You may receive an amended tax form if there are changes to previously provided information. This may or may not necessitate amending your tax return, if you have already filed. You should consult with your tax advisor about whether or not you need to file an amended return.
IRS Mailing Deadline – January 31, 2023
| Mailing |
WFA Anticipated Mailing Date |
Description of Contents |
| Forms 1099-R and 1099-Q |
January 19, 2023 |
These forms provide information on distributions from your Individual Retirement Account (IRA), Coverdell Education Savings account, or 529 Plans. |
| IRA Corrected Valuations (for accounts with no December Statement) |
January 25, 2023 |
This statement reports your year-end IRA portfolio valuation. |
| Market Value and RMD Information (Form 5498) |
January 7, 2023 |
Included in your December 2022 account statement. This shows the value of the account as of the last business day of the year and information regarding your Required Minimum Distribution (RMD), if applicable. |
| Form 1099-NEC |
January 25, 2023 |
This form provides information solely for reporting nonemployee compensation. |
IRS Mailing Deadline – February 15, 2023
| Mailing |
WFA Anticipated Mailing Date |
Description of Contents |
- • Consolidated Statement & Form 1099-DIV
- • Form 1099-INT
- • Form 1099-OID
- • Form 1099-B
- • Form 1099-MISC
- • Form 1099-C
- • Form 1099-OID (REMIC)
- • Form 1099-B/Form 1099-INT (WHMT)
|
February 15, 2023 |
Information is provided on the following:
- • Dividends and other distributions
- • Reportable interest income
- • Original issue discount income (other than CMO/REMIC instruments)
- • Proceeds of sales, redemptions and tenders
- • Royalties, substitute payments and miscellaneous income
- • Cancellation of debt OID and interest accruals from CMOs/ REMICs
- • Widely Held Mortgage Trust receipt-based reporting on mortgage pools
|
IRS Mailing Deadline – March 15, 2023
| Mailing |
WFA Anticipated Mailing Date |
Description of Contents |
| Form 1042-S |
March 15, 2023 |
This form is used to report payments to foreign persons including non-resident aliens, foreign partnerships, foreign corporations, foreign estates and foreign trusts. |
IRS Mailing Deadline – March 31, 2023
| Mailing |
WFA Anticipated Mailing Date |
Description of Contents |
| Form 2439 |
March 21, 2023 |
This form provides the amount of undistributed long term capital gains to shareholders of a regulated investment company (RIC) or a real estate investment trust (REIT). |
IRS Mailing Deadline – May 1, 2023
| Mailing |
WFA Anticipated Mailing Date |
Description of Contents |
| Form 5498-ESA |
May 1, 2023 |
In most cases, this information will accompany your December 2022 statement and reports contributions, rollovers, and direct transfers to your Coverdell Education Savings Accounts. Amended information will be sent by the given date for accounts that have made 2022 contributions after the last day of December 2022 but on or before April 18, 2023. |
IRS Mailing Deadline – May 31, 2023
| Mailing |
WFA Anticipated Mailing Date |
Description of Contents |
| Form 5498 |
May 31, 2023 |
In most cases, this information will accompany your December 2022 statement and reports contributions, rollovers, and fair market value of your IRA (other than Coverdell Education Savings Account). Amended information will be sent by the given date for accounts that have made 2022 contributions after the last day of December 2022 but on or before April 18, 2023. |
Schedule K-1
Master Limited Partnership (MLP) income and capital account (or cost basis) information will be mailed to you directly from the Limited Partnership General Partner in March or early April 2023. (This information is not provided by Wells Fargo Clearing Services, LLC.) The IRS mailing deadline for this information is March 15, 2023.
Note: The issuance of a Form 1099 depends on whether or not a reporting threshold was met during the calendar year – for example – $10 or more in interest or dividend income.
Clients who close all of their accounts so there is no longer a financial relationship with Wells Fargo Advisors will not be able to access their tax documents online.
Check your eligibility to save with a Traditional and/or Roth IRA based on rules found in the Internal Revenue Code (IRC). To learn more visit IRA Eligibility.
Traditional IRA distributions are taxed as ordinary income. Qualified Roth IRA distributions are federally tax-free provided it has been more than five years since the Roth IRA was funded AND the owner is at least age 59 ½ or disabled, or using the first-time homebuyer exception, or taken by their beneficiaries due to their death. Qualified Roth IRA distributions are not subject to state and local taxation in most states. Distributions from Traditional and Roth IRAs may be subject to an IRS 10% additional tax if distributions are taken prior to age 59 ½.
If you have too much withheld, it’s like making an interest-free loan to Uncle Sam. If you have too little withheld, it may mean you’ll have to pay more and, possibly, a penalty when you file your return.
An IRS Tax Withholding Estimator is available to help you project your tax bill and adjust your withholding, if needed. And don’t forget about your state income tax payments. Many states require quarterly tax payments if your withholding will not cover your tax bill.
