As tax season rolls around for another year, we wanted to keep everyone informed regarding the tax forms they will receive from Charles Schwab and TD Ameritrade for 2023.

For each account which you would have normally received a 1099 from TD Ameritrade (in previous years), for 2023, you will be receiving 1099 forms from both TDA & Schwab because of the transition in early September. The TD form covers transactions from January-September 5th & the Schwab one covers the remainder of the year. So, two sets of 1099’s for each account for 2023.

For clients who are enrolled in Schwab Alliance (Schwab online portal), you should have electronic access to your 1099’s by February 16th. For those who are not and receive paper statements, trade confirmations, etc., you should expect to receive them by the end of March.

If anyone is interested in getting set up on Schwab Alliance, call or email Lesa and she can send you an email to set up access. Also, all tax documents are available online with Orion access.

As you know, these days we often receive “revised” 1099’s in March. Sorry, but this is just the reality in today’s world of constant re-classification of dividends, etc.  With tax laws being so “fluid”, distributions from investments (dividends, return on capital, short-term capital gain, etc.) are often reclassified which can result in different tax treatment for them.

We recommend waiting until at least early to mid-March to file your tax returns, as these reclassifications could result in you having to file an amendment to your return.

Any questions? Feel free to contact our office.