It's Tax Time!

Any guesses on the #1 question that the Allied team gets asked this time of year?

If your answer was: “when will my 1099 be available?” you’re correct! (And you probably have the same question).

We wanted to provide a summary of when you can expect to see your Form 1099 and other tax documents generated at Schwab (and at TD Ameritrade for those of you that had accounts converted over to Schwab in 2023).

But first things first…. If you haven’t already signed up for Schwab online access, that is the quickest and easiest way to get immediately notified that your 2023 tax documents are available. Here is a step-by-step guide of getting signed up for Schwab online access and paperless delivery of your tax documents.

For our clients with IRAs:

If you took a distribution in 2023, your form 1099-R will be available in mid-January. Once you receive an email notification from Schwab that it’s available, simply log in to your Schwab account and download the form. (See above). 

If you’ve made, or have yet to make, a contribution for the 2023 tax year, the tax deadline is April 14, 2024. Tax form 5498, which shows that a contribution has been made, will be generated in May 2024 after the tax filing deadline. However, if you need confirmation of your 2023 IRA contribution, please reach out to an Allied team member at (406) 839-2037 and we can help you with that. 

For our clients waiting on 1099’s:

Here is an estimated delivery schedule of when you can expect to see your 1099 generated by Schwab and by TD Ameritrade:

SCHWAB:

The first phase of 1099 Composites are issued in early February 2024, and all remaining 1099s are issued by February 16, 2024. If your portfolio includes mutual funds, it’s likely your form may be issued in mid-February to avoid a potential correction. 

TD AMERITRADE:

The first phase of Consolidated 1099s are issued in mid-January 2024, and all remaining 1099s are issued by February 29, 2024. If your portfolio included mutual funds, it’s likely your form may be issued at the end of February to avoid a potential correction. 

Please keep in mind that if you were part of the TD Ameritrade / Schwab conversion, you will be receiving 2 sets of tax forms from both custodians in 2023. 

If you have questions on your tax form availability, on getting set up with Schwab’s online access, or on paperless delivery for immediate availability notification by email, please reach out to any of our Allied team at (406) 839-2037. Thank you for being the best part of what we do!

Data Source: Charles Schwab

The views expressed in this article represent the opinion of Allied Investment Advisors, a Registered Investment Adviser. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment or services. The information provided herein is obtained from sources believed to be reliable, but no representation or warranty is made as to its accuracy or completeness. Investing in equity securities involves risks, including the potential loss of principal. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Past performance is not indicative of future results. Investments are not a deposit of or guaranteed by a bank or any bank affiliate. Please notify Allied Investment Advisors if there have been any changes to your financial situation or investment objectives or if you wish to impose or modify any reasonable restrictions on the management of your accounts through Allied Investment Advisors.