You've Got Mail! - Tax Documents & Performance Reports

John Robinson |
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Tax Rules
Charles Schwab

By John H. Robinson, Financial Planner (February 19, 2024)

Tax Documents from National Financial Services (NFS), TD Ameritrade, and Charles Schwab, along with 2023 performance reports from Black Diamond, have all been delivered.

1099s

1099-Rs for most retirement accounts and annuity contracts were issued in January while consolidated 1099s (1099-INT, 1099-DIV, and 1099-B) for taxable investment advisory and brokerage accounts were issued in February. 

Clients who have not received their year-end tax documents yet should log into their accounts online to see if the statements are posted there.

NOTE: FPH clients who were integrated from TD Ameritrade into Charles Schwab may receive 1099s from both institutions. If you are unsure if you should have 1099's from both companies, call or email Alicia. 

 

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Review your Schwab 1099-Rs Carefully to Verify the Data Reported to the IRS Is Accurate

One FPH client reported that his 1099-R for a Roth IRA distribution showed federal tax withheld!  Schwab has admitted the error and is issuing a corrected 1099-R.

Other clients have discovered that some 1099-Rs for direct transfers from one IRA to another IRA reported a Box 7 distribution code of “7” for a normal taxable distribution instead of the proper code of “G” for a (non-taxable) direct rollover/transfer.  Schwab again confirmed the error and attributed it to a data entry mistake.

SEE:  1099-R Distribution Codes (TurboTax)

 

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2023 Year-End Performance Reports Have Been Uploaded to eMoney

Portfolio performance Reports (along with income schedules) are provided by Black Diamond, a third-party reporting service. Portfolio returns are reported net of fees and expenses.  The reports are cumulative and show quarterly returns since inception, so there is no need to retain prior reports. 

For most clients, the report has been uploaded to the Investments folder in the eMoney Vault.  If you have questions about the report or cannot find it in eMoney, do not hesitate to reach out to me, Sue, or Alicia.


John H. Robinson is the owner/founder of Financial Planning Hawaii and Fee-Only Planning Hawaii. He is also a co-founder of fintech software maker Nest Egg Guru.