How are the values on the 1099-INT, 1099-DIV, and 1099-MISC derived?
• 1099 INT: Interest income may be derived from interest on bank deposits, accumulated dividends paid by a life insurance company, or income received from debt instruments (including bonds, debentures, notes, certificates, widely held fixed investment trusts WHFIT), real estate mortgage investment conduits
(REMIC), financial assets securitization investment trusts, (FASIT), or from collateralized debt obligations (CDO).
• 1099 DIV: Dividend income may be derived from distributions received during the tax year from Mutual Fund and Equity securities. Distributions may be qualified dividends, non-qualified dividends, or capital gain distribution. Distributions are subject to income reclassification. Values shown on your client’s
monthly statement may be categorized differently on 1099-DIV.
• 1099 MISC: Miscellaneous income includes royalties, other income such as awards and settlements, other income such as payments received from notational contracts, and substitute payments in lieu of dividend or interest. Values shown on your client’s monthly statement may be categorized differently on 1099-MISC.
Why did some clients receive a 1099-Consolidated this year when they didn’t receive one last year?
You may have received a 1099-Consolidated this year because they received more than $10 in taxable income in the form of Dividends, Interest, or Proceeds from sales.
I didn’t receive a 1099-R. Why?
If you didn’t receive a 1099-R, there were no reportable distributions in their account in 2022. A 1099-R will be issued when the account has a reportable distribution within the tax year.
Why are there different mailing dates for 1099 Consolidated Statements?
LPL will mail 1099 consolidated tax statements weekly as information is received from various institutions. For certain security types, final tax information from the bank, institution, or other type of issuer may be received after the standard deadline, resulting in your statement not arriving on the anticipated February mailing date.
Preliminary 1099 Consolidated Tax Statement: What is it and what do I need to know?
A preliminary 1099 Consolidated Tax Form Statement is an advanced one-time draft copy of your 1099 tax forms. If your 1099 Consolidated Tax Statement is not available on or before the anticipated February mailing date, you’ll receive a preliminary 1099 Consolidated Tax Form Statement. Preliminary 1099 Consolidated Tax Form Statements will be available online on Account View or through your financial professional, not mailed.
Please note: The draft form should not be considered final and should not be used for the purpose of filing tax returns with the IRS or with any state or other regulatory authority. All pages of the document are for your information only and may assist you with tax preparation.
I use Turbo Tax, can my LPL information be linked to that software?
New this year! If you use TurboTax or H&R Block, you will be able to import the information shown on the original or corrected 1099 tax information statement directly into the software by using the full 8-digit LPL account and 11-digit Document ID listed on your tax statement.
