Upcoming Dates for 1099’s

  1. 1099-R Forms for Retirement Accounts: If you’ve completed any rollovers from your retirement accounts last year or had a distribution/withdrawal, you’ll receive a 1099-R form. These documents will be sent out January 31st. If you did not make any distributions or withdrawals from your qualified account, you will not receive a 1099.
  2. 1099 Composite Forms: For brokerage accounts, the 1099 Composite form is sent out by mid-February. This form consolidates various 1099 reports for your convenience and is used for non-retirement accounts. These 1099s will arrive after the 1099-R forms mentioned above.

Special Note Regarding TD Ameritrade and Schwab Accounts: Due to the recent acquisition of TD Ameritrade by Schwab, if you had accounts with both institutions, you may receive two separate 1099 documents as a result of the account transfer. Each 1099 will reflect the tax implications (if any) when it occurred at the respective custodian.

Please allow some time for these documents to reach you by mail (snow may delay this further). And remember, it’s possible that corrected 1099s may be issued later.

Getting Organized for Tax Season: As you wait for your 1099 documents to arrive, now is the perfect time to get organized. Be aware that some of your tax documents will arrive by mail, others electronically. Here’s a quick guide to help keep you organized:

  • Create a physical folder labeled ‘2023 Tax Information.’
  • Make a list of all the forms you expect to receive. Reviewing your 2022 tax return can help jog your memory.
  • As mailed tax documents arrive, cross them off your list and keep them in your folder.
  • Similarly, set up an electronic folder on your computer named ‘2023 Tax Information’ for digital documents.

This simple organization will streamline the process when you fill out the Tax Questionnaire and upload your documents for your tax preparer.

 

Information provided should not be relied upon for tax, legal, or accounting advice, as it is intended for informational purposes only. You should consult your own tax, legal, and accounting professionals before engaging in any transactions.