With tax planning throughout the year, you can help take the stress out of April 15 and feel more confident.
Mailing schedule for 2016 tax documents
|Mailing||Mailed on or before IRS Mailing Deadline||Description of Contents|
|Consolidated Statement &
Form 1099- INT
Form 1099- C
Form 1099-OID (REMIC)
Form 1099-B/Form1099- INT (WHMT)
|February 15, 2017
In some instances, you may receive an amended version for your account when additional income or distribution information was provided after the original mailing deadline.
|Information is provided on the following:
|Market Value & RMD Information (Form 5498)||January 31, 2017||Included in your December, 2016 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 5498-ESA||May 1, 2017||In most cases, this information will accompany your December, 2016 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 2016 contributions after the last day of December, 2016 but before Tuesday, April 18, 2017.|
|Form 5498||May 31, 2017||In most cases, this information will accompany your December, 2016 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 2016 contributions after the last day of December,2016 but before Tuesday, April 18, 2017.|
|Forms 1099-R & 1099- Q||January 31, 2017||This provides information on distributions from your Individual Retirement Account (IRA), Coverdell Education Savings account or 529Plans.|
|IRA Corrected Valuations (for accounts with no December Statement)||January 31, 2017||This statement reports your year-end IRA portfolio valuation.|
|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, 2017. (This information is not provided by Wells Fargo Clearing Services, LLC.) The IRS mailing deadline for this information is Tuesday, April 18, 2017.|
When to expect tax documents
February 15 is the IRS mailing deadline for most documents you’ll need to complete your 2016 taxes. Above are the dates we plan to mail your documents and what’s included in each mailing.
We rely on external sources, such as mutual fund companies, to provide information we use to create your tax documents. If we get this information after your original 1099 is mailed, we’ll send amended tax documents, which could require you to file an amended return if you’ve already filed. Wells Fargo Advisors doesn’t provide tax advice, so please consult with your tax advisor.
Important tax planning dates
Your tax strategy should be a group effort — a Financial Advisor can work with your CPA and other advisors to develop a plan that works for your situation.
|April 18, 2016||2015 tax year individual returns due
Last day to contribute to a traditional or Roth IRA for tax year 2015
|June 15, 2016||Deadline for filing 2nd Quarter 2015 Estimated Tax Payment if you are paying quarterly estimated taxes|
|Sept. 15, 2016||Deadline for filing 3rd Quarter 2015 Estimated Tax Payment if you are paying quarterly estimated taxes|
|Oct. 15, 2016||Extended individual tax returns due if you received an extension on your 2015 taxes.|
|Jan. 15, 2017||Deadline for filing 4th Quarter 2015 Estimated Tax Payment if you are paying quarterly estimated taxes|
Important tax links
- IRS Publication 509 Tax Calendars (PDF)
- Wells Fargo Advisors’ 2016 Tax Planning Tables (PDF)
- Find Federal Tax Forms (irs.gov)
- Find State Tax Forms (taxadmin.org)
- IRS Cost Basis Reporting
Visit the TurboTax website to read tax planning articles and e-file your taxes today.
- Cost Basis
- Guide to Short-term vs Long-term Capital Gains Taxes
- Tax Tips for Investors
- Capital Gains and Losses
- Guide to Taxes on Dividends
- What Are Deductible Investment Interest Expenses?
- VIDEO: How TurboTax Helps with Complex Taxes
Federal estate tax
The “American Taxpayer Relief Act of 2012” set a $5 million exclusion amount for the estate, gift, and generation-skipping taxes, which is indexed for inflation and is now $5.45 million in 2016. Estate and gift tax rates are 40%.
Your estate plan should be designed to provide protection during your lifetime, not just at death. As you age, it becomes increasingly important to include robust “lifetime planning” provisions in durable powers of attorney, health care directives, and living trusts.
Individuals with a taxable estate above $5.45 million and married couples with a taxable estate above $10.9 million may want to consider implementing advanced wealth-transfer strategies. If you are in this category, be sure to talk with your estate attorney about suitable planning alternatives.
Gift tax annual exclusion
Each individual may transfer up to $14,000 per person per year to any number of beneficiaries (family or non-family), without paying gift tax or “using up” any available credits.
Note: The Wells Fargo Advisors Tax Center site is designed to provide accurate, authoritative tax information online regarding the subject matter covered. It is made available with the understanding that Wells Fargo Advisors and/or its affiliates are not engaged in rendering legal, accounting or tax advice. If legal, accounting, or tax assistance is required, the services of a competent professional should be sought. The hiring of a professional is an important decision and should not be based upon advertising. Ask for written information stating qualifications, experience and firm association before making a decision.
Wells Fargo Advisors is not a legal or tax advisor.
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