Around this time of year, we’ll receive a few calls and emails about when tax forms for investment and retirement accounts will be ready. You need these Forms 1099 in order to file your taxes.
Charles Schwab serves as the custodian for almost all our client accounts, so you may have received an email from Schwab recently talking about the process for tracking your 1099’s status. The email read in part:
Schwab’s 1099 Dashboard provides a quick, personalized way to view the expected availability dates of 1099 Composite forms for your eligible brokerage account(s) that had taxable activity in 2021. Other tax forms will be listed as they become available. You can also access the 1099 dashboard via the Schwab Mobile App.
When you log into your Schwab account using a computer and the 1099 dashboard link, you will see the following screen.
The 1099 Dashboard includes accounts that have a Form 1099 Composite for your Schwab Brokerage accounts. If available, Schwab will display your 1099-R, 1099-INT, 1099-MISC, 1099-NEC, Form 990-T, and Employer Sponsored Account tax forms (1099-B & 1099-DIV).
A few additional notes about 1099 readiness:
- Forms are typically available by mid-February, but this does depend on the investments held in the account.
- When your account was opened, you selected a delivery method for statements, confirmations, and tax forms. If you selected electronic delivery for these, you won’t receive a mailed copy of Form 1099.
- Diane in our office will upload your 1099 to your P&A Client Portal once it becomes available. So if you don’t want to navigate the Schwab website, you can wait for an email about a document being posted to your P&A Client Portal.
- Schwab has delayed the issuance of 1099s the last few years to avoid the need to send out corrected 1099s. A correction occurs when a fund or investment reclassifies a transaction.
- If you’ll be using tax preparation software for your taxes, your third-party software provider will need access to your account to directly import your 1099 data. To enable access, visit the Security Center of the Schwab website.
Let us know if this spawns any questions or you’d like our help when you’re trying to download your tax forms.
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Pittenger & Anderson, Inc. does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Additionally, the information presented here is not intended to be a recommendation to buy or sell any specific security. To learn more about our firm and investment approach, check out our Form ADV.