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2020 Tax Guide a Comprehensive Reference Guide to Your Tax Information Statement Contents 2020 Tax Guide A Comprehensive Reference Guide to Your Tax Information Statement Contents Important Information for Preparing Your IRS Form 1099-B—Proceeds From Broker and 2020 Income Tax Return .................................................. 2 Barter Exchange Transactions ....................................... 39 Mailing Schedule: Form 1099 IRS Form 1099-DIV—Dividends and Distributions ......... 42 Tax Information Statement .............................................. 3 Frequently Asked Questions— General Information About Your Dividends and Distributions .......................................... 43 Tax Information Statement .............................................. 4 IRS Form 1099-INT—Interest Income ............................ 46 Cost Basis Reporting Information .................................... 7 IRS Form 1099-OID—Original Issue Discount (OID) ....... 48 Sample of Pershing’s Composite 1099 Tax Statement ..... 8 IRS Form 1099-MISC—Miscellaneous Income .............. 49 Pending 1099 Notice .................................................... 9 Table of Contents ....................................................... 10 Transactions Pershing Does Not Report to the IRS ........ 50 Summary Section ...................................................... 11 Reclassified Income ...................................................... 52 Proceeds From Broker and Barter Minimum Amounts to Be Reported and Due Dates ........ 53 Exchange Transactions .............................................. 13 IRS Form 8949 and IRS Form 1040, Schedule D .......... 16 State/Agency Information ............................................. 54 Regulated Futures Contracts ..................................... 18 IRS Form 1042-S—Foreign Person’s Foreign Currency Forward Contracts .......................... 19 U.S. Source Income Subject to Withholding ................... 55 Interest Income ......................................................... 20 Form 480.6—Puerto Rico Tax Information Reporting ..... 58 Interest Income—Income Tax Withholding ................. 22 Tax-Exempt Interest .................................................. 23 IRS Form 2439—Notice to Shareholder Tax-Exempt Interest—Income Tax Withholding .......... 24 of Undistributed Long-Term Capital Gains ..................... 62 Dividends and Distributions ....................................... 25 General Information for Your Tax-Exempt Dividends ............................................... 26 2020 Retirement Products ............................................. 63 Capital Gain Distributions .......................................... 26 IRS Form 1099-R ........................................................ 65 Liquidation Distributions ........................................... 26 IRS Form 1099-Q ........................................................ 66 Original Issue Discount (OID) ...................................... 27 IRS Form 5498 ........................................................... 67 Tax-Exempt Original Issue Discount (OID) .................. 28 IRS Form 5498-ESA .................................................... 68 Original Issue Discount (OID): 529 Plans ................................................................... 69 Income Tax Withholding ............................................. 29 Retirement Account Distributions— Miscellaneous Income ............................................... 29 IRS Form 1099-R ........................................................ 71 Transactions We Do Not Report to the IRS.................. 30 Foreign Distribution Tax Treatment ............................ 72 CDOs, CMOs and REMICs ........................................... 34 IRS Publication 515 and IRS Form 1042-S .................. 74 Additional Written Statement—CDOs IRS Form 990-T—Exempt Organization (Including REMICs) .................................................... 34 Business Income Tax Return ...................................... 75 Additional Written Statement—WHFITs and WHMTs ... 34 Frequently Asked Questions—Required Minimum Supplemental Information—Royalty Trusts ............... 36 Distributions (RMDs) and IRS Forms 1099-R, Revised Tax Summary Statement ............................... 37 1099-Q, 5498 and 5498-ESA ...................................... 77 2020 TAX GUIDE | PAGE 1 Important Information for Preparing Your 2020 Income Tax Return Before preparing your tax return, please review this important information from BNY Mellon’s Pershing. This information is for use by individual U.S. taxpayers (those who file IRS Form 1040 and areinvestors for tax purposes and not traders or dealers in securities for whom special tax rules may apply). Your tax professional can provide further information as to federal, foreign, state and local tax reporting requirements. MULTIPLE ACCOUNTS YOUR TAX INFORMATION STATEMENT IS A We send tax statements when information is finalized by SUBSTITUTE FOR THE FOLLOWING IRS FORMS: securities issuers. If information is pending from issuers, More information can be found on the pages noted. you and members of your household may receive tax statements at different times. Tax statement mailings will FORM TITLE PAGES occur by January 31, February 15, February 28 and March 15, 1099–B Proceeds From Broker and Barter 13–19 depending on when we have completed processing and Exchange Transactions review of all securities transactions. If you have any 1099–INT Interest Income 20–24 questions, please visit mytaxhandbook.com. 1099–DIV Dividends and Distributions 25–26 TRANSFERRED ACCOUNTS 1099–OID Original Issue Discount 27–29 If your account was transferred to Pershing during 2020, 1099–MISC Miscellaneous Income 29 your Tax Information Statement only includes activity (including income accruals) during the time you conducted business with us. Your former financial organization RETIREMENT ACCOUNT DISTRIBUTIONS— should provide IRS Form 1099 for activity that occurred PERSHING SUBSTITUTE FORM before your account was transferred. FORM TITLE PAGES IRS PUBLICATIONS 1099–R Retirement Account Distributions 65 IRS publications can be obtained from your local IRS 1099–Q Payments From Qualified Education 66 office by calling the IRS Forms Distribution Center at Programs (800) TAX-FORM (829-3676), or visiting the IRS website at irs.gov. The following IRS publications can provide useful 5498 IRA Contribution and Fair Market 67 Value Information tax information related to reporting securities transactions: 5498–ESA Coverdell ESA Contribution 68 • Publication 550 – Investment Income and Expenses Information • Publication 551 – Basis of Assets • Publication 938 – Real Estate Mortgage Investment DUPLICATE TAX FORMS Conduits (REMICs) Reporting Information (and Other If you request a duplicate Tax Information Statement, Collateralized Debt Obligations [CDOs]) we will mail it to the address of record for your account. • Publication 1212 – Guide to Original Issue Discount (OID) Instruments CORRECTIONS Please review your Tax Information Statement. If the statement is incorrect, contact your financial organization or advisor. If necessary, the correct information will be promptly provided to the IRS, and we will mail a revised Tax Information Statement to you. 2020 TAX GUIDE | PAGE 2 Mailing Schedule: Form 1099 Tax Information Statement By January 31, 2021, Pershing will begin mailing Form 1099 tax statements.1 When you receive your Form 1099 depends on the holdings in your account: PHASE ONE: JANUARY 31, 2021 PHASE FOUR: MARCH 15, 20213 Form 1099 will be mailed for accounts with holdings Form 1099 will be mailed for all remaining accounts, and income that typically do not require reclassification regardless of whether pending income reclassifications or additional information from issuers. Generally, this have been received from issuers. Generally, this includes includes accounts holding stocks, bonds and options.1 certain complex securities, such as real estate mortgage investment conduits (REMICs), widely held fixed PHASE TWO: FEBRUARY 15, 20212 investment trusts (WHFITs) and some UITs. Generally, this mailing includes mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities that were not included in the Enrolling in electronic delivery (eDelivery) will phase one mailing.1 If you hold positions for which issuers provide faster access to your tax statements. have not provided final 2020 tax information, or if your Please contact your advisor or financial information is still pending review or processing, you will organization for more information. receive a Pending 1099 Notice (sample on page 9). This will identify the holdings impacting the mailing date of your Form 1099 and provide the anticipated mail date. If you CORRECTED 1099 FORM WILL BE MAILED AS NEEDED received your Form 1099, you will not be sent this notice. You may receive a corrected Form 1099. There are several reasons for this—for example, issuers of securities PHASE THREE: FEBRUARY 28, 20213 held in your account may provide updated or additional Form 1099 will be mailed for the accounts for which information after your Form 1099 is mailed to you. The IRS income reclassifications were received after the requires financial organizations to send corrected forms February 15 mailing was prepared. Generally, this includes with revised information as it becomes available. remaining mutual funds, REITs and certain equities.1 1 Financial organizations, like Pershing, are responsible for Form 1099 reporting and must rely on issuers
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