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Tax Prep Tips: 1099 Tracking & Reporting

Your 1099 Dashboard

The 1099 Dashboard shows expected availability dates for Form 1099 Composite tax forms that apply to your brokerage account(s). Form 1099-R, Bank Form 1099-INT and Employer Sponsored 1099 tax forms will also be displayed when they are available. Other tax forms (e.g.., Form 5498, Form 1099-MISC) can be found on the Statements page as they become available.

Reminder regarding Form 5498: The IRS deadline for making most prior-year contributions to retirement accounts is April 15 (or the next business day if April 15 falls on a weekend or holiday). Subsequently, Form 5498 is sent after the tax-filing deadline. Schwab must report to you and the IRS on Form 5498 all contributions (including rollovers, conversions, recharacterizations, reconversions, and employer contributions), as well as, the total balance or “fair market value” of your Schwab IRA. Please refer to your 2019 year-end monthly statement to view the FMV of your account(s).

Note: There may be additional tax forms that may be necessary for you to complete your individual tax return. Visit the Tax Center to find more information depending on the type of accounts you may have.

Employer Sponsored Account tax forms

If you have a linked Schwab brokerage account, we will display your 1099 or 1042-S tax forms when they are available. You may have other tax forms necessary for you to complete your tax return, select Equity Awards Center when you filter from your statements page.

Schwab Charitable Account

You can visit Contribution History and Cost Basis Details areas in the Schwab Charitable Client Center for details that may be necessary for tax filing.

Form 1099-B for Futures & Futures Options

If you trade Futures & Futures Options, your Form 1099-B will be available in mid-February. Commodity futures (and options on commodity futures) are considered IRS section 1256 contracts, and gains and losses from trading these products are reported on your Form 1099-B.

When and where to find it: Forms are typically available in mid-February. Log in to StreetSmart Central and navigate to futures Account > e-Statements to view, print, or save your 1099-B.

What is inside your 1099 Composite?
Your Form 1099 Composite and Year-End Summary Report contains the information you need to complete your tax preparation in one easy-to-use report. Depending on your particular situation, your 1099 Composite may include the following forms: 1099-DIV, 1099-INT, 1099-MISC, 1099-OID, 1099-B and Year-End Summary information.

Sample 1099 PDF

Person filling out 2020 1099. For 1099 Tracking.

What is a corrected 1099?

Please be aware that the issuers of your securities may reclassify the income from your securities any time after we’ve mailed your original Form 1099. We are not able to provide an expected availability date for corrected 1099s.
Visit the Tax Center for more information regarding corrected 1099 forms.

Closed accounts

If you recently closed your Schwab brokerage account(s) at Schwab, you will still be able to view, print, and download your 1099 Composite forms from the statements page for 18 months after the date you closed your account. Select Closed Accounts when you filter from your statements page.

Accounts not generating a tax form

Schwab will send you the tax documents you need to complete your tax return that are specific to the investments and account type(s) you may have. If there are no reportable transactions, we will not generate a tax form.

Downloading your 1099 data

You can download your Schwab 1099 Composite data directly into Turbo Tax or H&R Block tax software. If you’ll be using tax preparation software for your taxes, your third-party software provider will need access to your account to directly import your 1099 data.
Note: Make sure you enable Third Party Access if you are using any tax preparation software this tax season via the Security Center

Exporting your 1099 data

You can export realized gain/loss data to a spreadsheet. Data that can be downloaded includes: Cost basis, dividends, interest, & proceeds from sale of securities.

Note: Third party tax preparation software may not support all of the data on the 1099 Forms. Clients should always check the data generated by such software against the 1099 Forms they receive from Schwab. You may also export and save the information as a PDF.

IMPORTANT DISCLOSURE INFORMATION:
Please remember that past performance is no guarantee of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Bogart Wealth, LLC [“Bogart Wealth”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Bogart Wealth. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Bogart Wealth is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Bogart Wealth’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.bogartwealth.com
Please Note: Bogart Wealth does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Bogart Wealth’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. 
Please Remember: If you are a Bogart Wealth client, please contact Bogart Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.
Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

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