2017 Tax Documents — What to Expect, When, and From Whom

The first quarter of each year is often a period of fresh starts and new beginnings. But it is also a time for wrapping up the previous year’s business and putting it to bed — especially with regards to tax preparations.

To assist in the organization of many of these details and to smooth the process for both yourself and your financial service providers, we’ve assembled the following checklist of dates, documents, and notes to keep in mind. You will receive these tax documents directly from your brokerage (Schwab or TD Ameritrade) or securities issuer (Avesta, Blackstone, or CWS).

For Taxable (non-IRA) Accounts — Form 1099

• By March 15^th — you should receive one Form 1099 for each taxable account. Note: amended forms may be sent to you after this timeframe if securities issuers provide your custodian with amended information regarding your account.
• You will not receive a cost basis report from Richard P. Slaughter Associates as all cost basis will be reported on your Form 1099.
• Our management fees debited from your taxable account will be listed on your Form 1099. Note: 2017 is the last year for which management fees may be tax deductible.

For IRA Accounts — Forms 1099-R and 5498

• By February 15^th — you should receive one Form 1099-R for each IRA account, if applicable.
• You will only receive this form if there was a reportable withdrawal from your IRA account, which most often includes distributions, conversions to Roth IRA’s, direct rollovers and transfers out.
• By May 31^st — one Form 5498 is sent to you for each IRA account, if applicable.
  • The 5498 is simply an informational form you can keep with your records.
  • If you use a tax preparer, notify them of any 2017 contributions to your IRA.
• How do you know if you should receive a Form 5498?
  • You will only receive this form if there was a reportable inflow into your IRA account, which most commonly includes contributions, conversions to Roth IRA’s, direct rollovers and transfers in.

For Limited Partnerships and Real Estate Investments — Schedule K-1

• By March 31^st — the Schedule K-1 should be mailed to you, as well as made available on the issuer’s website. Note: this could occur sooner as the document is sent once the issuer completes its own tax return.
• You will likely receive a Schedule K-1 if a limited partnership’s stock or a real estate investment was held in your account during 2017.
• We recommend waiting to file your taxes until you receive this form for your taxable accounts.
• It is not necessary to receive this form for your IRA accounts before filing your taxes.
• Schedule K-1, if received, should be used in addition to your Form 1099.
• Like your 1099, your Schedule K-1 also reports shareholder income.
• A copy of your Schedule K-1 may be downloaded from the following websites, as applicable. Note: Blackstone permits you to request email notification when K-1’s become available.
  • Avesta Holdings real estate investments
  • Blackstone Group LP
  • CWS real estate investments