This article was updated on January 10, 2024.
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 / TD Ameritrade
Special Notice – Those clients who were transitioned from TD Ameritrade to Charles Schwab during 2023, will receive tax forms from BOTH companies.
To ensure timely tax reporting while limiting corrections, Schwab/TD Ameritrade produces its Form 1099 Composite in a few 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.
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 / TD Ameritrade receives updated information from issuers of securities after the initial tax form has been mailed, Schwab / TD Ameritrade is required to send a corrected Form 1099 Composite, with the revisions clearly highlighted, within 30 days of being made aware.
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 Cash 1099 tax statements will be posted on or after Wednesday, January 10, 2024. Clients can simply log in at https://www.flourish.com/ and click on the Documents page to access their 1099-INT(s).
Flourish Crypto 1099-Bs will be available in late January or early February. We will email all firms offering Flourish Crypto at that time.
Flourish does not issue 1099-INTs for clients if their combined account(s) do not generate $10 or more of interest.
Some accounts may not receive a tax form. Our custodians will apply the Internal Revenue Service De Minimis rules to determine if a tax form needs to be produced for the 2023 tax year. This will decrease the amount of tax forms generated and allow for fewer corrections.
A form will be produced for an account only when at least one of the following conditions are met:
- The account receives at least $10 in dividend income.
- The account receives at least $10 in interest, royalties, or original issue discount (OID) income.
- A Form 1099-B reportable transaction occurs in the account (e.g., a sell or a buy to cover). If the account did not include any of these activities, a 1099 will not be generated for 2023.
Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material 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 taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional.
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