IRA
This statement of clarification should always be used when discussing Tax related documents 7 rules.
What is " I am not a tax Professional"
This is the minimum $ amount required for clients to receive a 1099, i.e. Why did I not receive a 1099?
What is "$10"
This valuable client site provides Schwab resources that our clients might need for their 2024 tax filings
What is "Tax Center"
This is the Max Contribution for IRA's for 2024.
What is $7,000
This is the official date that the IRS requires that tax statements be available for clients.
What is "February 15th"
This valuable Schwab Employee resource provides links to most common tax questions
What is "Tax HQ"
Income from W2 wages, Tips, and Self Employment can be applied towards and IRA
What is "Earned Income"
This tax form is used to report Gains & Losses for tax purposes
What is a "1099 Composite"
These 3rd Party Vendors have direct links to Schwab.com for filing 2024 taxes and have the ability to upload your documents
What is "Turbo Tax, H&R Block, and Tax Act"
This is a strategy for High Income earners to contribute to a Roth and has eligibility requirements to participate.
What is a "Backdoor Roth"
This form is filed with the IRS by Schwab and reports distributions from retirement accounts
What is a "1099 R"
This the default cost basis for determining Gains & Losses and what does it stand for
What is "FIFO - First In First Out"
This form is required to be utilized by clients who have either contributed above their limits or incorrectly contributed to an IRA
What is Recharacterization or Removal of Excess
This form is filed with the IRS by Schwab and reports your total IRA contributions for a tax year
What is a form "5498"
The purpose of this form is to report each Unit Holder's allocable share of the issuer's income, losses, and special tax items, so the investor can accurately compute their tax Liability
What is "K1"