Getting Ready to file your Taxes?

Posted by Team HFM on March 06, 2020

Custodian 1099s

  • Most custodians have now sent out Form 1099s either by mail or sent email notification of online availability. 
  • HFM recommends consulting with your tax advisor about the possibility of receiving a corrected Form 1099 and the timing of filing your tax return to avoid having to submit an amended return.
  • Management fees deducted from your account in 2019 are shown on your custodian's 1099.

Access Your Tax Documents Online to Avoid Mailing Delays


Electronic Notification - If you have elected to receive printed Form 1099s and your custodian knows your email address you will be notified via email when your Form 1099s have been mailed. There is also a link in the email to the custodian's website where you can access your tax forms. 
Faster Access to Tax Info Downloads - Clients who receive their 1099 electronically can immediately download their 1099 into TurboTax or H&R Block. 
If you use Charles Schwab as a custodian you can access your 1099s at  If you have difficulty logging in or accessing your accounts, please call the dedicated Schwab Alliance support team at 1-800-515-2157.
If you owned Master Limited Partnerships (MLPs) in your account during 2019, the tax reporting is provided to you directly by the MLP in the form of a Schedule K-1 Partnership Distribution report. K-1s are not sent to your advisor or custodian. While there are several advantages to owning an MLP, one of the trade-offs is that producing K-1s is complicated and they frequently arrive late in the tax season. Please be sure that all of your K-1s have been provided to your tax-preparer before filing your taxes. If it is late in the tax season and you have not received all of your K-1s, please discuss it with your tax-preparer. Most K-1s are available online on the MLP's website or at which provides a list of all K-1 securities and when the K-1 will be available.