Taxes are complicated enough, so we’re here to help answer your most common questions and bring clarity to this tax season. 

What you need to know:

• Key tax season dates
• Your FAQs answered
• Where to view all your accounts online
• Learn how to access your SEI Private Trust Company tax documents online
• Remember to send us a copy of your completed 2021 tax return

In a hurry?  Download our infographic to save this information for later.

Important dates

Keep in mind that although deadlines are published by the IRS, most companies file for (and are normally granted) extensions for reporting client tax information. It’s also possible you’ll receive corrected 1099s from your financial services company as late as March 31st.  For most taxpayers, we recommend waiting until at least February 28th, to deliver 1099s to tax preparers.  You can start gathering and providing other tax-related documents to your tax preparer sooner, but hold off on the 1099s, especially if you have a history of receiving corrected 1099s.

• January 31^st — SEI Private Trust Company 1099-R tax forms postmarked and mailed to investors.

*Combined tax document (non-retirement accounts) mailings are released in staggered waves.  You can access the SEI AccessMyPortfolio.com website to view tax statements at the same time they are mailed.

First Wave

• February 11^th  —SEI combined tax forms available on AccessMyPortfolio.com.
• February 18^th — SEI combined tax forms postmarked and mailed to investors.

Second Wave

• February 18^th — SEI combined tax forms available on AccessMyPortfolio.com.
• February 25^th — SEI combined tax forms postmarked and mailed to investors.

Final Wave

• February 25^th — SEI combined tax forms available on AccessMyPortfolio.com.
• March 11^th — SEI combined tax forms postmarked and mailed to investors.

Monday, April 18^th — Deadline for filing individual and most trust income tax returns.

Frequently asked questions

Where can I see all my accounts?  Your accounts are available on your personal financial Wealthview website.  (tax documents are not available here)

Personal Financial Website Login

 

Can I access my SEI tax documents online?  Yes, and it’s easy to do!  Check out our tutorial here for step-by-step instructions and visit AccessMyPortfolio.com.  If you’re a brand-new user of the SEI website, then follow this guide to register.  

SEI Client Login

When will my non-SEI tax documents be available?  You should expect to receive most tax documents in the mail by February 28^th. 

What is a Form 1099-R?  Form 1099-R is used to report designated distributions of $10 or more from pensions, annuities, profit-sharing and retirement plans, IRAs, and insurance contracts.

What is a Combined tax form?  SEI Private Trust Company will sometimes refer to the tax forms 1099-DIV, 1099-INT, 1099-B, and 1099-OID as ‘Combined’ tax forms.  These are for non-retirement accounts.

What is a Form 1099-Div?  Form 1099-DIV is used by banks and financial institutions to report dividends and other distributions to taxpayers and to the IRS.

What is Form 5498?  If you made contributions (deposits) to your IRA account for the tax year, you’ll receive Form 5498 detailing those contributions in May.  Form 5498 is for informational purposes only.  You are not required to file it with your tax return. 

Which tax documents will I receive for my account?

For individual, joint, and trust investment accounts, you’ll receive a Combined Form 1099 including details of dividends paid (Form 1099-DIV) and security sales (Form 1099-B), if there were any of these transactions in your account for that tax year.  If there weren’t any security sales or dividends paid into your account, you won’t receive a Form 1099.

Retirement accounts, including Traditional, Roth, and SEP IRAs, you’ll receive a Form 1099-R only if a distribution (withdrawal) was made during the year.  If you made no contributions to your IRA for the year and took no distributions, you will not receive tax documents for your retirement account.

FYI

 

New Charles Schwab Advisor Services Investors — If your accounts transferred in December 2021 and your accounts will generate a tax document, your advisor team will contact you.  Please note, most account holders will not receive a tax document for 2021. 

 

New City National Rochdale Investors — If you began using City National Rochdale as a manager in 2021, you may receive 2 separate 1099s from SEI.  Be sure you have both 1099s before filing your taxes.  

 

Qualified Charitable Distributions (QCD) — QCDs are reported as a normal distribution on IRS Form 1099-R for any non-inherited IRAs.  The Form 1099-R will NOT make any mention of your QCDs.  It is your responsibility to report directly to your tax preparer.  You can learn more here.

 

We’re Here to Help

As your family financial CFO, we’re here to help make tax season less stressful.  If you’re not sure if you’ve received all your tax documents, need assistance with online account access, or have any other questions, please give us a call.  

Warm regards,

Your Eagle Wealth Team

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The Week on Wall Street An exceptionally volatile week, marked by wide intraday price swings, whipsawed investors with stocks ending higher following a surge to the upside on the final trading day of the week. The Dow Jones Industrial Average rose 1.34%, while the Standard & Poor’s 500 gained 0.77%. The Nasdaq Composite index ended flat (+0.01%) for the week. The MSCI EAFE index, which tracks developed overseas stock markets, declined 3.54%.1,2,3   Market Volatility Rising bond yields, Federal Reserve uncertainty, and escalating tensions on the Ukrainian-Russian border unsettled markets all week. The week opened with two successive days of deep early losses that were erased by furious, late-afternoon rebounds. The following two-trading sessions that started with strong gains that evaporated with late-session selling. The most dramatic session was Monday, in which stocks ended slightly higher after hitting intraday lows that saw the NASDAQ fall 4.9%, the Dow shed 1,115 points, and the S&P 500 moved into correction territory. Technology was at the epicenter of the volatility all week as rate fears weighed on sector. Stocks rebounded strongly on Friday, managing to conclude a week on an upbeat note.4   Fed Readies Market for Rate Hikes Last week’s meeting of the Federal Open Market Committee (FOMC) left rates unchanged, though officials signaled short-term rates would likely be raised at its next meeting in March. As expected, the Fed also approved one last round of bond purchases, bringing quantitative easing to an end by March.5 Left a bit more nebulous were details on the pace and timing of reducing the Fed’s balance sheet, a lingering worry of some investors. But Fed Chair Powell indicated that shrinking the Fed’s asset holdings may occur at a faster rate than in past periods of balance-sheet reductions, such as in 2014 and 2017.6

THE WEEK AHEAD Key Economic Data Tuesday:  ISM (Institute for Supply Management) Manufacturing Index. JOLTS (Job Openings and Labor Turnover Survey). Wednesday:  ADP (Automated Data Processing) Employment Report. Thursday: Factory Orders. Jobless Claims. ISM (Institute for Supply Management) Services Index. Friday: Employment Situation. Source: Econoday, January 28, 2022 The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision. Companies Reporting Earnings Tuesday: Alphabet, Inc.(GOOGL), Advanced Micro Devices, Inc. (AMD), Exxon Mobil Corporation (XOM), PayPal Holdings, Inc. (PYPL), General Motors Company (GM), Gilead Sciences, Inc. (GILD), Starbucks Corporation (SBUX), United Parcel Service, Inc. (UPS), Stanley Black & Decker, Inc. (SWK). Wednesday:  Meta Platforms, Inc. (FB), AbbVie, Inc. (ABBV), Qualcomm, Inc. (QCOM), Thermo Fisher Scientific, Inc. (TMO), Spotify Technology (SPOT), TMobile US, Inc. (TMUS), D.R. Horton, Inc. (DHI). Thursday:  Amazon.com, Inc. (AMZN), Ford Motor Company (F), Snap, Inc. (SNAP), Eli Lilly and Company (LLY), Fortinet, Inc. (FTNT), Skyworks Solutions, Inc. (SWKS), Honeywell International, Inc. (HON), Prudential Financial, Inc. (PRU). Friday:  Air Products and Chemicals, Inc. (APD), Bristol Myers Squibb Company (BMY). Source: Zacks, January 28, 2022 Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.