Tax Reminders
As we enter the peak time for this year’s taxes, we wanted to share a couple of updates and reminders. Please note that both TD Ameritrade and Schwab tax documents have been mailed and are available on the Schwab client portal.
1099’s for Taxable Accounts
Due to the merger of TD Ameritrade and Schwab, filling out personal taxes this year is a bit more complicated. Both TD Ameritrade and Schwab will be issuing 1099 documents for taxable accounts. Assets moved to Schwab at the beginning of September. All transactions, dividends, interest, and capital gains that occurred prior to September 1st will be reported on TD Ameritrade’s 1099. All transactions between September 1st and December 31st are reported on Schwab’s 1099. You will need both 1099’s to complete your taxes if you have taxable assets.
Retirement Account Transactions
Additionally, contributions or distributions from retirement accounts that occurred at TD Ameritrade will be reported on TD Ameritrade documents, while retirement transactions that occurred at Schwab will be reported on Schwab tax documents.
Form 5498 reports IRA and Roth IRA contributions and is generally released in May (after the tax filing deadline) since you have until April 15th to make contributions to those accounts. Use your personal records or year-end statements from both TD Ameritrade and Schwab to report those contributions.
Tax Brackets and Contribution Limits for 2024
Finally, we’ve updated our website with 2024’s tax brackets, deductions, and contribution limits for retirement accounts. Check it out and use it as a reference point year-round whenever you’re looking for that information.
If you have any questions or need any assistance locating or understanding your tax forms, please do not hesitate to reach out to us.