Important Information Regarding Your 2023 Tax Forms and Deadlines

As we navigate through another tax season, we wanted to provide you with important information regarding your 2023 tax documents and deadlines, particularly in light of last year’s TD Ameritrade and Charles Schwab merger.

Tax Documents from TD Ameritrade and Schwab

If you were a Tempus Wealth Planning client before September 2023 and had reportable activity in one of your accounts, you may receive tax documents from both TD Ameritrade and Schwab. Each company will issue a separate document reflecting the activity in your respective accounts.

Not every account gets a tax form

Please note that not every account will receive 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 your account did not include any of these activities, you won't receive a 1099 for 2023.

1099 timetables

Both TD Ameritrade and Schwab use a phased approach to produce and send forms to clients. This means that your 1099s may arrive on different dates based on the following schedule:

	Available Online By	Mailing Begins	Tax Software Export Available
TD Ameritrade 1st Production Run	January 19	January 19	January 19
Schwab 1st Production Run	February 2	February 2	February 16
TD Ameritrade 2nd Production Run	February 2	February 2	February 2
Schwab 2nd Production Run	February 16	February 16	February 16
TD Ameritrade 3rd Production Run	February 16	February 16	February 16
TD Ameritrade 4th Production Run	February 29	February 29	February 29

Corrections

It’s common for issuers of 1099s to send corrections (the companies and/or funds that you invest in). When this occurs after the initial tax form has been mailed, Schwab and TD Ameritrade are required to send a corrected 1099 form with the revisions highlighted. It is also possible that you may receive more than one correction at different times. This occurs most often for investors who have owned and/or are holding ETFs (exchange-traded funds) and mutual funds. If you bought and/or sold or held any ETFs or mutual funds in your account(s) in 2023, we would advise you not to prepare your taxes until the correction cycle has been completed. Filing before receiving a corrected form may lead to amendments, which can not only be frustrating and time-consuming but may also result in additional filing fees.

More Help

If you need additional help or information, please refer to the 2023 Schwab and TD Ameritrade Tax Guides. Should you have any questions or concerns, please do not hesitate to reach out to us.