It’s that time of year again! You’ll be getting tax forms in the coming weeks and many folks want to get a jump on their tax return. Here is an overview of when to expect tax forms from TD Ameritrade:
1099R – This tax form reports money taken out of a qualified retirement plan (like your IRA). These will be sent to you on or before January 21st.
1099 Consolidated – This tax form includes information about capital gains and losses, dividends received, and income generated from your taxable investments. They are a bit more tricky than the 1099R forms because some taxable assets are subject to income reallocation. For Verisail clients, REITs (Real Estate Investment Trusts) are the most common investment that you own as part of your portfolio that may have a reallocation after 12/31. For this reason, TD delays sending these out until they are very certain that there will not be a subsequent reallocation. If there is a subsequent reallocation, they will send you a Corrected 1099. Consolidated 1099s are sent out in early to mid February. TD then runs the “correction” cycle every 2 weeks starting in March through April 15.
I would advise waiting to file your tax return (if you get a Consolidated 1099) until late March or early April in case you get a Corrected 1099.
All tax forms should be sent to you in the mail at your address of record. They are also available on TD’s client website: www.advisorclient.com
Let us know if you have any questions as your begin to prepare your taxes this year!