Advisor Flipbooks

© 2022 SEI 5 February 2023 — Key Dates and Deadlines › SEI Private Trust Company will sometimes refer to the Tax forms 1099DIV, 1099INT, 1099B, and 1099 OID as 'Combined' Tax forms or '1099DIOB' tax forms. › SEI Private Trust Company will run the Return of Capital Reclassification (ROCR) program in early February. This program adjusts cost basis for dividends that were reclassified at any point during the tax year. › Several types of 'collective' instruments, including Mutual Funds, REITs and Unit Investment Trusts, pay periodic income to holders throughout the year, based upon estimated earnings of underlying holdings. Should the fund find after the end of the year that income paid exceeds income earned, the excess is reclassified as return of capital. › The reclassification not only splits the amount of original distribution to the holder, but as a result of a portion of that distribution now considered Return Of Capital, the cost basis of the eligible tax lots must be updated. For those eligible lots that were disposed subsequent to the income distribution, the update of cost basis must also result in updated realized gain/loss on the disposed lots. These cost adjustments will be reflected in the Transactions section of your clients' statements. › In early February, 'collective' instruments will also perform Income Reallocation (IR) of income paid in 2022. This is to separate the income's tax character to be specific between taxable and tax-exempt income. If the asset has not sent final IR factors, your clients 1099 will remain on hold until they are received. › Sometimes assets make corrections to the original IR information provided to SEI Private Trust Company. If a correction is made, SPTC will issue a corrected 1099 to the client with the updated IR information. Friday, February 10 › SEI Private Trust Company will be producing the first wave of 1099DIV, 1099INT, 1099B, and 1099 OID tax forms. SEI will only include tax forms for accounts which we have received all the ROCR and IR factors for all holdings. › The first wave of 1099DIV, 1099INT, 1099B, and 1099 OID tax forms available on www.SEIAdvisorCenter.com for Advisor firm users and www.AccessMyPortfolio.com and Investor.SEI-Connect.com for investors. › If an account does not have a form produced on the February 12, it is because SPTC has not received all the return of capital factors and Income Reallocation from the asset issuer. The 1099 will be produced, made available online, and postmarked by the IRS deadline of February 28 unless the account holds a Widely Held Fixed Investment Trusts (WHFIT). For accounts holding WHFIT's, refer to the March 11 date below. Tuesday, February 14 › A bulk download of all currently available 1099DIV, 1099INT, 1099B, and 1099 OID tax forms will be available on www.SEIAdvisorCenter.com for Advisor firm users. Friday, February 17 › SEI Private Trust Company will be producing a second wave of 1099DIV, 1099INT, 1099B, and 1099 OID tax forms. SEI will only include tax forms for accounts which we have received all the ROCR and IR factors for all holdings. › The Second wave of 1099DIV, 1099INT, 1099B, and 1099 OID tax forms available on www.SEIAdvisorCenter.com for Advisor firm users and www.AccessMyPortfolio.com and Investor.SEI-Connect.com for investors. › The first wave of 1099DIV, 1099INT, 1099B, and 1099 OID tax forms will be mailed to investors. › If an account does not have a form produced on February 19, it is because SPTC has not received all the return of capital factors and Income Reallocation from the asset issuer. The 1099 will be produced, made available online, and postmarked by the IRS deadline of February 28 unless the account holds a Widely Held Fixed Investment Trusts (WHFIT). For accounts holding WHFIT's, refer to the March 11 date below.

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