With the U.S. Tax Reform bill in place, and a year of impressive market performance, we know that our clients are eager to file their 2017 tax returns. For many years, your important tax documents have been mailed directly from our account custodians, including Charles Schwab, Fidelity, TD Ameritrade, U.S. Bancorp, among others, and this year will follow suit. To put you at ease, we’ve compiled a list of frequently asked questions and answers below to guide you through tax season.
When can I access my 1099 and other important tax documents online?
Starting in mid-February, each custodian will make your 1099 available on your online profile. This way, you will be able to download the documents and save them for your records. In some cases, accessing these documents online is much faster than waiting for the paper copies to be delivered by the U.S. postal service. If you need help establishing an online profile, please follow the link below for your respective account custodian:
Charles Schwab: http://www.schwab.com/public/schwab/nn/pl_help/online_enrollment_help.html
TD Ameritrade: https://www.tdameritrade.com/logon-help.page
When will I receive a hard copy of my 1099 in the mail?
Similar to the online accessibility, custodians will begin mailing their 1099s in early to mid-February. If you haven’t already, now is a good time to report any address changes to your advisor so that these important documents arrive to the proper destination.
What is a 1099-Q or 1099-R? In what situations do they apply to me?
A 1099-Q will be generated if you withdrew funds from an education savings plan or a 529 in 2017, and a 1099-R will be generated if you withdrew funds from a retirement account (i.e. IRA or IRA Rollover). If you chose to withhold taxes on these distributions (if applicable), this information will be detailed on these documents as well. These documents will be available under your online profile starting in early-mid February.
What should I do if I receive a revised 1099?
We urge you to consult your tax preparer to discuss if you should file an amended tax return. To avoid the hassle of a second filing, we suggest waiting for as long as possible to file your taxes. Just be sure to have everything processed before the deadline of Tuesday, April 17th!
If you have any questions or concerns, please do not hesitate to reach out to your advisor or tax preparation specialist well before the deadline. Take care, and happy filing!
Fort Pitt does not provide tax advice. We encourage you to contact your tax professional with any questions.