We will amend and re-issue Form 1099 if a dividend is reclassified or reported as an ordinary dividend and later reclassified by the issuer as a capital gain or qualified dividend. The tax character of the dividend indicates whether the dividend is from taxable or tax-exempt income or is a short-term or long-term gain. You will receive an email notification if there has been a change to Form 1099, and an amended form will be posted in Client Portal and resubmitted to the IRS. Consult your tax advisor for further guidance.
In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.