A resource for advisors whose clients hold accounts that transitioned to Schwab from TD Ameritrade in 2023.
What your clients need to know for this tax season
Clients could receive two 1099s
For any account that moved to Schwab in 2023, your clients could be receiving two 1099s—one for account activity at TD Ameritrade and one for account activity at Schwab. (They’ll only receive 1099s when there is reportable account activity.)
Where to find tax forms
All 1099 forms will be available on the 1099 Dashboard on schwaballiance.com. We'll also notify clients as they become available.
Differences in 1099 timing and format
1099s for Schwab and TD Ameritrade will be issued separately; timing will vary. The forms will look different, but they contain the same types of information.
For any account that transitioned to Schwab in 2023, clients could be receiving two 1099s
For TD Ameritrade accounts that transitioned to Schwab in 2023 and had reportable activity, clients may receive two 1099s for the 2023 tax-reporting year—one for account activity at TD Ameritrade and one for account activity at Schwab. We’ll notify your clients as their 1099s become available. Please make sure your clients are aware that they may receive tax forms from both companies.
- Alerts for Schwab tax forms: You will receive a tax reporting alert in Schwab Advisor Center when tax forms become available to you for your client accounts. The alert informs you that a zip file containing a copy of the tax form(s) is available for download.
- Alerts for TD Ameritrade tax forms: When tax forms become available for your clients, you will receive an alert from your service team that includes the type of tax form available. Once the alert is received, you can contact your service team for a list of accounts that will be receiving a TD Ameritrade Consolidated Form 1099. You can download client tax forms at the individual sub-account level on Schwab Advisor Center. Advisor files for TD Ameritrade forms will be available on VeoOne. Your clients will be able to view their 2023 1099s individually on schwaballiance.com.
Not every account gets a tax form
Based on IRS "de minimis" rules, both Schwab and TD Ameritrade 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 a client's account did not include any of these activities, they won't receive a 1099 for 2023.
Where clients can find their tax forms
The 1099 Dashboard (located on the Schwab Alliance Statements page) is the primary place clients can find 1099s for both their Schwab and TD Ameritrade accounts.
1099 timetables
Both TD Ameritrade and Schwab use a phased approach to produce and send forms to clients. This means that for any account that has transitioned, your clients could receive 1099s from both Schwab and TD Ameritrade, and they may arrive on different dates. Schwab will notify clients as their 1099s become available.
Note regarding tax form corrections: When we receive updated information from issuers of securities after the initial tax form has been mailed, Schwab and TD Ameritrade are required to send a corrected 1099 form with the revisions clearly highlighted. You and your clients should be aware that the issuers of their securities may reclassify income any time after we have mailed their tax forms. Clients may receive more than one corrected 1099 form.
Tax form production schedule
- Available Online By
- Mailing Begins
- Advisor Files Available By
- Tax Software Export Available
-
TD AMERITRADE
1st Production Run
>
Available Online By
January 19
>
Mailing Begins
January 19
>
Advisor Files Available By
January 29 or sooner
>
Tax Software Export Available
January 19
>
-
SCHWAB
1st Production Run
>
Available Online By
February 2
>
Mailing Begins
February 2
>
Advisor Files Available By
February 2
>
Tax Software Export Available
February 16
>
-
TD AMERITRADE
2nd Production Run
>
Available Online By
February 2
>
Mailing Begins
February 2
>
Advisor Files Available By
February 12 or sooner
>
Tax Software Export Available
February 2
>
-
SCHWAB
2nd Production Run
>
Available Online By
February 16
>
Mailing Begins
February 16
>
Advisor Files Available By
February 16
>
Tax Software Export Available
February 16
>
-
TD AMERITRADE
3rd Production Run
>
Available Online By
February 16
>
Mailing Begins
February 16
>
Advisor Files Available By
February 26 or sooner
>
Tax Software Export Available
February 16
>
-
TD AMERITRADE
4th Production Run
>
Available Online By
February 29
>
Mailing Begins
February 29
>
Advisor Files Available By
March 11
>
Tax Software Export Available
February 29
>
Tax document calendars
Here's where your clients can find form availability dates, organized by individual tax form.
Help your clients get familiar with 1099 composite forms
Your clients will receive a Schwab Form 1099 Composite for any taxable activity in their brokerage account(s). (At TD Ameritrade, this form was called a Consolidated 1099.)
Regardless of the form's name, it'll contain the same types of information: Forms 1099-INT, 1099-DIV, 1099-B, 1099-OID, and 1099-MISC.
Access our tax guides
We know it can be difficult for your clients to keep track of important tax deadlines, where to find tax data, and which forms they may need to file their tax return. That's why we've put together guides to help clients navigate and understand the various 1099s they may receive from Schwab and TD Ameritrade.
How to access realized gain/loss information
For trades made at Schwab, clients can access the realized gain/loss page on schwaballiance.com.
For any historical positions that were closed at TD Ameritrade before the move to Schwab, clients should use GainsKeeper access through the realized gain/loss page on schwaballiance.com.
Got questions?
For additional information about tax form production, see Introduction to tax forms production in the Service Guide.
If you have questions, please contact your service team.
