We know it can be difficult to keep track of important tax deadlines, where to find tax data, and which forms you may need to file your tax return.
We’ve put together this guide to help you navigate and understand the various tax forms that you may receive from custodians.
This guide provides some basic information about several of the most common forms you may need to prepare your 2023 taxes, including:
- 1099-consolidated/composite: Distributions from taxable brokerage accounts (ex. Individual, Joint, Trust) This may include a 1099-DIV, 1099-INT, and 1099-B.
- 1099-R: Distributions from tax deferred brokerage accounts (ex. IRA, Roth IRA)
- 1099-Q: Distributions from a college savings account
- 5498: Contributions and year end values of retirement accounts (ex. IRA, Roth IRA, SEP, SIMPLE)
Below is a chart of the most common tax forms prepared, and the dates they are available online. If you receive tax forms through the mail, the delivery dates will follow the dates of online availability.
| Custodian | Access | 1099-consolidated | 1099-R | 1099-Q | 5498 |
| Fidelity | fidelity.com | 02/10/24 | 01/19/24 | 01/12/24 | 02/17/24 |
| Schwab | schwab.com | 02/02/24 | 02/02/24 | 02/02/24 | Mid May |
| NFS | wealthscapeinvestor.com | 02/15/24 | 01/31/24 | 01/31/24 | 05/31/24 |
Important to know
If your account moved from NFS to Fidelity in 2023:
Many of our clients migrated from National Financial Services (NFS) to the Fidelity platform in 2023. If this applies to you, you will receive tax forms from both NFS and Fidelity. Please use the table above to decipher when the forms will be made available online. For NFS, use wealthscapeinvestor.com and for Fidelity, use fidelity.com.
Not every account gets a tax form
Based on the IRS “de minimis” rules, custodians produce forms for an account only when at least one of the following conditions are met:
- The account reaches $10 in dividend income
- The account reaches $10 in interest, royalties, or original issue discount (OID) income
- A Form 1099-B reportable transaction occurs in the account (e.g., a sell or a buy to cover)
- The account received $600 or more in miscellaneous income
If your account did not include any of these activities, you should not receive a 1099 for 2023.
Stuck or need help?
Our team is here to help you navigate.
Give us a call at 650-232-2021 or visit our client login page to gain access to all of the custodial URLs.
Know a great CPA?
Do you have a CPA or enrolled agent that you love working with?
Our team is putting together a CPA resource list, and we’d like to consider your CPA if you have had a great experience with them.
Email us at info@maprivatewealth.com to let us know!
