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.
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.
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.