It’s almost tax season – here’s the important info to help you prepare

Hello Eagle Wealth Community,

To help you sail smoothly into the new year, we’ve rounded up the latest information on the 2021 tax season.  Taxes are complicated enough, so we’re here to help answer your most common questions and bring clarity to this tax season.
 
What you need to know:

• Key tax season dates
• Your FAQs answered
• Where to view all your accounts online
• Learn how to access your SEI Private Trust Company tax documents online
• Remember to send us a copy of your completed 2020 tax return

In a hurry? Download our infographic to save this information for later.

 

Important dates

Keep in mind that although deadlines are published by the IRS, most companies file for (and are normally granted) extensions for reporting client tax information.  It’s also possible you’ll receive corrected 1099s from your financial services company as late as March 31st.  For most taxpayers, we recommend waiting until at least February 28th, to deliver 1099s to tax preparers.  You can start gathering and providing other tax-related documents to your tax preparer sooner, but hold off on the 1099s, especially if you have a history of receiving corrected 1099s. 

• February 1^st — SEI Private Trust Company 1099-R tax forms postmarked and mailed to investors.

*Combined tax document (non-retirement accounts) mailings are released in staggered waves.  You can access the SEI AccessMyPortfolio.com website to view tax statements at the same time they are mailed.
 

First Wave

• February 12^th  —SEI combined tax forms available on AccessMyPortfolio.com.
• February 19^th — SEI combined tax forms postmarked and mailed to investors.

Second Wave

• February 19^th — SEI combined tax forms available on AccessMyPortfolio.com.
• February 26^th — SEI combined tax forms postmarked and mailed to investors.

Final Wave

• February 26^th — SEI combined tax forms available on AccessMyPortfolio.com.
• March 11^th — SEI combined tax forms postmarked and mailed to investors.

 

Thursday, April 15^th — Deadline for filing individual and most trust income tax returns.
 

Frequently asked questions

Where can I see all my accounts?  Your accounts are available on your personal financial Wealthview website.  (tax documents are not available here)
 

Personal Financial Website Login

 
Can I access my SEI tax documents online?  Yes, and it’s easy to do!  Check out our tutorial here for step-by-step instructions and visit AccessMyPortfolio.com.  If you’re a brand-new user of the SEI website, then follow this guide to register.  
 

SEI Client Login

 
When will my non-SEI tax documents be available?  You should expect to receive tax documents in the mail by February 28^th. 

What is a Form 1099-R?  Form 1099-R is used to report designated distributions of $10 or more from pensions, annuities, profit-sharing and retirement plans, IRAs, and insurance contracts.

What is a Combined tax form?  SEI Private Trust Company will sometimes refer to the tax forms 1099-DIV, 1099-INT, 1099-B, and 1099-OID as ‘Combined’ tax forms.  These are for non-retirement accounts.

What is a Form 1099-Div?  Form 1099-DIV is used by banks and financial institutions to report dividends and other distributions to taxpayers and to the IRS.

What is Form 5498?  If you made contributions (deposits) to your IRA account for the tax year, you’ll receive Form 5498 detailing those contributions in May.  Form 5498 is for informational purposes only.  You are not required to file it with your tax return. 

Which tax documents will I receive for my account?
For individual, joint, and trust investment accounts, you’ll receive a Combined Form 1099 including details of dividends paid (Form 1099-DIV) and security sales (Form 1099-B), if there were any of these transactions in your account for that tax year.  If there weren’t any security sales or dividends paid into your account, you won’t receive a Form 1099.

Retirement accounts, including Traditional, Roth, and SEP IRAs, you’ll receive a Form 1099-R only if a distribution (withdrawal) was made during the year.  If you made no contributions to your IRA for the year and took no distributions, you will not receive tax documents for your retirement account.
 

FYI

New City National Rochdale Investors — If you began using City National Rochdale as a manager in 2020, you may receive 2 separate 1099s from SEI.  Be sure you have both 1099s before filing your taxes. 

Qualified Charitable Distributions (QCD) — QCDs are reported as a normal distribution on IRS Form 1099-R for any non-inherited IRAs.  The Form 1099-R will NOT make any mention of your QCDs.  It is your responsibility to report directly to your tax preparer.  You can learn more here.
 


We’re Here to Help
As your family financial CFO, we’re here to help make tax season less stressful.  If you’re not sure if you’ve received all your tax documents, need assistance with online account access, or have any other questions, please give us a call.  

Stay tuned for next week’s Tax Planning Guide, where we’ll explore where your tax dollars go and some of the ways tax filing may look different in 2021.
 

Warm regards,

Your Eagle Wealth Team
 

P.S.  Please remember to send us your 2020 tax return once it’s complete.

 

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