If you’re like most taxpayers, there’s probably a file or folder in your home that will soon fill up with tax forms and receipts. While it may be tempting to put off the day of reckoning, April 15th will be here before we know it! The sooner you start organizing your return, the less stress you’re likely to feel as the tax filing deadline approaches.
Filing taxes usually goes hand in hand with tax forms – whether paper or electronic. Depending on your individual situation, you may receive of alot of them. That’s reason enough for starting early – if you find you’re missing one, you’ll want to give yourself plenty of time to track it down. Schwab typically generates tax forms around February 1st, however some forms can be ammended or take longer to be genereated, like for example Schedule K-1s.
1099-B: this is the form used by financial institutions to report capital gains.
1099-DIV: this is the form used by financial institutions to report dividends.
1099-INT: this is the form used by financial institutions to report interest income.
1099-R: this is the form used by financial institutions to report withdrawals from tax-advantaged retirement
accounts (IRAs, Roth IRAs, 401(k)s, etc.)
Schedule K-1: this form is issued for investors participating in partnership interests, limited partnerships, and
some exchange-traded funds. Schedule K-1s report each partner’s share of the partnership’s earnings, losses,
deductions and credits.
Charles Schwab, partnerships and other financial institutions (not Iowa Wealth Management) generate all investment tax forms and will send them to you as indicated by your statement delivery preference – either by mail or electronically via Schwab Alliance. Our office has access to your tax forms, so if you ever lose a form or need a copy, our office is happy to provide you with them.
Past performance is no assurance of future results. Iowa Wealth Management is a registered investment adviser with its principal place of business in the State of Iowa. Opinions expressed are those of Iowa Wealth Management and are subject to change, not guaranteed and should not be considered recommendations to buy or sell any security.
This article was initially produced by Charles Schwab Center of Financial Research. It has been edited by Libby Glaser Johnson at Iowa Wealth Management.
