It is our goal to deliver your year-end tax information as efficiently as possible with a focus on balancing speed of delivery with data accuracy, given the process includes many factors outside of our control. Depending on your type of account, you (or your tax advisor) may receive one or more of the following by the noted dates:
COMPOSITE 1099 – To be delivered in early March
This composite 1099 includes the 1099INT, 1099DIV, 1099OID and 1099B. WoodTrust files an extension with the IRS to wait for completed income classifications from securities such as mutual funds and ETFs. Often these securities are reclassifying income until the end of February, after the normal January 31st 1099 issuance deadline. Many organizations choose to issue an initial 1099 by the deadline and may follow up later with a second “corrected” 1099, which may require that clients file an amended return. To avoid this complexity and added cost for our clients, we have elected to deliver 1099 worksheets only after receiving all final information and inputs. While we understand this may not be ideal from a timing perspective, it is our goal to ensure the tax information you receive is accurate. In addition, due to our previously communicated data processing conversion, many clients can expect to receive two Composite 1099 documents. These will represent the time periods before and after September 30, 2021.
1099R – To be delivered by January 31
If you received a distribution (or rollover) from an IRA, Roth IRA, 401K or another pension plan you will receive a 1099R. In addition, due to our previously communicated data processing conversion, many clients can expect to receive two 1099R documents. These will represent the time periods before and after September 30, 2021.
K-1 – To be delivered by mid-March
If you are the beneficiary or owner of certain trusts, estates or business entities, you will receive a K-1 for your share of the income, deductions and credits.
TRUST TAX WORKSHEETS – To be delivered by February 28
Trust tax worksheets for Irrevocable Trusts will be delivered directly to you or your tax advisor so they are then able to complete the trust’s Fiduciary Return.
5498 (Informational Purposes Only) – To be delivered by May 31
WoodTrust, as the IRA Trustee, is required to file with the IRS the market value and contributions of your IRA or Roth IRA as of December 31. You will receive a copy of this filing for your returns that is for informational purposes only. It is not needed to file your tax return.
If you have any questions about the tax forms issued by WoodTrust Asset Management, feel free to contact your Relationship Manager listed on your statement or call 715-423-6800.