February 08, 2024


As we look ahead to tax season, your mailbox or inbox may fill up with various tax forms. Below is our quick guide to these forms.

1) Consolidated 1099: combines the 1099-Div, 1099-INT and 1099-B into one Consolidated Statement

These forms are sent out in waves, be sure to watch for these through the end of March


  1. A)1099–DIV: This form shows all distributions received from your non-qualified investments during the calendar year. Please note that you may be reinvesting these distributions and may not have directly received them; however, they are still taxable.
  2. B)1099-B:This form reports capital gains and losses from the sale of stocks, bonds or other securities transacted through a broker.  This form is used to calculate taxes on capital gains/losses associated with these transactions in your non-qualified accounts.
  3. C)1099–INT: This form reports interest income from investments. This form is required on interest payments of over $10 during the year.
  4. D)1099–MISC: This is the most common tax form used to submit information for income paid to independent contractors.

2) 1099–R: Distributions from tax-qualified accounts will generate this form. These would include distributions from your IRA, Roth IRA, 401k, 403b or 401a plan. If you took a distribution, the 1099-R will outline the gross distribution taken and any federal or state taxes withholdings.


Important Items to note for tax reporting:

  1. If you rolled monies over directly to your IRA, your 1099-R from the former custodian will reflect the taxable portion as $0 and include the Code “G” which indicates that this was a rollover. While this rollover is not taxable to you, it is still tax reportable.

** If you distributed monies out of your IRA and then reinvested the monies back into your IRA within 60 days (aka 60 Day Rollover) you will NOT see code G, so be sure you make note of the amount you distributed and the amount you rolled back in, which will be non-taxable

  1. If you gifted all or a portion of your Required Minimum Distribution (RMD) as a non-taxable Qualified Charitable Distribution (QCD), please note the amount gifted is not broken down on the 1099-R. You will need to provide the amount of your RMD and provide the amount(s) gifted to your CPA or tax advisor.
  2. Please note that if you did not have an RMD and made QCDs, then you will need to report these for tax purposes. This will distinguish that these distributions went to a qualified charity and are not taxable to you.
  3. If you completed a Roth Conversion in 2023, you will receive a 1099-R for your IRA showing the dollar amount of the conversion. This amount will be added to your gross income for 2023. Please reference the IRS Form 8606 with instructions on how to report your Roth Conversion.


3) 1099–Q: This form reports distributions from College Savings 529 Plans & Education Savings Accounts (ESAs).

4) Form 5498: This form outlines the contributions made to a tax qualified account, such as: IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs.  You will receive this form for your records only and do not need it to prepare your taxes. Because you can make an IRA contribution for the 2023 tax year until the tax filing deadline, (Tuesday, April 15, 2024), you will receive this form late-April to mid-May.


  1. If you made contributions to your IRA or Roth IRA for the 2023 tax year, you will receive this form. Please make your tax advisor aware of any IRA contributions so they can help you determine if these are deductible. If they are non-deductible contributions, please reference the IRS Form 8606 with instructions to report your contributions.
  2. If you completed a Roth IRA Conversion in 2023, you will receive a 5498 showing the dollar amount that moved from your IRA into your Roth IRA. As outlined above, please reference the IRS Form 8606 with instructions to help report Roth IRA Conversions.


  1. Form 5498–ESA:  If you made contributions to a Coverdell Education Savings Account, you will receive a 5498–ESA form. This form details contributions to Education Savings Accounts (ESAs). However, this form is primarily for your records, and you will not need it to file your taxes. The custodian is required to file this form with the IRS. Expect this form late-April to mid-May


Important Tips from FPS:

  1. Did you know that you can have Financial Plans & Strategies adjust your federal and/or state tax withholding when you take distributions from your qualified retirement accounts? This may cover or reduce the amount due at tax time. Please call, text, or email us to make changes to your current withholding percentages. (317-882-7675)
  2. Access your tax forms electronically:

Charles Schwab: https://client.schwab.com

            Using this website, you can access your TD Ameritrade & Charles Schwab Tax Statements

Altruist Client Login: https://app.altruist.com



  • With Charles Schwab having acquired TD Ameritrade in the fall of 2023, you may have tax statements generated from both Charles Schwab and TD Ameritrade.

You can access your tax statements from both using the hyperlink for Charles Schwab above


  • We introduced a second custodian option in 2023 – Altruist. For those of you who have transitioned to Altruist you may have tax statements from both Altruist and Schwab (and possibly TDA as well)

You can access your tax statements from Altruist using the hyper link for Altruist above (be sure to check for tax statements using the Schwab link above as well)


On February 5th our office held a webcast that discussed the tax forms from TDA, Schwab & Altruist. How to access those and what each tax form is for. You can view our webcast by clicking on the link below: