2023 Tax Planning FAQs: Updated for Muni-bond State Tax Exclusions
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Tax season is upon us! We wanted to share a quick update on the tax documents you may receive from Pershing and/or Charles Schwab.
Form 1099s will be mailed via the US Postal Service unless you are signed up for electronic delivery of your tax documents. Sign on to your account at Pershing’s Investor Portal or Schwab Alliance to review your e-delivery settings. If you’re currently on paper delivery and would like to switch to e-delivery, please contact your Bragg Service Team.
Jump to section:
- When will I receive my tax documents?
- Where do I find my tax documents online?
- Additional Reminders
- How do I find the amount of municipal bond income that is excluded from state tax?
- How do I download my tax information into TurboTax?
When will I receive my tax documents?
Pershing
- January 31: Form 1099-R will be sent for those clients with distributions from retirement accounts (IRAs).
- February 15: Form 1099 will be sent for accounts with holdings and income that typically do not require reclassification or additional information from issuers. If a 1099 is not ready, a “Pending 1099” notice will be issued.
- February 29: Most of the remaining final 1099s should be sent at this point.
- March 15: This final 1099 mailing is for the fund companies that were very late in sending income reclassification data to Pershing, causing them to miss the February 29 deadline.
Schwab
- Mid-January: Form 1099-R will be sent for those clients with distributions from retirement accounts (IRAs).
- Mid- to Late-February: Form 1099 will be mailed for all other accounts.
Where do I find my tax documents online?
You now have two options to access your tax documents: your Bragg Client Portal or your custodial portal.
Bragg Client Portal
- Log in to your Bragg Client Portal.
- Click on the Documents tab then click Vault.
- On the left-hand side under Folders, select the Pershing – Tax Documents or Tax Documents link.
Pershing’s Investor Portal
- Sign on to Pershing’s Investor Portal.
- Go to Communications then choose Tax Documents.
Schwab Alliance Investor Portal
- Sign on to Schwab Alliance.
- Go to Accounts – Statements – 1099 Dashboard.
Be aware that in non-qualified accounts (Trusts, Joint, Individual, etc.), you could have a combination of covered and non-covered cost basis. You should report both values, not just the covered amounts.
Additional Reminders
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Please make sure you have a tax document for each taxable account and for each IRA where a distribution was taken, including for Roth IRA conversions, before providing your documents to your CPA. |
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The last mailing date for 1099s from Pershing is March 15. Consider waiting until then to file your taxes. |
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Do you need cash to pay taxes? Contact a member of your Bragg team by April 1 to ensure funds are available in time to pay your tax bill. |
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Did you make any charitable gifts directly to charity from your IRA last year? If yes, be sure to provide the details to your tax preparer. |
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Bragg Financial can deliver electronic copies of your tax documents directly to your CPA via a separate login for your CPA on the Bragg Client Portal. If you’d like to set this up, please contact a member of your Bragg Service Team. |
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2023 IRA Contributions*
*Consult with your tax preparer before making an IRA contribution to confirm eligibility. |
How do I find the amount of municipal bond income that is excluded from state tax?
If you owned a municipal bond fund, you may be asked for the amount in which your income dividend is also to be excluded from state tax.
Pershing clients who owned municipal bond funds from other companies can use Pershing’s Tax Supplemental Information Tool.
How do I download my tax information into TurboTax?
If you use Quicken, Turbo Tax, or H&R Block for your tax preparation, you can import 1099 data directly from your Pershing or Schwab portal for both investment accounts and bank accounts. Once logged into the tax preparation website, you will be prompted to import 1099 information.
Pershing
- For your Pershing accounts, please select BNY Mellon | Pershing.
- This will prompt you to enter your Pershing Investor Portal user name and password.
Schwab
You will first need to enable third-party access. Call Schwab Alliance at (800) 515-2157 and request they “Enable your third-party access to account Information,” or login to Schwab Alliance and complete the following steps:
- Go to Profile then Security Settings.
- Scroll down to Third-Party Access to Account Information.
- Click the radio button next to Enable Third-Party Access. Then click Save.
Once third-party access has been enabled, return to your tax preparation website.
- For your Schwab accounts, please select Charles Schwab.
- This will prompt you to enter your Schwab Alliance portal user name and password.
