Frequently asked questions

You can access up to seven years of tax documents online and in the mobile app. Here's how:

1. Log in to the Wells Fargo Mobile App
2. Tap on Menu and then Statements & Documents.
3. In the Investing section, tap on Statements & Documents.
4. Choose your Account and Tax Documents/1099s as the Document Type and Tax Year.

1. Log in to WellsFargo.com
2. Choose your investment account
3. Click on “Portfolio” and then “Statements & Docs”
4. Choose your Account and Tax Documents/1099s as the Document Type and Tax Year

If you have signed up for online access, you can view and download the exact same documents in PDF format online.

You can change your preferences online and in the mobile app. Here’s how:

1. Sign on to your account.
2. Click Customer Service and then Document Delivery Preferences.

1. Select your investment account.
2. From the main menu, select Statements & Documents.
3. Navigate to “Delivery Preferences”.

You will get a paper tax document in the mail. If you have an active account with online access, you can also access it online and print it out, but you won’t be able to upload it to Turbo Tax or Excel.

If you opted for eDelivery, you’ll get an email when your documents are ready. The online documents are the same as the paper versions, but in PDF format.

If you haven’t opted for eDelivery, you’ll get paper documents in the mail. Please allow 7-10 business days for USPS delivery. While you’re waiting, you can view them online.

Tax packages are sent as soon as they are ready, and some are ready before others. For example, tax documents for retirement accounts are available before Consolidated 1099s, and Consolidated 1099s have two different mailing groups based on issuers and holdings.

If you have several investment accounts, you will get a 1099 for each account, and they may arrive on different dates. Tax documents for retirement accounts are available before Consolidated 1099s, and Consolidated 1099s have two different mailing groups based on issuers and holdings.

Yes, they are different. Your Annual Summary is an online-only document, generated for Brokerage Cash Services accounts. It is purely informational and includes non-reportable account activity such as VISA and checking transactions, deposits, withdrawals, and quarterly fees. It is not a substitute for a tax document and is not provided to the IRS.

1099 tax documents (including the 1099 Consolidated form and 1099-R) are provided to the IRS. These are the documents you use when filing your taxes.

Mailing schedule

• Earned $10.00 or more in interest, dividends, and/or had proceeds from a sale
• Had IRA distributions, withholdings, or an indirect rollover
• Made an IRA Contribution

• Earned less than $10 in interest, dividends, and had no proceeds from a sale
• Had no IRA distributions, withholdings, or rollovers
• Did not make an IRA Contributions

Understanding your documents

Some tax documents are available earlier than others, for example retirement and education savings account documents. Also, Consolidated 1099s are categorized into mailing groups based on account holdings and possible reclassification of distributions. If you have multiple types of accounts with us, you can expect more than one tax packet, and they may arrive at different times.

Issuing companies and trustees sometimes don’t provide the information we need to complete your Consolidated 1099 in time for the February 15 mailing deadline. The “not final” note means that issuing companies are likely to provide updated information for one or more securities. Once we have this information, we will send you an Amended Consolidated Form 1099.

If you have investments in one of the following, you will most likely receive an Amended Form 1099.

• A mutual fund with real estate investment trusts (REITs), foreign securities or municipal bonds that may be subject to alternative minimum tax (AMT)
• A real estate investment trust (REIT)
• A unit investment trust (UIT)
• A security organized as a grantor trust
• A foreign company
• A U.S. company with a fiscal year ending after December 31

An amended 1099 is a correction or update to the original 1099 you received. Amended 1099s will be sent if your original 1099 was marked “not final��. If you’ve opted for eDelivery of your tax documents, we’ll notify you via email. If not, you will get a letter in the mail. Your financial advisor may notify you as well.

Cost basis is the price you paid for your securities (including any additional costs such as commissions, fees, or expenses incurred during the purchase), minus any adjustments such as for return of capital distributions by the issuer of that security.

A tax lot is a group of taxable investments purchased or inherited at the same time for the same cost. Each tax lot has its own cost basis, holding period, and potential capital gains or losses. They make it easy for shareholders to specify what shares to sell when to possibly gain a tax advantage.

A tax lot relief method is a system that determines which tax lot will be sold when an investor chooses to sell a portion of their holdings, but does not specifically specify which securities to sell.

If you haven’t chosen a tax lot relief method at account opening, we will use the First In, First Out (FIFO) default tax-lot relief method, meaning, the assets that were acquired first will be sold first.

Wells Fargo Advisors offer the following tax lot relief methods:

1. FIFO (First In First Out)
2. LIFO (Last In First Out)
3. HIFO (Highest In First Out)
4. LOFO (Lowest Cost First Out)
5. HCST (Highest Cost Short Term)
6. HCLT (Highest Cost Long Term)
7. LCLT (Lowest Cost Long Term)

A wash sale is when an investor sells a security at a loss and then repurchases an almost identical security within 30 days before or after the sale. If a sale is determined a wash sale, the loss from the sale will be added to the cost basis of the repurchased security. This prevents investors from generating artificial deductible losses for tax benefits.

NOTE: Brokers are not required to identify a “wash sale” in all situations or across all accounts. Pursuant to federal tax regulations that apply only to Form 1099-B reporting, a “wash sale” applies only to the same security with the same CUSIP number or similar identifying number.

You should get this document from the partnership before March 15. If you haven’t received it by then, visit www.taxpackagesupport.com or www.partnerdatalink.com to get a copy. We do not provide a K-1.

The IRS requires us to report qualified charitable distributions as normal distributions on form 1099-R. Refer to IRS Form 1040 instructions for details on how to report a QCD on your tax return.

Filing your taxes

You may need to refile using your new document(s). We suggest that you discuss your tax advisor. Remember, Wells Fargo is not responsible for any refiling costs

If you have online access, you can import your 1099s into Turbo Tax ® starting February 15. Remember to verify all information against your original documents.

1. Open TurboTax® 2023
2. Create a new Tax Return file "File > New Tax Return" (or open an existing 2023 return in process)
3. Click on "File > Import > From Financial Institution" Select the desired Financial Institution from the drop-down menu (Wells Fargo Clearing Services, LLC) and click on the “Continue” button
4. Sign on to Wells Fargo Advisors. Type Username and Password and click “Continue.”
5. Import Data - All available accounts and forms should be displayed. TurboTax will display Wells Fargo Advisors/Wells Fargo Clearing Services, LLC tax information by account number. The 1099 information for the selected account(s) will then be imported into TurboTax. Click on “Import Now”
6. Verify imported data. For the Form View click on “Forms” in the top right corner. Click on “Form names” in the left panel to view the details of forms.
   

Form 5498 reports contributions, rollovers, and the year-end fair market value of your IRA account(s). You may get two forms, one in your December statement and a final version by May 31, 2024. The May (final version) includes any prior year IRA contributions you make before the April 15, 2024, deadline.

The IRS offers a secure service called Direct Pay, which you can use to make payments from your Brokerage Cash Services account. Learn more.

The IRS provides an option to have your tax refund deposited directly into one of your accounts (usually a checking account). To have the refund deposited to your WFA Brokerage Cash account, provide the Brokerage Cash account number and routing number when filing using tax software (you can find these numbers on the Account Summary details, under your Brokerage Cash account). Or provide the routing number and BCS account number to your tax preparer. Learn more.

You can always reach out to your tax advisor for questions, but they need all your tax documents to file your taxes.

1. Set up a username and password.
2. Wait for an email invitation with instructions from your CPA.
3. Access the secure website and sign in using the last 4 digits of your SSN and 5-digit ZIP code.
4. Enter login info for the Access Online website and submit a download request.

Your Tax Advisor or CPA will be able to view and download your information without seeing your username or password.

If you have online access, you can download a PDF of your tax document, print it out, and give it to your tax advisor.

Retirement (IRA) accounts

An RMD is the minimum amount you must withdraw from your retirement account(s) each year once you reach a specific age. An IRA owner must take the RMD for their first distribution by no later than their required beginning date. Their required beginning date is April 1st of the calendar year following their first distribution year. All subsequent years’ RMDs must be taken on or before December 31st of the distribution year. Note that Roth IRAs are not required to take an RMD. Learn more about RMD.

The deadline to contribute to a Traditional or Roth IRA is the filing deadline for your Form 1040, which is either April 15th, or the first business day thereafter. The deadline to contribute to a SEP or SIMPLE IRA is normally the clients filing deadline (including extensions), which is normally October 15th, or the first business day thereafter. Note that SEP and SIMPLE IRA contributions are reported on the Form 5498 in the year made and not the applicable year.

If you recharacterized a contribution in 2023, the fair market value of the amount transferred will be reported in Box 1 of your Form 1099-R. The distribution code in Box 7 will show whether the original contribution was in the same year or a prior year. Please see the instructions for IRS Form 8606 or consult your tax advisor for details on reporting.

Withdraw the excess contribution and any earnings within six months of your tax return due date. For most people, this is October 15. You should consult a tax advisor for additional guidance.

I rolled over a distribution from my IRA or other qualified retirement plan to another eligible retirement plan. Why did I receive Form 1099-R showing the distribution as taxable?

If you made an indirect rollover (you received a check for your distribution and deposited it within the 60-day limit), the indirect rollover is reported in two parts. You’ll receive a Form 1099-R from the firm that you rolled funds out of, reporting the distribution. The firm receiving the rollover will send you a Form 5498 to report the deposit. You should consult a tax advisor for additional guidance on how this transaction should be reconciled and reported on your tax return.

If you made a direct electronic transfer (also called a trustee-to-trustee transfer) from one custodian to another without ever taking control of funds or securities from your IRA, the activity is not reported to you on any tax forms. Unlike an indirect rollover, the IRS does not consider a direct electronic transfer to be a distribution, and therefore it is generally not reportable to you or the IRS on Form 1099-R or Form 5498. Generally, you are not required to report a trustee-to-trustee transfer on your income tax return.

Investment and Insurance Products are:

• Not Insured by the FDIC or Any Federal Government Agency
• Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

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Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. WellsTrade ® and Intuitive Investor ® accounts are offered through WFCS.

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