Get expert tax and accounting help!
Call (866) 681-2140

TD Ameritrade 1099 forms and who sends them now

Schwab issues your 1099 and holds your account. Schwab finished moving TD Ameritrade accounts across in September 2023 and closed the TD Ameritrade platform in May 2024. For 2024 and later years only Schwab sends you a form, and Schwab calls it a Form 1099 Composite.

  • Schwab sends one composite document. Schwab bundles the 1099-DIV, 1099-INT, 1099-B and 1099-OID into it.

  • Schwab sends retirement account forms separately. Schwab issues a 1099-R on its own, ahead of the composite.

  • The payer is not TD Ameritrade. Copy the payer block from your own form.

Who sends your form now, when Schwab sends it, and what the 2023 year looked like

  • Schwab issues your 1099 for 2024 and later years. TD Ameritrade closed in May 2024 and sends nothing.

  • Schwab produces forms in three waves from late January to the end of February, and it holds a form back where a fund you own has not settled its figures.

  • For tax year 2023 you may hold two forms for one account, one from TD Ameritrade and one from Schwab, each covering part of the year. Both belong on that return.

Why Schwab issues your TD Ameritrade 1099

Schwab acquired TD Ameritrade and moved the accounts across, finishing in September 2023. Schwab closed the TD Ameritrade platform in May 2024. TD Ameritrade no longer holds accounts and no longer issues forms.

You find your form in your Schwab account, and Schwab shows both its own forms and any older TD Ameritrade forms in one place.

The payer block carries the Schwab entity that filed the form. Copy the payer name, address and identification number from your own form, because Schwab filed those exact details with the IRS. A number you copy from a search result can be right for one year and wrong for the next.

The brand on your account is not the payer

Three brokerages, three different names on the form.

  • Merrill Edge

    Part of the Bank of America group

    check the form
  • E-Trade

    Now part of Morgan Stanley

    check the form
  • TD Ameritrade

    Accounts moved to Charles Schwab

    check the form

The 2023 tax year, when one account produced two forms

Schwab moved accounts across during 2023, so an account with reportable activity on both sides of the move produced two forms for that one year. TD Ameritrade reported the activity up to the move and Schwab reported the activity after it, so you need both to see the whole year.

Two situations bring that to you now:

  • You are filing 2023 late.

    You need both forms, and reporting from one leaves out part of the year.

  • You are amending 2023.

    Check whether the original return carried both forms before you change anything else.

When Schwab sends your Form 1099 Composite

Schwab produces composite forms in three waves, from late January to the end of February. Schwab puts your account in a wave according to what you hold and when you traded. Schwab holds a form back where a fund you own reclassifies its income after year end, because that reduces the corrections it has to send afterwards.

  1. First wave, late January.

    Accounts where Schwab already holds all the tax information.

  2. Second wave, mid February.

    Accounts holding funds that reported after the first wave.

  3. Third wave, end of February.

    Accounts holding securities whose issuers reclassified income.

Schwab issues no form at all where your account earned under 10 dollars of dividends, interest, royalties or original issue discount and you made no reportable sale. You still report the income.

Wait for the form. If you file from your December statement and Schwab then sends a form with different figures, you pay for an amended return.

Why Schwab sends a corrected 1099, and when it does not

Schwab reissues when a fund you hold reclassifies a distribution after year end, moving what it paid as an ordinary dividend into qualified dividends or return of capital. Schwab also reissues when a January purchase creates a wash sale that defers a loss on a sale you made the year before.

Schwab sends you a corrected form where an individual figure moves by more than 100 dollars, or where backup withholding moves by more than 25 dollars. Schwab also corrects any change to a covered security it reported on the 1099-B. Below those limits Schwab sends nothing, under an IRS safe harbor for small errors.

You have not filed.

Wait. Filing twice costs you twice.

You have filed and the figures changed.

Send us both versions and we tell you whether the change justifies an amended return.

Covered and noncovered shares, and who supplies the cost basis

Schwab reports cost basis to the IRS only for covered shares, meaning shares you acquired after the date Congress phased your security type into the rules:

1 January 2011
for corporate stock
1 January 2012
for mutual fund shares, dividend reinvestment plan shares and ETFs
1 January 2014
for debt instruments, options and certain other securities

On your noncovered shares, which you bought before those dates or transferred in from another firm, Schwab leaves the basis blank or marks it as not reported. Schwab declines to report a number it cannot stand behind, so you supply the basis yourself from your own purchase records.

Wash sales Schwab cannot see on your 1099

Schwab tracks wash sales inside your Schwab accounts. Schwab cannot track the ones you create somewhere else.

You create a wash sale when you sell a security at a loss and buy the same or a substantially identical security within 30 days before or after that sale. Schwab reports the disallowed amount on your 1099-B for the accounts it holds. The IRS applies the rule across every account you control:

  • You sell at a loss at Schwab and buy back at another broker.

  • You sell at a loss and your spouse buys the same security.

  • Your dividend reinvestment plan buys shares back for you inside the 30 day window.

  • You sell at a loss in a taxable account and buy back inside an IRA.

When you buy the replacement shares in a taxable account, you defer the loss. You add it to the basis of those shares and you recover it when you sell them. When you buy the replacement inside an IRA, you do not get it back.

If you transferred shares in from another firm, send us the 1099-B and whatever old statements you still hold. If the year is 2023, send us the form from each side of the move.

What we handle on a TD Ameritrade 1099, and what we do not

We prepare the forms Schwab issues you, any older TD Ameritrade form you still hold, and every schedule they feed.

We do not manage your investments and we do not pick your holdings.

For what you owe on investment income, see individual tax preparation. For gains on a sale, see capital gains taxation.

How we work with you

  • We put a CPA or an Enrolled Agent on every return. We do not use seasonal staff.

  • We quote you a fixed fee before we start work. We do not run an hourly meter.

  • We answer your email within 24 hours, in filing season and outside it.

How we handle TD Ameritrade 1099 forms

  1. Send us the composite form, plus any corrected version Schwab has sent you since, and both forms if the year is 2023.

  2. We read the four sections separately, because we apply a different set of rules to your dividends, your interest, your sales and your accrued discount.

  3. We verify the cost basis on every sale, starting with the shares that came across in the move.

  4. We reconcile all of your accounts for wash sales, including accounts you hold at other brokers.

  5. We check the forms against your own records before we put anything on a schedule.

  6. We file, and we tell you whether to expect a correction before you commit to a date.

What moves the cost

  • How many forms arrived and how many payers issued them
  • Whether figures have to be rebuilt from statements
  • Whether a prior year needs amending
  • Whether a matching notice has already been received
  • Whether the year is current or late

Pricing runs per return, not per form. These are the factors that set a quote, and you get the fixed number before the work starts.

What clients say

“We’re going to as tax professionals be too busy in February or March, we’re going to be filing people’s taxes. So if you want to start planning you want to meet your adviser far ahead of time, especially if you know something big is happening that year.”

George Dimov, CPA

“This is our second time getting into Dimov tax, and the team is exceptional. When we have questions about the tax form, they provide quick explanations that help us understand the complex numbers.”

Liyi ChenGoogle review

Meet the Dimov Tax team

Our team includes CPAs and Enrolled Agents who work on individual returns, business taxes and tax planning. Tell us what you need help with when you get in touch.

Send us your 1099 before you file

You can file from the original composite form. If Schwab then corrects your dividend figures or your cost basis, you pay for an amended return on top of the original one.