Axos Advisor Services
 
Important information for 2021 tax planning
It’s time to get ready for the 2021 tax season. Here’s the information you’ll need to know about tax forms and the tax mailing schedule from Axos Advisor Services to help you plan for the tax season.

Tax information statements

Clients’ tax information statements, which includes 1099 forms, will be delivered as early as possible. Axos Advisor Services will begin mailing 1099 tax statements by January 31, 2022.* A timeline for the delivery of the 2021 forms can be found here.

Because E*TRADE Advisor Services became Axos Advisor Services effective August 2, 2021, any investors who had accounts with tax reportable activity before and after that date will receive a single mailing with two 1099 forms, one from each company.
  • For 2021 only, investors whose accounts crossed that date will need to file their taxes under both firms as if they were two separate accounts.
  • Investors whose accounts were not active after August 2, 2021, will only need to do 2021 filing for E*TRADE Advisor Services.
  • Investors whose accounts were not active prior to August 2, 2021, will only need to do 2021 filing for Axos Advisor Services.
  • Investors whose accounts were active before and after August 2, 2021, will receive two tax forms, one for each firm in their 2021 tax information mailing.
  • The 2021 tax information mailing will be branded Axos Advisor Services, but the firm to be filed under will be indicated in the top right-hand corner of each form.
  • The cover page of the tax information mailing will be branded Axos Advisor Services and will include a summary of all the included forms in the mailing.
  • Combined tax forms will be posted to Liberty as one PDF.
  • Two Form 1099-Rs and 5498s may also be issued per the above conditions and will be delivered in the same tax information mailing.
  • If filing via TurboTax or H&R Block, investors whose accounts crossed the August 2, 2021, date will need to log in under both E*TRADE Advisors Services and Axos Advisor Services to retrieve their complete account data for 2021.
  • This will appear as two separate firms in the application.
  • The same Liberty login will be used for both firms.
  • Investors whose accounts did not cross the date will only need to log in    under the single appropriate firm: E*TRADE Advisor Services for pre-August 2, 2021, and Axos Advisor Services for post-August 2, 2021.
  • One RMD notice will be sent by Axos Advisor Services in January for any applicable accounts
Timeline for corrected forms

Corrected 1099s will be issued under the appropriate firm for whatever the transaction date is, and investors will only receive the form for the firm that it applies to.

Corrected forms will also be sent in one mailing, so if there are corrections that apply to both firms they will still be included in the same mailing.

Year-end deadline for IRA distributions

Our goal is that for any distribution requests received by noon (Mountain Time), they will be processed the same day. Please note, we are encouraging you and your clients to send in your requests for IRA distributions as soon as possible.

If the IRA withdrawal impacts the investor’s taxes and/or is intended to satisfy the investor’s RMD (required minimum distribution) for the current year, please note the following:

  • The investor’s IRA account must have sufficient funds to cover the distribution.
  • Please allow for adequate processing time. Please submit distribution requests as soon as possible to allow time for processing. Any requests received on December 31 will be processed on a best effort basis.
If you have any questions about the 2021 tax information, please contact your Client Service Advocate.

*Please be aware that some issuers do not make their final distribution information available until after January.
 
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Axos Advisor Services is a trademark of Axos Clearing LLC. Axos Clearing LLC provides back-office services for registered investment advisers. Neither Axos Advisor Services nor Axos Clearing LLC provides investment advice or make investment recommendations in any capacity. Securities products are offered by Axos Clearing LLC, Member FINRA & SIPC. Axos Clearing, LLC does not provide legal, accounting, or tax advice. Always consult your own legal, accounting, and tax advisors.

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