TAX TIME 2025 – What you need to know 

As 2025 begins, we want to share information as you prepare for the upcoming tax season. 

As a Griffin Black client, 2024 was a different year with the conversion of some of your accounts to Altruist. If you converted to Altruist from Shareholders Service Group / Pershing in 2024, you will receive two consolidated 1099 forms for tax reporting: 

  • From Pershing: Covers reportable activity on Pershing brokerage accounts from January 1 through your conversion to Altruist (pre conversion). 
  • From Altruist: Covers reportable activity on Altruist brokerage accounts from your conversion to Altruist through December 31, 2024 (post-conversion). 

Please ensure you use both 1099s when filing your taxes.

ALTRUIST

You can easily access your tax forms by navigating to Documents in your Altruist Client Portal. Within the documents table, you can use the Tax Documents Type filter to easily locate all your forms. 

1099-Consolidated tax forms (including 1099-DIV, 1099-B, 1099-INT, 1099-OID, and 1099-MISC) will be issued from Altruist in two phases based on the complexity of your financial portfolio. The first wave will be available on January 31, with the final wave issued by February 28. 

If corrections are needed, scheduled correction runs will begin March 1 and occur bi-weekly as necessary. These corrections may impact your tax filing and deadlines, so please keep this in mind. 

Date
ALTRUIST
January 31
Consolidated 1099 (Wave 1) Simple dividends, interest, sales, and miscellaneous income. 1099-R Distributions of $10 or more from: profit-sharing or retirement plans, IRAs, annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, charitable gift annuities, etc.
February 28
Consolidated 1099 (Wave 2) Complex dividends, interest, sales, miscellaneous income, income reallocation, and Unit Investment Trusts (UIT).
March – April
Corrected Consolidated 1099s Corrected forms may be issued for various reasons, such as reallocations of dividend or interest payments by security issuers, updates to cost basis information, or adjustments due to wash sales. These amendments are marked with the letter “C” on the form.
May 31
Form 5498 Details IRA contributions, required minimum distributions (RMDs), Roth IRA conversions, rollovers, and the fair market value (FMV) of IRA accounts.
April 1
Form 2439 Provide shareholders of a regulated investment company (RIC) or a real estate investment trust (REIT) the amount of undistributed long-term capital gains.
January – March 15
Form 592-B (California) 7% California state tax withholding on sales transactions, dividends, and interest.
Schedule K-1/Form 1065 Partner’s Share of Income, Deductions, Credits, etc. Distributions from partnership securities and other items being passed through to the partners (holders of the security) The partnership admin should mail the K-1 by March 15th, unless the Partnership filed an extension. Client proceeds from the sale of units in their accounts will be reported on their 1099-B section of their consolidated 1099. Altruist DOES NOT generate this form, but clients may receive from partnership investments.

PERSHING

Pershing’s NetXInvestor is the hub where you will find your tax documents. Additionally, you can also access the Pershing tax documents via your INVESTMENT PORTAL. 

Of note: The overall schedule of delivery of tax reports is based on the specific holdings in an account. 

On your Investment Portal, you can view the tax documents via the Documents> Vault> Pershing – Tax Documents tab. Alternately, on NetXInvestor, do navigate to the E-Document Suite under the Tax Documents section, you will see many of the 1099(DRAFT not FINALS). As issuers make final distribution information available, the final tax documents will be delivered to clients via e-delivery or paper depending on the choices made earlier in the year. 

Date
PERSHING
January 31
PHASE 1: Form 1099 statements will be available online and also mailed for accounts with holdings and income that typically do not require reclassification or additional information from issuers. Generally, this includes accounts holding stocks, bonds and options.
February 7
PHASE 2: This group includes accounts that hold mutual funds, real estate investment trusts (REITs) and certain equities for which issuers have finalized any income reclassifications and Pershing has completed processing. This is also the date for revision 1099s, as required, for Phase One
February 14
PHASE 3: This group includes accounts that hold mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities. Pending 1099 Notices will be mailed for accounts where we are awaiting data from issuers or in cases where we have not completed processing and review of all the new information. The notice will list investments that are awaiting information from issuers or trustees or final review and will indicate the possible mail date of the 1099. If clients received Form 1099, they will not be sent this notice. February 14th is also the date for revision reports for Form 1099s originally included in Phase One, if necessary.
February 21 – March 7
PHASE 4: Form 1099 statements will be available for accounts for which we can now include information that was previously pending income reclassifications from issuers of mutual funds, REITs and certain equities, because the issuer or trustee has provided final tax information. Generally, this includes remaining mutual funds, REITs and certain equities.
March 14th
PHASE 5: Form 1099 statements will be available for all remaining accounts, regardless of whether pending income reclassifications for the account’s income have been received from issuers. Generally, this includes accounts holding complex non-equity securities, such as real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs) and some UITs. March 14th is also the date for revision reports for Form 1099s originally included in all previous phases, as required.

Tax Documents – 1099s

There are several different kinds of 1099-type documents: ‘regular’ 1099s, 1099-Q, 1099-R, etc. Each of them reports different information, but you should find only one 1099 for each investment account that has something to report. For example:

  • Interest income, dividend & interest income, and capital gains & losses. The Tax Information Statement (Form 1099, including 1099-B, 1099-DIV, 1099-INT, 1099-OID) details capital gains & losses, interest & dividends for each of your taxable accounts.
  • Interest paid on margin accounts. You’ll also find this information in the Tax Information Statement (Form 1099) for each applicable taxable account.
  • Distributions from retirement plans. If a distribution was made from a retirement account, you will receive a Retirement Account Tax Statement (Form 1099-R) for that account.
  • Rollover from one retirement plan to another. If a rollover was made from a retirement account, you will receive a Form 1099-R with a code G in Box 7
  • Distribution from an education savings account or 529 plan. If a distribution was made from an education savings account, you will receive an Education Account Tax Information Statement (Form 1099-Q) for that account.

Account Statements

  • IRA contributions and Roth IRA contributions. For your contributions to an IRA or Roth IRA, if made in the same tax year, they can be found in your end of year Account Statement from Altruist (i.e. December) and your final Account Statement from Pershing (e.g. October or November when the conversion took place).

What can we help you find?

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Griffin Black Portal

  • Investment Reporting
  • Meeting Notes
  • Account Statements
  • Single Signon to eMoney
  • Billing Statements
  • Document Sharing
  • Tax Statements (1099s, etc)
Logo of Altruist with two overlapping green circles on the left and the word "Altruist" in black text on the right.

Altruist®

  • e-Delivery – Going Paperless​
  • Tax Documents (1099, 1099R, etc.)
  • ​Account Statements
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emX / eMoney

  • Financial Planning Tool
  • Account Aggregator
  • Budget & Spending
Logo of NetXInvestor featuring the text "NETX" in gray and "INVESTOR" in orange, with a stylized arch above the text.

NetXInvestor®

  • e-Delivery – Going Paperless
  • Tax Documents (1099, 1099R, etc.)
  • Account Statements
  • Pershing Communications