Key Dates:

• Most 1099 tax forms for Tax Year 2022 will be available online between January 13 and February 11, 2023. Forms are mailed within 5 business days of posting online for customers who have not elected eDelivery.

• In the event final tax reporting information is expected beyond February 15, a “Preliminary” tax statement will be available online by February 11, for customers moved to later mailing cycles.

• Once NFS receives the final information needed, all 1099 tax forms will be available online no later than March 4.

• By January 20, 2023, it is expected that all retirement accounts will have a Form 5498 available online to report fair market value and any contributions made in 2022.

1099 Deadlines for Brokerage Accounts

 If you receive a 1099 tax form for Tax Year 2022, please review the following information: In order to provide accurate and timely tax statements, forms are not generated until National Financial Services LLC, (NFS) has received and processed all anticipated relevant tax information. Our goal is to send customers one tax form whenever possible.

Most 1099 tax forms for Tax Year 2022 will be available online between January 13 and February 11, 2023. Forms are mailed within 5 business days of posting online for customers who have not elected eDelivery. **

If a Preliminary Tax Form is posted to your account: In the event final tax reporting information is expected beyond February 15*, a “Preliminary” tax statement will be available online by February 11, for customers moved to later mailing cycles. The preliminary form provides a single view of current tax information to assist in determining early tax liability. The accompanying cover-letter specifies a list of positions that are pending final tax information, when applicable. The Preliminary Tax Statement is only available online, is not reported to the IRS, and cannot be used for tax filing purposes.

A 30-day extension is requested from the IRS to permit the generation of some 1099 tax forms after February 15*. NFS will request this extension because not all issuers send final information in time to meet the standard February 15* IRS 1099 form delivery deadline. An extension reduces the need to send a corrected form.

Once NFS receives the final information needed, all 1099 tax forms will be available online no later than March 4. The 1099 tax forms to be generated after February 15* will not be definitively known until after the standard IRS mailing deadline because of the dependency on issuers providing final tax reporting information.

If you expect to receive a 5498 tax form for Tax Year 2022, then please review the following information:

By January 20, 2023, it is expected that all retirement accounts will have a Form 5498 available online to report fair market value and any contributions made in 2022. If prior-year contributions are made by April 18, 2023, an updated Form 5498 will be generated by the end of May to reflect the contributions made in 2023 for Tax Year 2022.

Other Forms:

1099-R is expected to be available online by January 13, 2023.

1042-S (nonretirement) is expected to be available online by March 10, 2023.

* 1099 form delivery deadline for 2023 will be February 15, 2023.

** In the event a corrected tax form is received after a tax return filing, clients are encouraged to consult with a tax advisor to determine if amendments to their tax return are required. Corrected tax forms may be required in a variety of situations, most commonly due to the reclassification of income by an issuer at any point in time during 2022 or even later years.

Note – this information only applies to Brokerage Accounts held with National Financial Services LLC and not direct Annuity or Insurance Accounts.

If you have any questions, please contact your Financial Advisor.

Tax Form Distribution Dates*

*Dates subject to change*

How to View Your Documents 

To view your tax documents online, please visit our client portal at: wealthscapeinvestor.com/commercefinancialadvisors

 From the Snapshot home screen, navigate to the ‘Tax Forms’ tile and view the available forms for each account. You can also go to the Tax Documents page in each account individually. Select ‘Accounts’ in the sidebar to expand the Accounts panel, and then select Details for an account in the list. Select Documents in the upper portion of the screen that displays to the right of the accounts panel, and then select Tax Documents.