Annual Tax Disclosures

AMERITRUST 2020 FORM 1099 REPORTING

Each year, we mail Forms 1099 to our clients which report dividends, interest, gains and losses, and other income earned in client account(s).

The law requires we must mail Forms 1099-DIV, 1099-INT, 1099-OID, and 1099-MISC to clients no later than January 31st, and Form 1099-B by February 15th.  However, the deadline is March 15th if these 1099 forms include items from Widely Held Fixed Income Investment Trusts (WHFITs), because such investments may not have tax information available by the earlier deadline. Clients can expect to receive their combined Form 1099 for 2020 to vary from January 31st to March 15th.

It is important that our clients receive the most accurate 1099 Tax Form(s) possible where Dividends are accurately categorized for tax purposes.  To accurately segregate “qualified” dividends on your Form 1099, we must be provided with information from the companies paying dividends, primarily mutual funds, and real estate investment trusts (WHFITs).  In many cases the information needed to properly categorize dividend income will not be available till early February 2021.  As a result, many clients will not receive Form 1099 by the IRS deadline of February 15, 2021.  We have requested and received a mailing extension from the IRS which moves our mailing deadline to March 15, 2021.   Your Form 1099 will be mailed no later than March 15, 2021.

Please contact your account administrator should you have any questions or concerns.

 

Tax Reporting Specific to Individual Retirement Accounts

2020 Form 5498:

The Fair Market Value of your IRA as of 12/31/2020 appears on your statement and will be reported to the Internal Revenue Service on Form 5498 on an annual basis.  If you hold hard-to-value assets, it is probable that the market value will be different between your year-end statement and your Form 5498. IRAs with these types of assets are required, by IRS rules, to annually update market values. These updates generally happen after year-end statements are issued but before the Form 5498 is mailed.   A Form 5498 will be mailed to you by May 31st if you have a reported transaction (contribution, rollover, Roth conversion, or re-characterization) to your IRA for 2020.

Your form 5498 will also be used to notify the IRS of any Required Minimum Distributions for the 2021 tax year. See Required Minimum Distributions (RMD) section for specific notice dates.

2020 Form 1099-R:

If reportable distributions were made from your IRA, your Form 1099-R will be mailed by January 31st.

Charitable contributions made from your Individual Retirement Accounts (paid directly to the charitable organization) will be reported as a normal distribution on your 1099-R. Please consult with your tax advisor for proper reporting on your individual income tax returns.  

If your IRA distributions are sent to you directly (meaning they were not sent directly to another custodian or trustee as a direct transfer), then we are not able to determine the taxability of this distribution. Distributions will be reported in Box 1 – Gross Distributions, Box 2a – Taxable Amount, and Box 2b – Taxable Amount Not Determined in situations where we are not able to determine the taxability.

Required Minimum Distribution (RMD):

Your Required Minimum Distribution notice for 2021 will be mailed by January 31st if you:

  1. Reach age 72 in the prior calendar year and were born after June 30, 1949 or
  2. Reach age 70 ½ in the prior calendar year and were born before July 1, 1949.

ARGENT TRUST COMPANY 2020 FORM 1099 REPORTING

Each year, we mail Forms 1099 to our clients which report dividends, interest, gains and losses, and other income earned in client account(s).

The law requires we must mail Forms 1099-DIV, 1099-INT, 1099-OID, and 1099-MISC to clients no later than January 31st, and Form 1099-B by February 15th.  However, the deadline is March 15th if these 1099 forms include items from Widely Held Fixed Income Investment Trusts (WHFITs), because such investments may not have tax information available by the earlier deadline. Clients can expect to receive their combined Form 1099 for 2020 to vary from January 31st to March 15th.

It is important that our clients receive the most accurate 1099 Tax Form(s) possible where Dividends are accurately categorized for tax purposes.  To accurately segregate “qualified” dividends on your Form 1099, we must be provided with information from the companies paying dividends, primarily mutual funds, and real estate investment trusts (WHFITs).  In many cases the information needed to properly categorize dividend income will not be available till early February 2021.  As a result, many clients will not receive Form 1099 by the IRS deadline of February 15, 2021.  We have requested and received a mailing extension from the IRS which moves our mailing deadline to March 15, 2021.   Your Form 1099 will be mailed no later than March 15, 2021.

Please contact your account administrator should you have any questions or concerns.

 

Tax Reporting Specific to Individual Retirement Accounts

2020 Form 5498:

The Fair Market Value of your IRA as of 12/31/2020 appears on your statement and will be reported to the Internal Revenue Service on Form 5498 on an annual basis.  If you hold hard-to-value assets, it is probable that the market value will be different between your year-end statement and your Form 5498. IRAs with these types of assets are required, by IRS rules, to annually update market values. These updates generally happen after year-end statements are issued but before the Form 5498 is mailed.   A Form 5498 will be mailed to you by May 31st if you have a reported transaction (contribution, rollover, Roth conversion, or re-characterization) to your IRA for 2020.

Your form 5498 will also be used to notify the IRS of any Required Minimum Distributions for the 2021 tax year. See Required Minimum Distributions (RMD) section for specific notice dates.

2020 Form 1099-R:

If reportable distributions were made from your IRA, your Form 1099-R will be mailed by January 31st.

Charitable contributions made from your Individual Retirement Accounts (paid directly to the charitable organization) will be reported as a normal distribution on your 1099-R. Please consult with your tax advisor for proper reporting on your individual income tax returns.  

If your IRA distributions are sent to you directly (meaning they were not sent directly to another custodian or trustee as a direct transfer), then we are not able to determine the taxability of this distribution. Distributions will be reported in Box 1 – Gross Distributions, Box 2a – Taxable Amount, and Box 2b – Taxable Amount Not Determined in situations where we are not able to determine the taxability.

Required Minimum Distribution (RMD):

Your Required Minimum Distribution notice for 2021 will be mailed by January 31st if you:

  1. Reach age 72 in the prior calendar year and were born after June 30, 1949 or
  2. Reach age 70 ½ in the prior calendar year and were born before July 1, 1949.

ARGENT TRUST COMPANY ESOP 2020 FORM 1099 REPORTING

Each year, we mail Forms 1099 to our clients which report dividends, interest, gains and losses, and other income earned in client account(s).

The law requires we must mail Forms 1099-DIV, 1099-INT, 1099-OID, and 1099-MISC to clients no later than January 31st, and Form 1099-B by February 15th.  However, the deadline is March 15th if these 1099 forms include items from Widely Held Fixed Income Investment Trusts (WHFITs), because such investments may not have tax information available by the earlier deadline. Clients can expect to receive their combined Form 1099 for 2020 to vary from January 31st to March 15th.

It is important that our clients receive the most accurate 1099 Tax Form(s) possible where Dividends are accurately categorized for tax purposes.  To accurately segregate “qualified” dividends on your Form 1099, we must be provided with information from the companies paying dividends, primarily mutual funds, and real estate investment trusts (WHFITs).  In many cases the information needed to properly categorize dividend income will not be available till early February 2021.  As a result, many clients will not receive Form 1099 by the IRS deadline of February 15, 2021.  We have requested and received a mailing extension from the IRS which moves our mailing deadline to March 15, 2021.   Your Form 1099 will be mailed no later than March 15, 2021.

Please contact your account administrator should you have any questions or concerns.

 

Tax Reporting Specific to Individual Retirement Accounts

2020 Form 5498:

The Fair Market Value of your IRA as of 12/31/2020 appears on your statement and will be reported to the Internal Revenue Service on Form 5498 on an annual basis.  If you hold hard-to-value assets, it is probable that the market value will be different between your year-end statement and your Form 5498. IRAs with these types of assets are required, by IRS rules, to annually update market values. These updates generally happen after year-end statements are issued but before the Form 5498 is mailed.   A Form 5498 will be mailed to you by May 31st if you have a reported transaction (contribution, rollover, Roth conversion, or re-characterization) to your IRA for 2020.

Your form 5498 will also be used to notify the IRS of any Required Minimum Distributions for the 2021 tax year. See Required Minimum Distributions (RMD) section for specific notice dates.

2020 Form 1099-R:

If reportable distributions were made from your IRA, your Form 1099-R will be mailed by January 31st.

Charitable contributions made from your Individual Retirement Accounts (paid directly to the charitable organization) will be reported as a normal distribution on your 1099-R. Please consult with your tax advisor for proper reporting on your individual income tax returns.  

If your IRA distributions are sent to you directly (meaning they were not sent directly to another custodian or trustee as a direct transfer), then we are not able to determine the taxability of this distribution. Distributions will be reported in Box 1 – Gross Distributions, Box 2a – Taxable Amount, and Box 2b – Taxable Amount Not Determined in situations where we are not able to determine the taxability.

Required Minimum Distribution (RMD):

Your Required Minimum Distribution notice for 2021 will be mailed by January 31st if you:

  1. Reach age 72 in the prior calendar year and were born after June 30, 1949 or
  2. Reach age 70 ½ in the prior calendar year and were born before July 1, 1949.

HERITAGE TRUST 2020 FORM 1099 REPORTING

Each year, we mail Forms 1099 to our clients which report dividends, interest, gains and losses, and other income earned in client account(s).

The law requires we must mail Forms 1099-DIV, 1099-INT, 1099-OID, and 1099-MISC to clients no later than January 31st, and Form 1099-B by February 15th.  However, the deadline is March 15th if these 1099 forms include items from Widely Held Fixed Income Investment Trusts (WHFITs), because such investments may not have tax information available by the earlier deadline. Clients can expect to receive their combined Form 1099 for 2020 to vary from January 31st to March 15th.

It is important that our clients receive the most accurate 1099 Tax Form(s) possible where Dividends are accurately categorized for tax purposes.  To accurately segregate “qualified” dividends on your Form 1099, we must be provided with information from the companies paying dividends, primarily mutual funds, and real estate investment trusts (WHFITs).  In many cases the information needed to properly categorize dividend income will not be available till early February 2021.  As a result, many clients will not receive Form 1099 by the IRS deadline of February 15, 2021.  We have requested and received a mailing extension from the IRS which moves our mailing deadline to March 15, 2021.   Your Form 1099 will be mailed no later than March 15, 2021.

Please contact your account administrator should you have any questions or concerns.

 

Tax Reporting Specific to Individual Retirement Accounts

2020 Form 5498:

The Fair Market Value of your IRA as of 12/31/2020 appears on your statement and will be reported to the Internal Revenue Service on Form 5498 on an annual basis.  If you hold hard-to-value assets, it is probable that the market value will be different between your year-end statement and your Form 5498. IRAs with these types of assets are required, by IRS rules, to annually update market values. These updates generally happen after year-end statements are issued but before the Form 5498 is mailed.   A Form 5498 will be mailed to you by May 31st if you have a reported transaction (contribution, rollover, Roth conversion, or re-characterization) to your IRA for 2020.

Your form 5498 will also be used to notify the IRS of any Required Minimum Distributions for the 2021 tax year. See Required Minimum Distributions (RMD) section for specific notice dates.

2020 Form 1099-R:

If reportable distributions were made from your IRA, your Form 1099-R will be mailed by January 31st.

Charitable contributions made from your Individual Retirement Accounts (paid directly to the charitable organization) will be reported as a normal distribution on your 1099-R. Please consult with your tax advisor for proper reporting on your individual income tax returns.  

If your IRA distributions are sent to you directly (meaning they were not sent directly to another custodian or trustee as a direct transfer), then we are not able to determine the taxability of this distribution. Distributions will be reported in Box 1 – Gross Distributions, Box 2a – Taxable Amount, and Box 2b – Taxable Amount Not Determined in situations where we are not able to determine the taxability.

Required Minimum Distribution (RMD):

Your Required Minimum Distribution notice for 2021 will be mailed by January 31st if you:

  1. Reach age 72 in the prior calendar year and were born after June 30, 1949 or
  2. Reach age 70 ½ in the prior calendar year and were born before July 1, 1949.

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