Tax Information Center
2023 Baird Tax Document Mailing Schedule
Baird will issue tax documents by the mailing dates shown below based on the account type and activity, as applicable.1
Consolidated 1099 (1099-DIV, 1099-INT, 1099-OID, 1099-B and 1099-MISC) for reportable (i.e., taxable) accounts are processed three waves to reduce the need to send corrected tax documents. A message on the cover page of the Consolidated 1099 may indicate that an account(s) in your household will receive a Consolidated 1099 in a later wave. You may want to wait to file your income tax return(s) until all Consolidated 1099s have been received.
Tax Document |
Sent By |
Description |
| FORM 1099-R | January 31 | Distributions from retirement accounts (e.g., IRAs). |
| FORM 1099-Q | January 31 | Payments from Qualified Education Programs (e.g., 529 college savings plans and/or Coverdell education savings accounts). |
| FORM 5498 | January 31 |
IRA year-end fair market value (FMV), total contributions and the required minimum distribution (RMD) for tax year 2024, as applicable. |
| May 31 | Any contributions for 2023 made in 2024 will be reported with an updated/ corrected 5498. | |
| CONSOLIDATED 1099 WAVE I | February 15 | Accounts holding securities (e.g., equities, many types of bonds) that do not require year-end tax information adjustments or income reclassifications, or early reporting mutual funds. We anticipate most Consolidated 1099s will be sent by this date. |
|
FORM 1097-BTC |
February 15 | Bond tax credit distribution. |
| CONSOLIDATED 1099 WAVE II | March 12 | Accounts holding securities (e.g., exchange-traded funds, mutual funds, real estate investment trusts, unit investment trusts and widely held fixed investment trusts (WHFITs)) that require year-end tax information adjustments or income reclassifications. |
| CONSOLIDATED 1099 WAVE III | March 152 | All accounts not included in Wave I or Wave II. Accounts holding real estate mortgage investment conduits (REMICs) or securities that have late reporting adjustments or income reclassifications. |
| FORM 1042-S | March 15 | U.S.-sourced income for foreign person. |
| FORM 2439 | April 1 | Undistributed long-term capital gains to shareholders of a regulated investment company (RIC) or real estate investment trust (REIT). |
| FORM 5498-ESA | April 30 | Coverdell education savings account (ESA) contributions and rollovers. |
1Applicable tax documents will be mailed via the United States Postal Service (USPS) or delivered electronically depending on your chosen delivery preferences.
2March 1 and 15 mailing dates are based on a 30-day extension granted by the IRS to reduce the number of corrected Consolidated 1099s received by clients.
Please contact your Baird Financial Advisor with any questions about your Baird tax documents.
Additional Information
About the Consolidated 1099
The date you receive your Consolidated 1099 depends on the holdings in your account. Deadlines have been extended into 2024 for many investment products providing post year-end tax adjustments to Baird. This may include debt instruments, exchange-traded funds, mutual funds, and unit investment trusts. As always, Baird will send tax documents as soon as year-end tax information adjustments have been processed.
Most Consolidated 1099s will be available on or before February 15 (referred to as Wave I). Certain Consolidated 1099s will not be available in Wave I if Baird has not received year-end tax information adjustments prior to the processing deadline.
Consolidated 1099s not in Wave I will be in Wave II if year-end tax information adjustments have been received and processed prior to the Wave II deadline of March 1.
All remaining Consolidated 1099s will be in Wave III by March 15. Accounts holding Real Estate Mortgage Investment Conduits (REMICs) or securities that have late reporting adjustments will receive a Consolidated 1099 in Wave III.
Will I Receive a Consolidated 1099?
A Consolidated 1099 will be issued if your taxable account meets or exceeds any of the IRS minimum thresholds as follows: (a) $10 or more of dividends, capital gain distributions, nondividend distributions, corporate interest, treasury interest, tax-exempt interest/dividends, original issue discount, treasury original issue discount, market discount or substitute payments, (b) $600 or more of any cash liquidation distributions, royalty distributions or other income distributions, (c) at least one gross proceeds transaction, (d) any federal backup withholding, (e) any state withholding, or (f ) any foreign tax paid.
Consolidated 1099 Corrections
The Internal Revenue Code provides for a safe harbor related to the obligation to issue corrected tax reporting information if such documents contain an error related to an incorrect dollar amount that is no greater than $100 ($25 for withholding) (de minimis errors). Baird will not issue a corrected Consolidated 1099 if the document contains de minimis errors. Clients may opt out of this safe harbor by contacting their Baird Financial Advisor.
Convenient Access to Your Tax Documents
Baird offers several options to access your tax documents including:
- Baird Online – A PDF copy of each of your tax documents will be available on Baird Online before your copies are received in the mail.
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- TurboTax® – You can download the Consolidated 1099, REMIC/WHFIT Tax Statement and/or Form 1099-R directly into TurboTax®.
- CSV File – You or your tax preparer can download the Consolidated 1099 into a CSV (comma-separated value) The CSV file can then be electronically transferred into most professional tax accounting software.
Cost Basis Legislation - What You Should Know
Cost Basis Legislation that began in 2011 requires Baird to report adjusted cost basis to the IRS on Form 1099-B (Gross Proceeds) when Covered securities are sold, redeemed or exchanged in taxable (i.e., reportable) accounts. Cost basis and the applicable adjustments are an important part of accurately reporting capital gains and losses when filing income tax returns because they directly impact your taxable income. Your income tax return(s) must reflect the amounts Baird reports on your tax documents since the IRS will compare your income tax return to what is reported by Baird. If adjustments to the amounts reported by Baird are necessary, refer to IRS Instructions for Form 8949. You should also reconcile any differences and maintain supporting documentation accordingly.1 Please refer to "Cost Basis Legislation – What You Should Know" for additional information.
1There may be instances when the information you report to the IRS differs from the information reported by Baird. You must be familiar with tax return reporting rules and be able to verify the differences. Wash sales are an example of a transaction that may cause differences between information reported to the IRS by Baird. You are not allowed to claim losses when reporting wash sales, though the disallowed amount must be reported to the IRS. Baird will identify wash sales within a given account, but it is your responsibility to identify wash sales that are a result of trades across different accounts at Baird or other financial institutions where you hold accounts. All gains from wash sales are also reported to the IRS.
