What tax forms will I need from my Charles Schwab accounts?
When will I get my tax forms?
Charles Schwab will do two productions of the 1099 reports depending on what type of investments you have in your account.
For more information, please visit: Charles Schwab: Where Are My Tax Forms
WHY DO CORRECTED 1099 FORMS OCCUR?
A corrected 1099 is generated when a mutual fund reallocates or reclassifies distributions. When this happens Charles Schwab is required to generate new 1099’s no matter how small the change might be.
WHAT SHOULD I DO IF I GET A CORRECTED 1099?
Let your tax preparer know and make sure they have a copy of the corrected 1099.
WHAT HAPPENS IF I GET A CORRECTED 1099 AND I HAVE ALREADY FILED MY TAXES?
Seek the guidance of your tax professional but you may have to file an amended tax return.
HOW WILL I RECEIVE MY TAX FORMS?
This is based on your mailing preferences with Charles Schwab and Level Financial Advisors.
WHAT DO I DO IF I CAN’T FIND MY TAX FORMS OR I AM NOT SURE IF I SHOULD HAVE ONE?
Please log into your Charles Schwab Account through the Schwab Alliance Website to see if any tax documents are available. If you can’t find the information you are looking for, please call us.
QUALIFIED DISTRIBUTIONS TO CHARITY (QCD)
If you gifted part or all of your required minimum distributions (RMD), you need to let your tax preparer know, as this is not reflected on your 1099-R. Level Financial will send out confirmation letters to clients who gave part or all of their required minimum distributions (RMD) to charity. You will only receive this form if you took a withdrawal from your account or had a Roth IRA conversion.
RETIREMENT CONTRIBUTION DEADLINES
You have until April 15, 2019 to make a 2018 Traditional IRA or Roth IRA contribution, but we urge you to contribute earlier. You can mail 2018 contribution checks made payable to Charles Schwab to our office any time prior to April 1st.
After April 1st, you must send checks directly to Charles Schwab to allow time for processing. Charles Schwab will accept 2018 contribution checks as long as they are postmarked by April 15th.
The 2018 contribution limits are $5,500 if you are under age 50 and $6,500 if you are age 50 or older.
If you want to establish a new account, let us know immediately.
INCOME TAX PAYMENT FROM YOUR CHARLES SCHWAB ACCOUNTS
Please let us know if you think you will need to withdraw money from your account to pay your income tax bill. Please note, if trades need to be made, they can take up to 3 business days to settle. There are three ways we can send you money:
Moneylink– If you already have a moneylink set up, it will take 1-2 business days to send funds to your linked account. If you need to set up a new moneylink, it can take up to 10 business days; once it is set up, money will be sent in 1-2 business days.
Check by mail– This can take 7 to 10 business days to arrive at your home. Please allow ample time for this process.
Wire– Charles Schwab charges $25 for a wire and you would need to sign a form.