Tax Reporting - Client Resources (2024)

We want to ensure that your tax preparation goes as smoothly as possible. To assist you, listed below are 2023 Tax Year Resources along with a schedule for mailing tax documents. Raymond James will mail tax year 2023 Forms 1099-R, 5498 and 1099-Q on or before January 31 and the Composite Statement of 1099 Forms that are considered complete on or before February 15 in accordance with the IRS mailing deadlines. You will also find links for some services that can help make your filing easier below.

Tax Year 2023 Resources

2023 Form 1099-Q Payments from Qualified Education Programs Guide – click here

2023 Composite Form 1099 Guide – click here

2023 Retirement Tax Packages Guide – click here

H&R Block users click here for additional information

Tax Year 2023 Mailing Dates

January 31– Raymond James mails Year-End Tax Packages for retirement accounts (Forms 1099-R and 5498), Form 1099-Q and Raymond James Bank 1099s.

February 15– Raymond James mails original Composite Statements to account holders.

February 28– Raymond James mails original Composite Statements delayed due to specific holdings and/or income reallocation and amended Composite Statements as needed.

March 15– Raymond James mails remaining original Composite Statement of 1099 Forms, Form 1042-S and Royalty Trust Tax packets.

March 31– Raymond James mails Form 2439 statements.

Online Delivery

As an added convenience, you can choose to receive your tax documents electronically. To go paperless, enroll or log in to Client Access, our secure system for accessing your account information online.

With electronic delivery, you’ll have 24/7 access to your client documents as soon as they become available. Not only will you be able to view your documents sooner, but also, your documents are archived together in one secure location so they are easy to find when you need them.

Tax documents available electronically include the IRS Composite Form (1099-B, -DIV, -INT, -MISC, -OID) and IRS Forms 1099-R, 5498 and 1099-Q.

Tax Form 1099 Export to Excel

Raymond James, in conjunction with our tax vendor, offers the ability for clients to download 1099 information into an Excel format. The download provides the ability for clients to send tax reporting information to tax professionals or upload directly into tax preparation software. The link is accessible (in Client Access) once the forms are produced.

Income Reallocation

To capture correct data on original Composite Statement of 1099 forms and minimize the number of amended forms you receive, we will extend the mailing date of original 1099s until March 15 for clients who hold particular types of investments, specifically those that are tax reporting pass-through vehicles.

Securities that traditionally have late reporting and/or income reallocation (a practice in which companies adjust the tax characterization of income paid during a tax-reporting period) include:

Regulated investment companies (mutual funds)
Real estate investment trusts (REITs)
Widely held fixed investment trusts (WHFITs) such as unit investment, grantor, and royalty trusts
Holding company depository receipts (HOLDRs)

Consult with your tax advisor to discuss the possibility of filing an extension with the IRS to obtain additional time to file your tax forms, particularly if you hold securities subject to income reallocation.

Delayed Composite Statement of 1099 Forms

In the interest of providing you with the most accurate and-up to-date tax information, Raymond James will delay a Composite Statement of 1099 Forms (1099-B, DIV, INT, MISC, and OID) that we know has pending information from the issuers and will cause an amended form.

Reasons we delay:

Income reallocation related to mutual funds, real estate investment, unit investment, grantor, and royalty trusts; as well as holding company depositary receipts
Processing of Original Issue Discount and Mortgage-Backed bonds
Expected cost basis adjustments including but not limited to accounts holding fixed income securities and options.

Preliminary Statement of Tax Forms

Clients receiving a delayed 1099 will also have access to a "Preliminary Statement of Tax Forms," available through Client Access and Client Center. The statement will provide a snapshot of the account's tax information as of that time. The preliminary statement should not be used for a tax return, but when available, there will be a breakdown of the assets awaiting finalization. The preliminary statement will not be mailed and will only be provided with the first wave of mailings. A preview has been provided below:

Preliminary Statement of Tax Forms:

Assets Awaiting Final Data:

View, print or save online copies of your tax reports

You can view your tax reports, along with statements for all of 2023, by accessing your account online through Client Access: raymondjames.com/clientaccess.

These documents are available in Adobe PDF format, so you can print or save them to your own computer. They will be archived in Client Access for 14 years.

Amended Tax Forms

Even after delaying statements, issues such as late reporting and further income reallocation can still occur.

The IRS requires us to produce an amended tax statement if notice of such adjustments is received after the original tax form has been produced. There is no cutoff or deadline for amended tax forms.

The following may result in an amended Form 1099:

Late income reallocation
Corrections to cost basis (due to the Economic Stabilization Act of 2008)
Changes made by mutual fund companies related to foreign withholding
Tax-exempt payments subject to alternative minimum tax
Any portion of distributions derived from U.S. Treasury obligations

If you receive a corrected tax form after you have already filed your tax return, you should consult with your tax advisor about the requirements to refile based on your individual tax circ*mstances.

Raymond James and its affiliates do not provide legal, estate planning or tax advice, and nothing in this communication should be construed as legal, estate planning or tax advice. You should consult with and rely solely on the advice of your own legal, estate planning and tax advisors prior to taking any action with respect to any matter addressed in this communication.

Want a digital copy of your tax documents?

FAQs

Does H&R Block answer questions? ›

If you have questions as you're preparing your return, you can ask your pro for help. Wondering who the experts are who're answering your questions? Your assigned tax pro is a trained H&R Block tax professional who knows all there is to know about taxes.

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Can the IRS answer tax questions? ›

The IRS offers free assistance by computer and telephone and in person. The IRS can help taxpayers get forms and publications and answer a wide range of tax questions. The IRS can also help find free tax preparation services for those who qualify.

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Does the IRS catch every mistake? ›

Does the IRS Check Every Tax Return? The IRS does not check every tax return; in fact, it does not check the majority of them; however, the IRS implements methods that track certain factors that would result in a further examination or audit by them.

What triggers an IRS tax audit? ›

Unreported income

The IRS receives copies of your W-2s and 1099s, and their systems automatically compare this data to the amounts you report on your tax return. A discrepancy, such as a 1099 that isn't reported on your return, could trigger further review.

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Is H&R Block overpriced? ›

Although it's not the most expensive of the tax software providers we reviewed, H&R Block's online tax software isn't the cheapest either. Still, its free version is one of the best on the market: The interface is straightforward and easy to use, and help from a human is available for an extra cost.

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Does H&R Block pay for their mistakes? ›

If the H&R Block tax preparation software makes an error on your return, we will reimburse you for any resulting penalties and interest up to a maximum of $10,000. Terms and conditions apply; see H&R Block's Accurate Calculations Guarantee for details.

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Who is best to answer tax questions? ›

The IRS helps taxpayers get forms and publications and answers a wide range of tax questions.

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What is the new IRS question that must be answered? ›

Everyone who files Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120 and 1120-S must check one box answering either "Yes" or "No" to the digital asset question. The question must be answered by all taxpayers, not just by those who engaged in a transaction involving digital assets in 2023.

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Does the IRS investigate tax preparers? ›

Most paid tax return preparers are professional, honest, and trustworthy. The IRS is committed to investigating those who act improperly.

What raises red flags with the IRS? ›

Another easily avoidable audit red flag is rounding or estimating dollar amounts on your tax return. Say, for instance, you round $403 of tip income to $400, $847 of student loan interest to $850, and $97 of medical expenses to $100. The IRS is going to see all those nice round numbers and think you're making them up.

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What income is most likely to get audited? ›

Who Is Audited More Often? Oddly, people who make less than $25,000 have a higher audit rate. This higher rate is because many of these taxpayers claim the earned income tax credit, and the IRS conducts many audits to ensure that the credit isn't being claimed fraudulently.

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What is the IRS 6 year rule? ›

6 years - If you don't report income that you should have reported, and it's more than 25% of the gross income shown on the return, or it's attributable to foreign financial assets and is more than $5,000, the time to assess tax is 6 years from the date you filed the return.

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How far back can the IRS audit you? ›

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed.

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What happens if you get audited and don't have receipts? ›

If you get audited and don't have receipts or additional proofs? Well, the Internal Revenue Service may disallow your deductions for the expenses. This often leads to gross income deductions from the IRS before calculating your tax bracket.

How does IRS pick who to audit? ›

Generally, the problems are identified by a computer. District offices select returns randomly sometimes for special research programs, but generally the returns are selected because they have good audit potential. The potential is discovered by a computerized system called the Discriminant Function System (DIF).

Can HR answer tax questions? ›

Giving tax advice isn't illegal.

If you work in HR, you're likely trained on tax basics, like how to fill out a W4 and how to approach common deductions like charity donations. So offering general guidance to your employees is totally fine.

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Can you call HR Block about a tax question? ›

Taxpayers can call 1-866-HRBLOCK (1-866-472-5625) or e-mail [email protected] to connect with a tax expert for free personalized advice. Taxpayers also can submit questions online through the Get It Right Community (http://getitright.hrblock.com/) or via their iPhone with the H&R Block Tax Answers application.

Is H&R Block 24 hour customer service? ›

(800) 472-5625

H&R Block / Customer service

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How long does H&R Block take to review? ›

If you're considering adding Tax Pro Review to your H&R Block Online product, you'll find a quick and convenient way to get an expert's check of your completed return. Your tax pro should be able to review your return within three days. This time can vary if: Your tax pro has trouble contacting you.

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