Client Friendly Reminders

How to Check Your Credit Report and What to Do if You See Something Unusual

Contributed by: Melissa Parkins Melissa Parkins

Back in April of this year, my husband and I finally decided we had waited long enough to refinance our mortgage. We contacted our lender, and he sent us a proposal that would allow us to drop our interest rate 0.625%. We were very pleased and agreed to move forward right away. Much to our dismay, our lender called the next day to inform us that our credit score had significantly dropped (100 points in 12 months!) and he wouldn't be able to get us approved for a rate any better than what we have now. He sent us our credit report that he had pulled, and we found a fraudulent claim showing a past due account balance on a PayPal credit card – which we do not have! He advised us to contact the credit reporting company that was showing this fraudulent claim. When we did, we found out that it was opened using my husband's name and social security number, but someone else's address living in New York! Neither of us has even been to New York! If you find yourself in my shoes, here’s what to do:

Tips for checking your credit report

1.    Visit annualcreditreport.com to request your free credit report from your choice of 3 different agencies: Equifax, Experian, and TransUnion. Utilize all three. You are entitled to a free report from each of the three companies every 12 months.

2.    Set a reminder to pull your report with each agency annually. Stagger each of the 3 reminders, so you can check your full report once every 4 months to keep a closer eye on it.

3.    Review all information, including the basics like addresses, phones numbers, employers, etc. looking for any errors or discrepancies.

4.    Make sure you recognize all accounts, loans, credit cards, etc. on your report.

Fixing or disputing errors

First, contact the credit reporting companies directly and let them know what information you believe is not correct. You may be asked to provide supporting documentation as to why you are disputing the claim as fraud. In some instances (like ours) it may be hard if not impossible to do. What documentation do we have to show we never opened a PayPal credit card?!

Second, contact the fraud/security department at the company that provided the fraudulent information to the credit reporting company. We had to get in touch with PayPal. They will send their dispute paperwork that you will need to submit with any supporting documentation. Make sure you provide them in writing that the account was opened or charged without your knowledge, explain why you are disputing the information, and that you are requesting it be removed or corrected. Keep a paper trail for yourself as well.

Another question to verify is if the debt has been sold to a collections agency or not. If it has, make sure they will be notifying the collections agency that the debit is being disputed. And brace yourself! It could be a 90-day review process (or more!) before anything gets resolved. Set a reminder to follow up if you have not heard anything within the given timeframe. Once you have received a confirmation letter that the fraudulent claim has been discharged, make sure they have also closed the account in your name.

About 60 days after we submitted our dispute paperwork to PayPal, we received a much welcomed letter in the mail saying our request was granted and the fraudulent debt would be removed from our credit report! After having to learn the hard way, we will be monitoring our credit reports unfailingly every 4 months. Hopefully regularly monitoring of your credit report will save you from the time and frustration it took us to fix the error on our credit report!

Melissa Parkins is a Registered Client Service Associate at Center for Financial Planning, Inc. Melissa is a contributor to the firm’s blogs.


This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Melissa Parkins and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Raymond James is not affiliated with and does not endorse the opinions or services of Equifax, Experian, or Transunion. You should discuss any legal matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

Tis the Season: Tax Season

Contributed by: Matt Trujillo, CFP® Matt Trujillo

It’s that time of year again!  The time to file your state and federal tax returns. Please remember to send us a copy of the return as soon as it’s available, or make sure we have your written authorization to allow your tax preparer to forward us a copy on your behalf. Having access to timely and updated tax information is critical for giving good advice as well as making long term investment decisions. If you should have any questions please contact our Associate Financial Planner, Matt Trujillo,CFP® at Matt.Trujillo@centerfinplan.com

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

Important Information for Tax Season 2014

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As you prepare for the 2014 tax season, here is some information that you may find beneficial.

Our team is available to assist you with your tax reporting needs. Please don’t hesitate to reach out with questions. We are also happy to coordinate with your CPA or tax preparer on your behalf if you make this request.

2014 Raymond James Form 1099 mailing schedule

  • 2/17- Mailing of original Form 1099s
  • 3/2 - Begin mailing delayed and amended Form 1099s
  • 3/16 - Final mailing of any remaining delayed original Form 1099s

Please note the exceptions immediately below:

Delayed Form 1099s

In an effort to capture delayed data on original Form 1099s, the IRS allows us to extend the mailing date until March 16, 2014 for clients who hold particular investments or who have had specific taxable events occur. Examples of delayed information include:

  • Income reallocation related to mutual funds, real estate investment, unit investment, grantor and royalty trusts; as well as holding company depositary receipts
  • Processing of Original Issue Discount and Mortgage Backed bonds
  • Cost basis adjustments

Amended Form 1099s

Even after delaying your Form 1099, please be aware that adjustments to your Form 1099 are still possible. Raymond James is required by the IRS to produce an amended Form 1099 if notice of such an adjustment is received after the original Form 1099 has been produced. There is no cutoff or deadline for amended Form 1099 statements. The following are some examples of reasons for amended Form 1099s:

  • Income reallocation
  • Adjustments to cost basis (due to the Economic Stabilization Act of 2008)
  • Changes made by mutual fund companies related to foreign withholding
  • Tax-exempt payments subject to alternative minimum tax
  • Any portion of distributions derived from U.S. Treasury obligations

What can you do?

You should consider talking to your tax advisor about whether it makes sense to file an extension with the IRS to give you additional time to file your tax return, particularly if you held any of the aforementioned securities during 2014.

If you receive an amended Form 1099 after you have already filed your tax return, you should consult with your tax advisor about the requirements to re-file based on your individual tax circumstances.

Additional information can be found at http://www.raymondjames.com/taxreporting.htm.

We hope you find this additional information helpful. Please call us if you have any questions or concerns during tax season.

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

New Paperless Tax Reports for Raymond James Investor Access Users

 If you have elected to receive your account documents online through Raymond James Investor Access, we are happy to report that for the 2014 tax year, your tax reports will be available electronically. Tax reports that may be delivered online include: IRS Composite Form (1099-B, -DIV, -INT, -MISC, and IRS Forms 1099–R and 5498.

How to Sign Up

Previously, year-end tax reports were delivered by regular mail only. To receive your 1099 and other tax reports electronically, you will need to sign up. Just Log in to Investor Access and click on the Quick Link for Document Delivery Options. This is where you can make the election to receive your tax documents online. When a new tax document becomes available, you will receive email notification.

Anytime Access

Like documents you already receive online, you will be able to simply log in to Investor Access and go to the Documents page to view your tax reports.

New Quicken Features for Raymond James Investor Access Users

 If you use Quicken software for Windows or Mac, recent updates to the Raymond James system will help by providing you easier access to your account(s). Quicken Direct Connect is now available to all clients enrolled in Investor Access who use Quicken software for budgeting and money management. Direct Connect communicates directly with a client’s Investor Access account(s), allowing you to update your Investor Access account data directly within Quicken.

Previously, Raymond James offered Quicken Web Connect to Windows users only. Web Connect requires clients to manually log in to Investor Access and take action to update their account information in Quicken. Now, Mac users may also use Quicken Web Connect.

System Requirements

Raymond James supports the following Quicken® products for both Web Connect and Direct Connect:

  • Quicken® for Windows – the most current version of Quicken® and the two prior versions
  • Quicken® for Mac – Quicken® Essentials for Mac 2010; Quicken® 2007 for Mac using OSX 10.7 or later

Accessing Direct Connect

Current Raymond James Web Connect Users:

You now have access to Quicken Direct Connect but must upgrade your existing account(s) in Quicken to use Direct Connect. You should have received an alert in Investor Access regarding the upgrade requirements. 

New Raymond James Direct Connect Users:

If you have not used Raymond James Quicken Web Connect downloads, you can begin using Quicken Direct Connect by logging into Quicken. You can access the Quicken® Download page in Investor Access by clicking Account Services, Client Tools, and then clicking the Quicken® Downloads link.


 

Save Trees & Save Some Green!

 Go Paperless by April 30th and receive a one-time $50 fee waiver*

We invite you to stop receiving paper statements, trade confirmations and shareholder communications by mail and instead opt for electronic delivery via Investor Access, a free service exclusively for Raymond James clients.

Just imagine - no more rummaging through overstuffed filing cabinets, dusty shoeboxes, cluttered in-boxes or wherever you stow your statements. Online, they're always easier to find. And if you need them on paper, just print them on demand.

Here are some additional benefits to Investor Access:

  • Your portfolio is continuously updated throughout the day
  • View your accounts at any time
  • See cost basis information and recent transactions
  • See upcoming activity such as dividend payments
  • Read relevant news about your investments
  • Access Raymond James' award-winning equity research

Investor Access uses many different measures to protect your information, including password protection and encryption. Sound good? Here's how to think outside the envelope and go paperless. Sign up by visiting raymondjames.com/investoraccess and click on Enroll in Investor Access in the left-hand column. You'll need your account number to get started and will be prompted to select your document delivery preferences during the enrollment process.

If you already use Investor Access to access your accounts online, log in and go to Account Services > Client Tools > Account Name and Document Delivery Tab (first one that displays). Choose "I want to receive all of my documents online only to update your preferences.

Please contact your favorite Center Client Service associate with any questions you may have.


*Subject to offer terms and conditions: http://www.raymondjames.com/investoraccess/enhancements/terms_conditions.htm C14-005361

Prepping for Tax Time

 As you prepare your 2013 taxes, here is some information you may find beneficial.

The Center’s Commitment to You

At The Center, our goal is to provide exceptional service and meet your needs as efficiently and effectively as possible. We offer the following commitments and services related to the tax season:

  • Consistent communication about timelines for tax document receipt as that information is available.
  • Assistance in understanding your tax-related questions and coordination of information such as cost basis.
  • Coordination and communication with CPA’s and tax preparers upon your request. We’ve find that sharing and collaborating with your other trusted advisors can have substantial benefit to you.
  • Financial planning and investment management integrated with perspective on tax consequences. If you would like to review or discuss our approach to taxes as it relates to your personal situation, please let us know!
  • 2013 Year-End Tax-Planning Letter

As you complete your taxes for this year, a copy of your tax return is one of the most powerful financial planning information tools we have. Whenever possible, we request that you send a copy of your return upon filing to your financial planner, support planner, or client service manager at the time of filing. Thank you for your assistance in providing this information which enhances our services to you.

IRS Filing Dates

For Tax Season 2013, due to the government shutdown in 2013, the IRS will not start accepting and processing returns until somewhere between Jan. 28 and Feb. 4. This is approximately two weeks later than the standard start date.

Raymond James Tax Reporting.

For the most up to date information on the 2013 Tax Season & Raymond James, visit their tax resource page.

Many 1099’s will be delayed so as to ensure accuracy and reduce the potential for amended 1099’s.

2013 Form 1099 Mailing Schedule

  • February 14 – Raymond James begins mailing “basic” or fully reallocated 1099s
  • February 28 – Second round of original 1099s and first round of amended1099s are mailed

To reduce the number of delayed tax forms due to income reallocation, Raymond James will be utilizing February 15th as its deadline for mailing our first round of original 1099s. This additional time will allow Raymond James to capture further income reallocation and produce additional tax forms that would otherwise been delayed until the 2/28 mailing. 2/15 also aligns with the regulatory IRS mailing date.

Electronic Access to Tax Documents through Investor Access

You can view your tax reports, along with statements for all of 2013, by accessing your account online through Investor Access: raymondjames.com/investoraccess.

These documents are available in Adobe PDF format, so you are able to print or save them to your own computer. They will be archived in Investor Access for 20 years.

TurboTax users click here for information on importing tax data

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. You should discuss any tax or legal matters with the appropriate professional.

Melissa Joy, CFP®is Partner and Director of Investments at Center for Financial Planning, Inc. In 2011 and 2012, Melissa was honored by Financial Advisor magazine in the inaugural Research All Star List. In addition to her frequent contributions to Money Centered blogs, she writes frequent investment updates at The Center and is regularly quoted in national media publications including The Chicago Tribune, Investment News, and Morningstar Advisor.


Financial Advisor magazine's inaugural Research All Star List is based on job function of the person evaluated, fund selections and evaluation process used, study of rejected fund examples, and evaluation of challenges faced in the job and actions taken to overcome those challenges. Evaluations are independently conducted by Financial Advisor Magazine. A14-001496