Retirement
I want to borrow against my IRA to help pay for my closing on a house while I wait for my previous home to sell. How long do I have to get the funds back into the account to avoid taxes?
60 Days
I need to show the IRS I took my RMD, what tax form is this.
What is 1099 R
My Cost Basis is missing, how can I update this?
What is Positions Tab on Schwab.com or Service Wizard
The Tax Escalation Team (TET) is a _________ transfer.
what is a warm transfer
Tax filing deadline for 2019
What is April 15
I haven't received a 1099 Composite on my IRA account where is it?
IRA's are tax sheltered accounts, they only generate 1099 R's and 5498's, basically money put in and taken out of the account. Dividends and stock gains are not reported.
I'm looking for my tax forms and they haven't been sent yet. When will I be receiving my forms?
What is February 16, 2019
A client can receive a corrected 1099_____
At any point, companies can reclassify information, even years after that tax filing.
What is retirement services.
I need to contribute to my IRA, when is the last day I can do this?
What is April 15, 2019
A client who is over 70 1/2 can contribute to a ________ IRA as long as they have earned income.
The 5498 provides clients record of _______ & _______ and will be mailed __________.
What is Rollovers and Contributions, First week of June
A client has a Master Limited Partnership and wants to know when they will receive their K1. Where can you find this?
taxsupportpackage.com, will provide you the company's direct contact number and anticipated mail date.
A client calls in because after reviewing tax forms they noticed a dividend was paid last year that should have been reinvested. What group can you reach out to for help with figuring out their options?
Client Reporting.
I need to do a conversion, what is the last day I can do this for the 2018 tax year?
What is December 31, 2018. (Conversions must be done in the year they are reported)
I need a 1099 R from a couple years ago. How long do you retain Tax Records?
What is 10 years.
Interest is only reported on the 1099 INT if a client receives $___ or more for the year
What is $10 or more in interest for the year, or else it doesn't need to be reported.
I received a K1 for my Schwab One account, what do I do with it.
Keep it for your records and consult your tax advisor to see if any additional reporting is needed.
Client deems their RMD failed as a result of Schwab Error. Who do you contact to correct this?
SOS, they will show you how to send out a connect letter stating it was a schwab error but the client needs to fill out a 5329. Retirement will not correct reporting.
I need to file an extension for my taxes. What is that date?
October 15, 2019
Correct, we will report this on the 5498 which go out in a few months. You can use the statement of the month those funds returned as records for now. Statements are legally binding documents.
I have received a K1 do I need to do anything? (Name the criteria and next steps)
If it's a retirement account and if the form shows Unrelated Business Taxable Income (UBTI) greater than $1000, you need to mail or fax in a copy to us.
For Cost Basis there is uncovered and covered shares. Uncovered shares refers to a time when the responsibility of keeping this information was on _____ and this was ______ for stocks.
what is investors and any purchases prior to 2011.
I don't understand how you're calculating my cost basis for AOL. Give me your cost basis team. Who do you bring on?
TET (Do not use CRSS during tax season)
Name the 2 states with a Special Tax Deadline this year and the date
What is Maine & Massachussetts, April 17 2019