Advisor Flipbooks

© SEI 2022 For Intermediary Use Only. Do Not Distribute. 10 For Taxable accounts, the 1099-Composite forms (the combined forms 1099-DIV, 1099-INT, 1099-B and 1099-OID) and the Tax Information Statement will be postmarked to your clients by February 28, 2023, as long as the account does not hold a Widely Held Fixed Investment Trust, also known as a "WHFITs". For accounts that hold WHFITs, the 1099-Composite forms will be postmarked by March 15, 2023 due to reporting requirements introduced by the IRS in 2009. For IRA's, form 5498 will be postmarked by January 31, 2023. This form reports contributions, conversions, rollovers, and re-characterizations made to an IRA for the 2022 tax year. If an IRA holder makes a contribution after January 12 for the prior tax year, then SPTC will revise and re-issue that clients 5498 in May 2023 after the tax filing deadline. C. Will my client's full Social Security Number be on the tax forms? No. SPTC participates in an IRS program that allows filers of tax information returns to truncate an individual payee's tax identifying number on their paper tax forms. The provision applies only to tax forms in the 1098, 1099, and 5498 series. Under the program, payers must replace the first five digits of the tax identifying number with asterisks or the letter x. For example, a Social Security Number will now appear as xxx-xx-1234. This will enable better protection of personal identifying information for the recipients. D. Why are some of my clients receiving two or more 1099-R forms from SEI Private Trust Company for the same account? A 1099-R is produced for each different distribution code used in the Box 7 of the 1099R. So if a client had multiple different distribution codes in one year, each one will generate a different 1099R form. For example, if a client has one distribution code with a 2 (early with exception) and one distribution code of 7 (Normal Distribution), the client will receive two 1099-R's; one per distribution code. The exception to this is the 'combination codes' used to report Removal of Excess and Re-Characterizations. The combined distribution codes will appear on one 1099R tax form. The 1099R forms will be sent in one envelope, but each 1099R must be filed by the taxpayer. E. Why does SPTC wait until the end of February to mail the tax forms for taxable accounts? The IRS provides custodians with an option to extend the mailing date of 1099 tax forms for 30 days past the February 15 deadline, and SPTC is acting in accordance with this provision. This extension allows SPTC to postmark the 1099-Composite forms up to March 15. By waiting to send certain IRS 1099 series tax forms until the end of February, there is a lower chance that a revised tax form will need to be sent to your clients. In rare situations, revised tax information may still be sent to your clients beyond February, depending on if they were tax changes made by mutual fund companies, real estate investment trusts ("REITs"), and corporate entities that the client holds. F. Will my clients have online access to the tax forms issued to them by SPTC? Yes. Clients can access tax forms on www.AccessMyPortfolio.com and https://Investor.SEI-Connect.com. Tax forms issued by SPTC are also physically mailed to every primary account owner, unless the client has opted into electronic only tax form delivery. G. What tax reporting information will SPTC provide to assist in servicing my clients, and in what format will that information be made available? Projected Tax Forms - Electronic copies of projected 2022 tax forms for your clients can be found online at www.SEIAdvisorCenter.com in the client library. Please note that these projections can be used for tax planning purposes but should not be used for tax filing. These projections do not represent the entire tax year and do not project upcoming income, sales, or capital gain distribution activity. The projections also do not have tax information on Income Re-Allocation (IR), Return of Capital (ROC), or Widely Held Fixed Income Trust (WHFIT) income since that information will be provided to SEI in February and March. These projections are not provided to investors.

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