It’s Tax Time
Tax time is here, and everyone is so happy about it. Said no one ever and especially not this year. There has been a fair amount of chaos surrounding 1099’s from Schwab and Ameritrade. It should be easier than this, but at this point, we are all for just getting through it! This should be much cleaner for 2024.
Easier part first:
If you took a RMD in 2023, your 1099R will be issued by either Ameritrade or Schwab – depending on where the account was custodied when the RMD was done. If you took RMD’s from both Schwab and Ameritrade accounts, you should receive a 1099R from each.
There is no such thing as a combined Ameritrade and Schwab 1099 for a taxable account. If you had a taxable account (individual, joint, trust etc) at both Schwab and Ameritrade in 2023, you get a 1099 from both Schwab and Ameritrade, as long as there was at least $10 in dividends paid.
As always, if you have an IRA but are not taking RMD’s, you will get no 1099 for that account.
Now for the tricky part:
These forms should be mailed to you as always, but this has been spotty so far. We do not have ours via US Mail yet.
If we moved your taxable account or IRA prior to the Labor Day automatic rollover, your Ameritrade 1099 may or may not be available on your Schwab Alliance account, despite what Schwab is saying. It should be mailed to you and/or we can get it for you.
If your taxable account or IRA account was moved over Labor Day, your Ameritrade 1099 should be available on your Schwab Alliance account, along with your Schwab 1099 or 1099R.
There is still one more Ameritrade 1099 batch to be produced. This is scheduled to happen by 02.29.
We are happy to help with anything you need. We can access all of the old Ameritrade accounts and statements so don’t hesitate to tell us what you need.
And while you are on Schwab Alliance, have a look at your document delivery preferences. Now is the time to get those updated to reflect how you want to receive statements and tax forms in the future. Your Ameritrade preferences were supposed to have been carried forward, but that has not consistently occurred. As always, we can also reset these preferences for you if you confirm what you would like to have happen.
Enough already!