After a year of impressive returns in a strengthening bull market, we know that our clients are eager to file their 2019 tax returns. Like past years, custodians including Charles Schwab, Fidelity, TD Ameritrade, and U.S. Bancorp will mail individuals who haven’t enrolled in paperless delivery their important tax documents. But, before you file with Uncle Sam, we want to make sure that you know where your 1099 is and understand all the documents you should be receiving.
When can I access my 1099 and other important tax documents online?
Custodians will make client’s 1099s available for digital download from their online profiles in mid-February. This is typically faster than waiting for your paper copy to arrive in the mail, and it allows you to save the electronic copy in your records. If you haven’t established a profile with your custodian, please follow your custodian’s respective link below:
TD Ameritrade: https://www.tdameritrade.com/logon-help.page
When will I receive a hard copy of my 1099 in the mail?
Similar to online accessibility, your custodian will begin mailing out 1099s mid-February. If you’ve recently made a change to your mailing address, now is a good time to let your advisor know to ensure that your tax documents arrive at the proper destination.
What is a 1099-Q or 1099-R? In what situations do they apply to me?
If you contributed to or withdrew funds from a qualified education savings plan, such as a 529 or Coverdell, in 2019 you should be receiving a 1099-Q. A 1099-R will be generated if you withdrew funds from a retirement account (i.e., IRA, Pension, Annuity). Furthermore – if you chose to withhold taxes on your retirement distributions, this information will be reported on these documents as well.
What should I do if I receive a revised 1099?
If you receive a revised 1099, we urge you to consult with your tax professional and determine if you should file an amended tax return. Custodians will issue revised 1099s beginning in late-February thru early-April. Because of this, we suggest waiting as long as possible to file your taxes to avoid a second filing.
Just be sure to have everything processed by the tax deadline, Wednesday, April 15th!
If you have any questions or concerns, please do not hesitate to reach out to your advisor or tax professional 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.