Questions about Edward Jones tax forms
At Edward Jones, we want your tax preparation to go as smoothly as possible. Here are some of the most commonly asked questions we hear from clients during tax season.
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Edward Jones tax forms
There are two primary methods in which you can receive your 1099s and other important tax documents:
- If you have Online Access:
- You will automatically receive all your tax documents via e-delivery.
- Additionally, clients who signed up for paper delivery prior to August 2020, or chose to get duplicate paper copies in the mail on the Document Options page, will receive tax documents via e-delivery and in the mail.
- Clients without Online Access get their tax documents in the mail. This applies even if a client is in the same mailing group as someone with Online Access.
Our goal is to provide a complete, accurate tax form as quickly as possible, and our efforts to ensure completeness and accuracy are what control how quickly your final form may be furnished to you. IRS regulatory deadlines play a role in the schedule as well.
The IRS requires brokerage firms like Edward Jones to furnish:
- Form 1099-R and Form 1099-Q by January 31.
- Consolidated 1099 Tax Statements by February 15, whether final or not final.
- Form 5498 by May 31. Form 5498 is not needed to file a tax return.
As permitted by the IRS, we furnish a small percentage of Consolidated 1099 Tax Statements as Figures Not Final to comply with the February 15 deadline.
We furnish all Consolidated 1099 Tax Statements as Figures Are Final by March 15.
Edward Jones tax form production expectations
Edward Jones expects to furnish tax forms according to the following schedule for the 2023 tax season. This schedule is subject to change and is not intended to be a guarantee of a specific date for your tax form.
Important: Enroll in Online Access to receive an e-delivery notification and retrieve your tax forms immediately. Clients relying on U.S. Postal Service delivery of a printed copy of their form may experience significant delays that are beyond our control.
| FORM NAME | ONLINE BY: |
|---|---|
| Form 1099-R | January 19 |
| Form 1099-Q | January 19 |
| Consolidated 1099 Tax Statement (Figures Are Final)1 | |
| Equities | January 12 |
| Mutual Funds & ETFs | January 26 |
| Fixed-income securities | February 9 |
| UITs, CMOs, REMICs, WHFITs and other complex securities | February 15 |
| Consolidated 1099 Tax Statement (Figures Not Final)2 | February 15 |
| Consolidated 1099 Tax Statement (Figures Are Final)3 | Weekly beginning week of February 12 |
| Form 5498 | May 17 |
1 Refer to the latest week according to the securities held in 2023. These are guidelines only and not guarantees a form will be produced in a given week.
2For accounts holding more complex securities, it is likely Edward Jones will need to furnish a Figures Not Final Consolidated 1099 Tax Statement. See below for the types of securities that may cause a Figures Not Final tax form to be furnished.
3Figures Are Final versions are furnished as the tax reporting information for accounts is finalized. We furnish all remaining Figures Are Final forms by March 15.
- Issuers of some securities may report information to us later in the tax season, which will delay finalized tax forms. We process finalized information as soon as possible and furnish your tax form once we receive all finalized information from issuers of all securities in your account.
- Types of securities that may cause delayed reporting:
- Real estate investment trusts (REITs), foreign securities, later-reporting stocks and mutual funds: Issuers of these securities sometimes file extensions of time to report beyond Feb. 15, so we may not be able to furnish your Figures Are Final form until the week of Feb. 15 or later.
- Collateralized mortgage obligations (CMOs), real estate mortgage investment conduits (REMICs), royalty trusts, unit investment trusts (UITs), HOLDR and mortgage trusts: Issuers of these securities have until March 15 to provide information to brokerage firms, so we may not be able to furnish your Figures Are Final form until mid-March.
- Your form will indicate the securities for which tax information is not yet final. Consider providing the form to your tax professional as soon as you receive it so they may be able to begin working on your tax return. We will send you a Figures Are Final form as soon as we receive and process final information from the issuer.
Provide the form to your tax professional immediately. If you have already filed your tax return, consult with your tax professional about whether to file an amended return.
Edward Jones strives to minimize the need for revisions to your tax forms, but there are times when we are required to send you a Revised Final Figures version of your form. The specific reason for the revision will be listed on the cover letter sent with your revised form.
- Issuer Revisions: Issuers of your securities may send us revised information after we have issued your Figures Are Final form. When this happens, we send those revisions to you in a Revised Final Figures form.
- Cost Basis Revisions: Adjustments to cost basis sometimes require us to issue you a Revised Final Figures form. These may occur when we receive revised information from your prior firm, if cost basis is updated or if a cost basis calculation is revised.
The IRS does not require tax forms to be issued for every account at Edward Jones.
- Income less than $10: We do not furnish tax forms if your taxable brokerage account received less than $10 of reportable income or you took a distribution of less than $10 from your IRA. However, in each case, you may be required to report the income to the IRS. Contact your branch team if you would like a copy of your form for your records.
- C Corp and tax-exempt accounts: We do not furnish Consolidated 1099 Tax Statements for accounts held by C corporations or tax-exempt entities. Contact your branch team for a copy of a Year-end Tax Summary containing details your tax professional may need.
Issuers of your securities may reclassify the type or timing of the income paid to you throughout the year. As a result, amounts seen on your monthly statements may not match entry-for-entry with your tax forms. The Consolidated 1099 Tax Statement is your official tax form and should be used when preparing your income tax returns. You can find more details in the Summary of Investment Income supplemental section of your Consolidated 1099 Tax Statement.
- Mutual funds: Dividends from blended funds may be reported on your monthly statement as partially qualified. Mutual fund companies then provide us the breakdown of the income at year-end, and we report parts of the payment in different places on your tax forms, as required.
- Stocks: Payments originally reported on your monthly statement as dividends may be reclassified by the company, in part or whole, to a nontaxable return of capital. For example, your tax form may show a $100 payment broken into an $80 qualified dividend and a $20 return of capital.
- Tax year revisions: Income paid to your account during one calendar year may be reportable in a different tax year. For example, your 2023 tax form may include income paid to your account in December of 2022 or January of 2024 if the issuer determined it is reportable in 2023.
Form 5498 is furnished to you if you made a contribution to an individual retirement account (IRA), rolled over an IRA, recharacterized contributions, converted to a Roth IRA, or if the IRA owner passed away during the prior tax year.
Form 5498 is typically furnished in May. The IRS provides brokerage firms until May 31 to furnish Form 5498 in order to capture IRA contributions made until the individual tax return filing deadline. Form 5498 is not needed to file your tax return. Your monthly statements provide the contribution details needed for your tax return. Once you receive Form 5498, you may want to provide a copy to your tax professional for his or her records.
Note: For SEP and SIMPLE IRAs, Form 5498 reports contributions deposited to the account during the calendar year (Jan. 1 - Dec. 31) for which the form is issued.
Cost basis on Form 1099-B
The Form 1099-B we furnish to you provides cost basis for securities you sold. However, if we are missing cost basis information, the form will indicate that the cost basis for that security is unknown. The cost basis may be unknown for several reasons, and you can help us update your cost basis by providing some information:
- Certificate deposited: Tell your branch team the cost basis of the shares so we can update our system.
- Transferred from a prior firm: Contact your prior firm to have them send us the cost basis.
- Received as a gift: Obtain the cost basis information from the person who gave you the gift and provide it to your branch team.
- Received due to a death: Contact your branch team to determine what information to provide.
During tax season, if your branch team updates cost basis for a security you sold, a new current-year tax form will be furnished to you unless you instruct otherwise. If you do not want to receive a new form, we still recommend that you provide the cost basis to your financial advisor. This will help ensure your tax forms will have updated cost basis information in the future.
Note: Updates to cost basis information may also cause a revised 1099 to be generated if the security was sold in any of the previous three tax years.
Cost basis reporting regulations require Edward Jones to perform calculations and adjust cost basis for certain fixed-income securities as designated by the IRS. We provide supplemental information detailing these adjustments in our Consolidated 1099 Tax Statement if you hold securities requiring adjustments. For more details, see the Fixed-income Supplemental Information section of your tax statement.
Limited partnerships and royalty trusts
Additional documentation for limited partnerships and royalty trusts is provided by the organizations themselves. Edward Jones has no control over when they become available.
- Limited partnerships: Partnerships are generally required to file tax returns and provide a Schedule K-1 directly to their limited partners by March 15. The website www.taxpackagesupport.com provides contact information and online access to Schedule K-1 for various limited partnerships.
- Royalty trusts: Royalty trusts issue royalty trust booklets containing information needed to file your tax return. These may be issued as late as April. Most royalty trust booklets may be found online. Contact the issuer of the royalty trust with questions about the royalty trust booklet.
Corrections
Address corrections: If the address on your tax form is incorrect, contact your financial advisor to make sure the address we have on file is updated.
Tax identification number corrections: We use the tax identification number on file with us as of Dec. 31 of the tax year when reporting to the IRS and on your tax forms. If the name or SSN/Tax ID on your form is incorrect, please contact your financial advisor to make sure the name or number we have on file is updated. The correct name and number will appear on all future tax forms. We are only allowed to correct a name or tax identification number on a current year tax form if the name or number used was incorrect due to our error.
View, share and download your forms electronically
Edward Jones Online Access provides you with a convenient and secure way to access and manage tax forms during tax season. If you are not enrolled, enroll today and enjoy these benefits:
- E-delivery: Receive an email notification when your tax form is ready. Access it immediately instead of waiting for it in the mail.
- Share tax forms: Provide a third party, such as your tax professional, with secure electronic access to your tax forms, eliminating the need to deliver or mail your forms.
- Tax software imports and file downloads: Import your tax information conveniently and accurately into Turbo Tax®, H&R Block® tax software and e-Organizer. In addition, Excel and CSV-formatted downloads are available.
Further questions?
For tax preparation assistance:
Contact a tax professional or the IRS at (800) 829-1040 or www.irs.gov.
For investment assistance and account questions:
Contact your Edward Jones financial advisor.
For questions about Edward Jones tax forms:
Call Edward Jones at (800) 282-0829.
Monday – Friday, 8 a.m. – 6 p.m. Central time
Edward Jones associates are available to answer questions about the tax forms we produce. We do not provide tax advice or tax preparation assistance but will be happy to help you understand your forms.
You may also check the status of your tax form at any time from mid-January through April 15 using our automated response system available at the same 800-number above.
Important information:
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. This content should not be depended upon for other than broadly informational purposes. Specific questions should be referred to a qualified tax professional.