New York: Each tax season the Family Management team is ready to help Clients and their Accountants with their preparation for 2015 taxes and answer any questions that they may have. The following informational road map is being mailed to Clients to assist with the preparation of their taxes:
- INTEREST, DIVIDENDS, & REALIZED GAIN/LOSS SCHEDULE – For all accounts at Family Management Securities, Forms 1099 will be mailed by our Custodian, Pershing, from February to mid-March. Please note you may also receive a corrected Form 1099 – for example, issuers of securities held in your account may provide updated or additional information after your Form 1099 is mailed to you. The IRS requires financial organizations to send corrected forms with revised information as soon as it becomes available. Please also note that if you have e-delivery of statements and trade confirmations, your tax statements will also be available on-line as soon as they are issued, by logging onto: https://www.netxinvestor.com/web/netxinvestor/login
- RETIREMENT ACCOUNTS – If you took a distribution from your Retirement account during 2015, you will receive a Form 1099-R from the Custodian which should also be forwarded to your accountant.
- MANAGEMENT FEES – In a mailed personalized attachment, we provide a summary of the management fees clients have paid in connection with accounts held at Family Management in 2015.
- MASTER LIMITED PARTNERSHIPS – If Master Limited Partnerships (“MLP”s) were purchased or sold in your accounts during 2015, the MLPs will send separate K-1 tax forms directly to you. For your reference, Family Management is sending a list of all of the MLPs for which you should expect to receive a K-1 to you directly by mail. In addition to receiving them directly from the MLP, you or your accountant can also obtain a copy of any of these K-1s from the following website, if they are available: https://www.taxpackagesupport.com
- OUTSIDE MANAGERS – Finally, for investments with one of our outside managers, you will receive additional tax information directly from them. In the case of private limited partnership interests, you can expect to receive a K-1 directly from the Fund. For any separately managed account structure maintained at a financial institution, you should expect to receive a Form 1099 and schedule of gains/losses from their Clearing Firm or Prime Broker.
Family Management provides financial counsel to families, high net worth individuals, and not-for-profit organizations. Affiliates include Family Management Corporation, a New York-based registered investment advisor, Family Management Securities, LLC, a FINRA-registered broker-dealer, and Forest Hill Capital Corporation, a New York State licensed insurance agent. For more information on this, or any of our services, please call your financial advisor at Family Management.