Merrill A Bank of America Company Merrill A Bank of America Company Open an account Login Open Menu bar Find answers to common questions at MerrillSchedule an Open an accountwith Merrill Tax Planning Tax-efficient accounts and investing methods for smarter tax planning Jan. 24 - Feb. 28 1099 forms mailedFootnote2 April 15 Tax-filing deadline April 15 Retirement contribution deadline May 12 - May 31 5498 forms mailed Oct. 15 Filing deadline if you received an extension Tax statement mailing dates Go to third-party websiteSave up to 10% on TurboTax® Take advantage of this offer for Merrill clients. Go to third-party websiteIRS forms Access frequently downloaded forms and publications from the IRS website. Download your year-end tax information Download your data, including your 1099 summaries, to Quicken®, Microsoft Money, Microsoft Excel® or your computer. Direct-deposit your federal refund It's easy to have your refund deposited electronically into your IRA or Cash Management Account®. When will Consolidated 1099s be available? We'll begin issuing 2023 tax-reporting statements starting January 24, 2024, and, in most cases, mail or post them to the Tax Documents section of your online account by February 28, 2024. With paperless delivery, we'll notify you when your documents are ready. You can confirm or update your delivery preferences to Paperless, and we'll email you when new documents are available online. What's a Consolidated 1099, and will I receive one? A Consolidated 1099 is a summary of individual accounts' 1099 tax forms. We'll prepare a Consolidated 1099 for any client who, based on the type of account they have or securities they hold, has had a reportable event in 2023. These include, but are not limited to, sales of securities as well as dividends or interest income received in taxable accounts. If there aren't any reportable events, you may not receive a Consolidated 1099. Please note: 1099-R forms will be sent separately from your Consolidated 1099 tax statement. What might delay Consolidated 1099s? We make every effort to provide accurate statements as early as possible — however, certain events can delay reporting. If your account holds securities that have not provided final income classification, have notified us of revised income classification or have a history of late income reclassification, these events could affect the timing of your tax statements. In these cases, in order to validate the information we provide and minimize the number of corrected tax statements you receive, we request an extension with the IRS through March 18, which means that affected 1099s may not be available until that time. Why isn't my tax statement available online? If you had reportable income (over $10) requiring a tax document, you should receive your tax statement by February 28. If it's after February 28, your tax statement may be delayed. Please be aware that you may receive a supplemental tax-reporting statement, which will be issued on March 18, depending on the types of holdings in your account. How will I receive my statements if I have multiple accounts? If you have more than one account, you may receive tax statements at different times, depending on your account holdings and income activity. Make sure you've received all of your statements before you complete your tax return since filing taxes early may require an amended return. In addition: View all tax-related FAQs What is cost basis? Cost basis is generally the price at which you purchased or acquired a security, including all commissions and fees. This information is important to you because it may be required information when completing your tax returns. Cost-basis reporting regulations issued by the IRS in 2010 require all brokers to report to their clients and to the IRS the adjusted cost basis of "covered securities" that are sold during the tax year. How do I update my cost-basis information? Cost basis is based on broker-dealer records and in most cases is not eligible for updates unless an error was made in documentation. The Cost basis Updates request form includes information regarding conditions that can cause a change in your cost basis. If you require assistance, please contact us. What is adjusted cost basis? Adjusted cost basis is used to calculate a gain or loss as a result of selling a security. It is based on the price paid for a security, but includes a variety of possible adjustments (for example, when a stock splits). What is a tax lot? A tax lot is the number of shares in the same security acquired at the same time. In general, each tax lot will have a different purchase price. As a result of IRS cost-basis reporting regulations that took effect at the beginning of 2011, the cost basis for some of your tax lots may be reported to the IRS while the cost basis for other tax lots will not, depending on the date of purchase. If you choose the specific identification method of cost basis calculation, you can select which lots to sell to have more control over your reported gains and losses. Lot specification is regulated by the IRS and must be executed prior to settlement. How do I calculate the cost basis of a stock that has split? Generally, you take the pre-split adjusted cost basis and divide it by the new amount of shares you now hold as a result of the stock split to arrive at the new per-share adjusted cost basis. View all cost-basis FAQs Select for RMD calculatorRequired Minimum Distribution (RMD) CalculatorGo to third-party website for access toIRS withholdings calculator Getting ready for taxes: Review this list first Tax-smart investment strategies you should consider Get to know tax-advantaged IRAs What are required minimum distributions? Roth IRA conversion calculator Learn more about 529 plans 529 plan state tax calculator Estate-planning checklist Footnote Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. Footnote2 We produce tax documents at different times, and we post account documents when they're available. If you have more than one account, you may receive additional tax documents. Please make sure you receive all of your tax documents before you complete your tax return. MAP6147015 -06122025 Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets. Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF). Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp"). Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp. Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: Privacy|Security|Glossary|Advertising practicespopupAdvertising Practicespopup © 2024 Bank of America Corporation. All rights reserved. 4326521
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