience income reclassification (sometimes referred to as income reallocation) and other adjustments made by issuers each year after original financials are reported, which will result in your tax statement not arriving on the anticipated February 12 date. In these cases, your 1099 tax statement will be mailed between February 19 – March 12 , 2021. Reclassification: What is it and what do I need to know? Income reclassification (sometimes called income reallocation) is an annual process where security issuers change the tax characterization of distributions that were paid during the tax year. Often, the result of income reclassification is a more favorable tax treatment. The income reclassification process takes place after the end of the tax year, during the first quarter, when security issuers announce their income reclassification for the previous tax year. The income reclassification process affects income distributions you may have received during the previous tax year. The IRS requires final income reclassification to be reported to you on Form 1099. Please note: Reclassification is an industry-wide activity. All financial industry firms receive reclassified data from the issuers. Should I file an extension? It is always a good idea for you to maintain an open line of communication with your financial advisor and your tax advisor throughout the year to ensure the best tax strategy and outcomes for you. This dialogue will help you decide if filing an extension is the best course of action. There are many reasons why filing an extension might make sense for you. For example, the volume of data or complexity of certain transactions inside or outside your account may require additional time to address. Also, if you are expecting to receive your 1099 in the fourth mailing wave in March, it may be reasonable to consider filing an extension to allow sufficient time for your tax advisor to accurately complete your tax return forms. If you are unsure about your holdings, be sure to discuss them with your financial or tax advisor. Corrected Forms: What do I need to know if I receive a corrected tax form in the mail? Further delayed reporting and reclassification from security issuers can sometimes occur with our staggered mailing system , which will result in you receiving corrected 1099 forms after the referenced mailing dates. The IRS requires that a corrected form must be sent for any adjustments received from the security issuers after the original tax form is produced. Security types most likely to reclassify are: 􀂃 Regulated investment companies (mutual funds) 􀂃 Unit investment trusts (UITs) 􀂃 Real estate investment trusts (REITs) 􀂃 Widely held fixed investment trusts (WHFITs) There is not an IRS cutoff or deadline for providing corrected 1099 forms. If you need to file an amended tax return, it’s recommended that you discuss the situation with your tax advisor prior to refiling so they can determine the best course of action based on your i

FAQs

Why are there different mailing dates for 1099 consolidated statements?

LPL mails 1099 consolidated statements in four waves to meet IRS deadlines, reduce errors, and lower the need for corrected forms. Reclassification and other issuer adjustments can also shift when statements arrive.

What is income reclassification and how does it affect my 1099?

Income reclassification is an annual process where security issuers change the tax characterization of distributions paid during the tax year. The IRS requires final reclassification to be reported on Form 1099, which can delay when your tax statement arrives.

What should I do if I receive a corrected 1099 form?

Corrected forms may arrive after the referenced mailing dates due to further delayed reporting and reclassification. The IRS requires corrected submissions for adjustments after the original form is produced; if you need an amended return, discuss options with your tax advisor before refiling.

Sep 19, 2026

Upload by Sarah