Written by: The Virtus Financial Partners Team

Greetings,

It is that time of year for tax season! We wanted to send out some helpful content on the delivery of forms and other items.

Charles Schwab Tax Resources

• 1099 Forms and Statements can be accessed via your Schwab Alliance credentials and your Black Diamond Vault
• Schwab Tax Form Date Availability Here
• 2024 Guide to Schwab Tax Forms
• Helpful video explaining the 1099 Form
• 2025 Guide to Contributions/Dates

As the tax documents become available on Schwab, they will also be uploaded to your Black Diamond Vault. Common FAQ's below:

1. I see the 1099-R has been posted, is this the only document I need? Yes these have already been posted but if you have a taxable account (many of you do), the first run will be posted on 1/31/2025. The 1099-R is related to retirement accounts (IRA or 401k) and many of you will have one for your roth conversion or if you took a distribution (RMD as an example) from your retirement account.
2. Why is my 1099 not in the first run? The timing depends on the securities held in your account. For example, mutual funds have to close out their reporting first before 1099's can be released which can push this back. Please review the "Schwab Tax Form Date Availability" above for more information.
3. How do I know how much I contributed to my IRA? You can access this via Schwab Alliance > Transaction History > Filter by transaction. Or you can access via Black Diamond > Portfolio > Transaction > Filter by Account > Settings > Filter by transaction.
4. Do I need to send in Form 5498? This is sent directly from Schwab to the IRS. This form shows the total amount contributed to your IRA/401(k) on Schwab and posts sometime in May. You do not need to do anything with this form and most likely your tax return will already be done anyways.
5. What is the difference between a pre-tax and after-tax contribution? A pre-tax contribution is generally tax deductible and after-tax contributions are non-deductible as they are made with after tax dollars. For many of our clients, your IRA contributions are after-tax/non-deductible since you are over the income limits and we perform a roth conversion on those dollars. Please verify with your Advisor or CPA if you are unsure.
6. Where is my CPA involved in all of this? Your CPA should be guiding you on the forms you need and any questions related to your accounts. If there is a question that your CPA is asking and you are unsure of the answer, please send an email to us with your CPA cc'd and we will assist.

Thank you for your continued trust in our firm and please let us know if any questions.

Sincerely,

Virtus Financial Partners

If questions on your personal situation outside of your Annual Review, please reach out to your Advisor directly.

For non-clients with questions on your personal situation: Use the link below to reach out to us and an Advisor will contact you to schedule a complimentary consultation.

Virtus Financial Partners is a comprehensive financial planning firm who consults almost exclusively to dentists. We have over 2100 dentists and specialists as clients over the entire United States. Our firm prides itself on helping its clients through education and continual communication. From helping you understand your Student Loan Debt through managing your investment assets and insurance - our service model will ensure that you are able to maintain your financial plan through the years.

Email us at: servicing@virtusfp.com for questions or to book an event for your class

Virtus Financial Partners is an investment advisor registered with the U.S. Securities and Exchange Commission. Any statement of past performance is not indicative of future returns. Virtus does not provide legal or tax advice. You should consult with your attorney or tax professional for any advice pertaining to legal and/or tax questions you have.