We know there’s a lot to keep track of at tax time and we often get asked, “When will I get my tax forms?” Here’s a quick guide of roughly when you can expect to have your tax forms available from your custodian. We encourage you to sign up for electronic tax form delivery for notifications about their availability, ease of access, and security.

Schwab

To ensure timely tax reporting while limiting corrections, Schwab produces its Form 1099 Composite in two separate production runs, depending on the types of investments held and when trades were last placed in the account. If you are a Merriman client, your account(s) will likely be included in the second production run.

First Production run | Posted online and begin mailing forms: February 2

Second Production run | Posted online and begin mailing forms: February 16

Both production runs | Tax software download/export: Available February 18

Source: Schwab

You can sign up for electronic tax form delivery by logging into www.schwaballiance.com and selecting the Paperless option in the Service tab.

Tax Form Corrections

If Schwab receives updated information from issuers of securities after the initial tax form has been mailed, Schwab is required to send a corrected Form 1099 Composite, with the revisions clearly highlighted, within 30 days of being made aware.

TD Ameritrade

TD Ameritrade has already posted some 2021 1099 tax forms. If you received at least $10 in dividends or interest, or had a closing transaction or certain reportable corporate actions, an IRS Form 1099 will be issued.

The 1099 forms currently available are for clients who:

• Had reportable activity as a result of trading and/or dividend or interest income from equity stocks, and
• Did not hold investments deemed highly likely to reclassify income distributions, requiring a corrected 1099 tax form.

TD Ameritrade will alert clients who have a valid email address on file once their 2021 Consolidated Form 1099(s) and corrected form 1099(s) (if issued) are available for them to view online.

You can sign up for electronic tax form delivery by logging into www.advisorclient.com. then selecting My Profile > Communication Preferences.

Clients Who Will Be Excluded from This First Mailing

Clients who had a high probability of income reclassification or cost basis reporting related to fixed-income products were not included in the initial 1099 batch. Their 1099 tax forms will be available in the coming weeks, allowing more time to capture such changes in the original form and reducing the likelihood these clients will receive a corrected form (which could potentially require the refiling of their tax returns).

Fidelity

Similar to Schwab and TD Ameritrade, Fidelity does multiple 1099 production runs to minimize corrections needed. Depending on the client’s holdings and when transactions occurred in the account, these are the three possible timelines:

You can sign up for electronic tax form delivery by logging in at www.fidelity.com and selecting Your Profile (tab) > Preferences > Communication Options. In the electronic/paper mail delivery section, click Update.

Flourish

1099-INTs have been posted for all applicable accounts. You can log in to www.flourish.com and click on the Documents tab to access your 1099(s), which are dated December 31st, 2021.

Please note: Flourish does not issue 1099-INTs for clients if their combined account(s) do not generate $10 or more of interest in any given year. This does not imply that clients are not required to report interest if under $10. Clients should consult with a tax professional if they have any questions.

Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.