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Tax Reporting

Trust handles tax administration responsibilities, including processing, filing, and reporting, at the state and federal level as required.

Year-End Reports

Clients receive their tax packages early in the year providing them adequate time to prepare their taxes.

Supplemental reports are available for all tax forms and are included in the client tax packages. The supplemental reports contain all the information used in generating the tax form. So if you need to answer questions about what is included or why something reported as it did, you have all the information at your fingertips.

In addition to printed reports, all information sent to clients is also available online to advisors and clients. The actual tax form and all of its supplemental information is available in PDF, or HTML format as soon as the forms are mailed.

All tax forms are available online for four years.

Gain/Loss Reporting

Trust provides comprehensive gain/loss information for all accounts. A report is provided with the 1099B form that lists all sale transactions for the tax year including the related short and long-term gains and losses.

The Gain/Loss report includes the number of units sold, date acquired, date sold, long-term proceeds, short-term proceeds, actual cost per share, actual long-term/short-term gain/loss, and for mutual funds, the average cost and average long-term/short-term gain/loss by asset.

This report is available online in a PDF and starting with the 2009 tax season, will be available in a CSV file format.

Federal and State Withholding Services

Trust provides both federal and state tax withholding services for both one-time and systematic distributions.

Historical Tax Reporting Integration

Trust will take historical cost basis information from a previous custodian, if provided, and integrate it to insure accurate tax reporting. This information can be provided upfront or anytime after the transfer is complete but prior to the first tax year-end.

Internal Tax Development and Processing

Trust provides all tax reporting needs using internal resources. This allows us to make sure our tax form programs are up-to-date with the latest regulations and that these updates occur in a timely manner.

Since tax processing is build into the Trust platform, we have greater control over the accuracy of the data because there is no reconciliation with a third-party tax reporting company. What you see online and in our statements is exactly what is reported to your clients.

This also means that when you have questions about the transactions included in a particular tax form, you can go online and view them. And if adjustments are needed, your relationship manager has direct access to the people who can make the necessary adjustments quickly and accurately.

Available Tax Forms

For taxable account types, Trust provides the following:

  • Form 1099-B – Reports all gross proceeds from taxable account types by trade date less commissions. Also reports redemptions, mergers, and cash-in-lieu of fractional share payments
  • Supplemental Gain/Loss Report – Provides the cost basis information needed for a client to report the gains/losses from the sales of assets
  • Form 1099-DIV – Reports dividends, capital gains and foreign taxes paid in taxable account types
  • The 1099-DIV Supplemental Report – Shows by asset how much is attributable to each corresponding box on the Form 1099-DIV
  • Form 1099-INT – Reports interest received in a taxable account type
  • The 1099-INT Supplemental Report – Shows by asset how much is attributable to each corresponding box for the Form 1099-INT
  • Form 1099-OID – Reports the accrual amount of Original Issue Discount debt instruments required by the IRS (There is no supplemental report with this form)

For retirement account types, Trust provides the following:

  • Form 1099-R – Reports on various distribution types from a retirement account
  • Form 5498 – Reports contributions made to a Traditional, Roth, SEP-IRA, or SIMPLE IRA

Standard Reports

Tax Management Reports
1099 Detail Report Reports on 1099I and 1099D detail for tax reportable accounts
Gain/Loss Report Reports on account(s) gain/loss amounts for 1099B reportable events