Dear Client,
I hope this message finds you well. As tax season is upon us, we want to ensure that you are well-informed regarding the upcoming tax filing process, especially in light of the recent acquisition of TD Ameritrade and Charles Schwab.
Due to the merger, you will receive two 1099 forms for each of your accounts, one from TD Ameritrade for January 2023- September 5th, 2023, and the other from Schwab for September 6th, 2023 - December 2023. This is to ensure comprehensive reporting of all your financial activities across both platforms.
Considering this unique situation, we suggest you wait to file your taxes until you have received all relevant 1099 forms from TD Ameritrade and Schwab. Filing prematurely may lead to discrepancies and could necessitate amendments later, potentially causing additional complexities and delays.
If you work with an accountant or tax professional to prepare your taxes, please tell them about the two 1099’s per account. Sharing this information ensures that they are aware of the dual documentation and can incorporate it into the tax preparation process. If needed, our team can provide any additional details or clarification that your accountant may require to accurately complete your tax filings.
To view your 1099's we suggest you go to our Client Center found on our web page https://www.brophywealth.com/client-center and click on the Charles Schwab button. If you haven't already established a login, you can do so by providing one of your Schwab account numbers. Once logged on, your 1099's can be found under the documents tab. PLEASE NOTE that Charles Schwab has until tomorrow, January 31st, 2024, to provide you with your 1099's.
If you prefer not to create a Schwab login, your 1099 forms will be sent to you via U.S. mail.
The dual 1099 forms you will receive this year are specific to this transitional year following the acquisition. Going forward, starting for the 2024 tax year, you will exclusively receive 1099 forms from Schwab for all your accounts with them.
We understand the importance of a smooth and hassle-free tax filing process, and we appreciate your patience and cooperation. If you have any questions or concerns regarding this process or any other financial matter, please don't hesitate to contact us. We are here to assist you in navigating through these changes and ensuring a seamless experience for you.
Your Brophy Wealth Team