We are committed to help you get through tax time with the information you and your CPA need to expedite the investment related portion of your tax return. Most of the information that you require will not be ready until toward the end of February. Because of the high frequency of revisions to the information, we recommend that you wait until late March or early April before filing your return.
Schwab will send you a 1099 on each of your taxable accounts by late-February.
You may get a 1099-R on an IRA account if you have taken IRA distributions out of the account.
Schwab may send you revised 1099’s as they get corrected. This is pretty typical in the industry as various investments re-characterize certain items.
Schwab’s 1099 are comprehensive and include gain/loss information from sell transactions. These are computed using a high cost basis. This is a method that will help minimize your tax liability.
FOLIOfn will not send you any mail directly except if you have taken IRA distributions, then you would get a paper 1099-R from them.
For your taxable accounts at FOLIOfn, the 1099 information will be available on their website. The 1099’s will be available no later than 2/28. There is a likelihood that the 1099 information might get slightly revised. FOLIOfn provides importable files (CSV and TXF) as well as IRS formatted 8949 ready forms on their website if needed.
We consolidate the information needed for your tax preparation and will place it in your secure Citrix Sharefile Portal for your records.
If you have given us written authorization to discuss your situation with your tax preparer, we will forward this information to them and be happy to assist them with the process if they contact us.
If you wish to update your tax preparer information please call us at 1-800-954-3724 or email us at firstname.lastname@example.org
It is likely that there will be revised tax information sent to you up until early April. Typically the revisions are relatively small. This is an industry wide issue. Certain accounts may also receive K-1 tax reporting which is usually sent in late March. We strongly advise that you wait until the first week of April to actual file your return in order to minimize the chances of having to file an amended return.
Ifrah Financial Services, Charles Schwab and FOLIOfn do not provide tax advice and this information should not be construed as such. Please consult with your tax advisor about your particular situation.