Merrill Tax Center FAQs - Answers to your Merrill Tax Questions

Question 1

When will Consolidated 1099s be available?

Accepted Answer

We'll begin issuing 2023 tax-reporting statements starting January 25, 2023, and, in most cases, mail or post them to the Tax Documents section of your online account by February 25, 2023.

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.

Question 2

What's a Consolidated 1099, and will I receive one?

Accepted Answer

A Consolidated 1099 is a summary of individual accounts' 1099 tax forms. You can find more details, along with additional resources and important dates, in our Tax Center.

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.

Question 3

What might delay Consolidated 1099s?

Accepted Answer

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 17, which means that affected 1099s may not be available until that time.

Question 4

Why isn't my tax document available online?

Accepted Answer

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 17, depending on the types of holdings in your account.

Question 5

How will I receive my statements if I have multiple accounts?

Accepted Answer

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:

Online documents are posted to each account as they become available.

If your account statements are linked and you're eligible to receive multiple tax statements, we'll package and mail them in the same envelope.

Question 6

Aren't you required to mail my 1099 tax statement by January 31?

Accepted Answer

While Merrill begins producing 1099 tax statements at the end of January, we will apply for an extension with the IRS allowing statements to be produced through March 17.

Question 7

While Merrill begins producing 1099 tax statements at the end of January, we will apply for an extension with the IRS allowing statements to be produced through March 17.

Accepted Answer

Here are some tips to keep in mind:

Merrill is only required to revise 1099 tax-reporting statements when a change results in an individual tax-form impact that is greater than $100. If a change to your tax form does not meet this threshold, you will not receive a revised tax statement.

If a correction over $100 is required on a reportable transaction, Merrill will issue a new statement to you with the correction highlighted. If necessary, adjusted information will be provided to the IRS.

If you'd like to receive a revised tax statement, regardless of the change in dollar amount, please contact us and request to opt out of automatic suppression.

Question 8

Where were my tax documents sent?

Accepted Answer

Tax documents are mailed to the address we have on record for your account at the time your statement is issued. Please contact us or visit Personal Information to verify your address.

Note: All tax documents are made available online in Statements and Documents

Question 9

I want to give my tax advisor a copy of my tax statement. What is the best way to do that?

Accepted Answer

Visit Third Party Access to grant read-only access to an authorized user. You may add as many authorized users as you like, and access can be revoked at any time.

If you'd like to share paper correspondence with third parties, please contact us to complete the appropriate forms.

Question 10

How will I be notified when my tax statement is issued?

Accepted Answer

If you're enrolled in paperless delivery, you will receive an email when your tax statement is available online. Enroll in paperless delivery.

Question 11

I can't print my tax form or statement. What should I do?

Accepted Answer

For optimum viewing and printing of your PDF:

Open the PDF file from the website using a current version of Adobe Reader.

If you still can't print the document, try saving it to your computer before opening and printing it.

Question 12

What is a supplemental statement, and why am I receiving one?

Accepted Answer

The Merrill supplemental tax-reporting statement is a summary of gross income and expenses that's sent to clients who invest in widely held fixed investment trusts (WHFITs), real estate mortgage investment conduits (REMICs) and/or collateralized debt obligations (CDOs). Clients who hold these securities will receive the supplemental tax-reporting statement on or around March 17.

Question 13

When can I expect my Schedule K-1 tax documents?

Accepted Answer

The income from an Alternative Investment (AI) or Limited Partnership (LP) generates a Schedule K-1 and is not on the tax-reporting statement. These statements do not usually mail at the same time as the 1099s. K-1s usually begin mailing on or around March 15 but may be produced and mail later, as determined by the fund or investment entity.

Question 14

Will I receive an annual Visa/Checking summary statement?

Accepted Answer

All clients who use their Visa cards and/or checks, regardless of the frequency, will receive an annual Visa/Checking summary as a stand-alone statement. This information will not be mailed to you as part of your tax statement; it will only be available online.

Question 15

When do I receive a 1099-R versus a Form 5498? Will I receive one or both?

Accepted Answer

Form 1099-R is usually issued in late January, following the year of a distribution.

Form 5498 will usually be issued in mid to late May since prior-year IRA contributions can be made up until the April tax deadline.

You may receive one or both forms, depending on the transactions you've made in your retirement accounts.

Merrill, its affiliates and financial advisors do not provide legal, tax or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

Question 16

What if I have questions about a specific state's tax law or federal tax law?

Accepted Answer

Please consult with a tax professional for state-specific and/or federal questions.

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.

Question 17

I sold 200 shares of stock at a loss, and Merrill reported the sale as gross proceeds. Why was the sale reported when I had no gain on the sale, and should owe no taxes on it?

Accepted Answer

Merrill is required to report gross proceeds on most dispositions of securities, even when transactions do not result in a taxable gain. You'll report the full details of each transaction on Form 8949 when completing your tax return.

Question 18

Why does the cost basis for a stock purchase show as N/A or N/C?

Accepted Answer

N/A or N/C is shown because Merrill does not have sufficient information to determine the cost basis for these securities. When possible, you should include the cost basis that you know to be accurate when filling out your tax documents.

For more information on how to report cost basis on your tax returns, please contact your tax advisor.

Merrill, its affiliates and financial advisors do not provide legal, tax or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

Question 19

Are the fees associated with my account deductible?

Accepted Answer

Investment and advisory fees (but not commissions) may be deductible. Advisory fees will be included on the Consolidated 1099 tax statement for clients residing in states where fees are deductible (Alabama, California, Hawaii and New York).

Question 20

If I took a distribution in 2021 under the Cares Act and re-deposited the money back into my IRA within the 60-day period, will I still receive a Form 1099?

Accepted Answer

If I took a distribution in 2021 under the Cares Act and re-deposited the money back into my IRA within the 60-day period, will I still receive a Form 1099? Form 1099-R is usually issued in late January, following the year of the distribution. A Form 5498 will usually be issued in mid to late May, following the year of receipt of the redeposited funds.

For more information on how to report 60-day rollovers and/or CRD (coronavirus-related distributions) repayments on your tax returns, please contact your tax advisor.

Merrill, its affiliates and financial advisors do not provide legal, tax or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

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