Each year as we look ahead to tax season, we like to provide you with our quick guide to the tax forms you may see:
1) Consolidated 1099:This form combines the 1099-Div, 1099-INT, 1099-B and 1099-MISC, broken down on one Consolidated Statement
These forms are sent out in waves:
- Wave 1: January 15th – 31st, 2026
- Wave 2: February 16th – 28th, 2026
- Wave 3: March 16th – 31st, 2026
- Corrected Statements: Starting March 17, 2026. Corrections will be processed and sent out bi-weekly as needed. Clients with Mutual Funds, REITs, REMIC securities, or WHFITs may experience income reclassification, which could result in amended forms. This could affect tax filings and deadlines. (The primary reasons for these corrections are often due to updated or reclassified income information from the underlying investments, not necessarily an error on the broker's part.)
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.
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.
C)1099–INT: This form reports interest income from investments. This form is required on interest payments of over $10 during the year.
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.
- Sent out January 15th – 31st, 2026
Important Items to note for tax reporting:
A) 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.
B)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
C)If you gifted all or a portion of your Required Minimum Distribution (RMD) as a non-taxable Qualified Charitable Distribution (QCD):
The IRS has created a tax code for QCDs. The code is Y for box 7 on your 1099-R. The custodian is not required to begin using the code until 2026, so if you gifted via QCD in 2025, please note the amountgifted 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.
- 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 the fact that these distributions went to a qualified charity and are not taxable to you.
- If you completed a Roth Conversion in 2025: 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 2025. Please refer to 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).
- You should receive your form 1099-Q by January 31, 2026, or early February 2026
4) Form 5498: This form outlines the contributions already 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. The custodian is required to file this form with the IRS. Expect this form late-April to mid-May
- You should receive your Form 5498 by May 31, 2026
A) If you made contributions to your IRA or Roth IRA for the 2025 tax year, you will receive form 5498. 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 refer to the IRS Form 8606 with instructions to report your contributions.
B) If you completed a Roth IRA Conversion in 2025, you will receive a 5498 showing the dollar amount that moved from your IRA into your Roth IRA. As outlined above, please refer to IRS Form 8606 with instructions to help report Roth IRA Conversions.
5)Form 5498–ESA: If you made contributions to a Coverdell Education Savings Account, you would 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.
- You should receive your Form 5498 ESA by April 30, 2026
Important Tips from FPS:
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. (317-882-7675Access your tax forms electronically (see below):
It is very important that you keep your email address updated with our office and your custodian to ensure you receive your notifications. If you ever update your email address or establish a new email that you would prefer to use; please be sure to notify our office.
If you transitioned from Schwab to Altruist in 2025 you likely will need to download your tax documents from both custodians.
Be sure you add your custodians email address outlined below to your whitelist, so that their notifications are not blocked by your email provider. The emails to whitelist are (security protection prevents the custodians from emailing the tax documents to you directly. These will be notifications that your tax statements are ready for you to download)
ALTRUIST: AltruistFinancialLLC@investordocuments.com.
SCHWAB: donotreply-comm
DOWNLOAD YOUR TAX STATEMENTS:
Altruist Client Login: https://app.altruist.com - Tax forms can be found by selecting Documents from the menu in the top-right corner of their client portal. Within the document table, you can use the Tax Documents Type filter to easily locate your forms.
Charles Schwab: https://client.schwab.com - To find your tax documents on your Schwab client login, navigate to the Statements & Tax Forms section under the Accounts tab
Both Altruist & Schwab integrate with TurboTax by using the docID on the tax forms.