Tax documents are usually released between January and March.
Altruist starts making tax documents available between January and May each year for the prior tax year. You should have everything you need to file your taxes by March; however, some tax forms may need to be edited and updated.
This year, 2024, 1099-Consolidated tax forms (which include 1099-DIV, 1099-B, 1099-INT, 1099-OID, and 1099-MISC) will be produced in three separate groups, depending on the complexity of your client’s financial portfolio. The first wave will begin at the end of January and the final wave will end on March 15.
Scheduled correction runs are set to begin on March 15, occurring bi-weekly as needed. Clients with investments in Mutual Funds, REITs, REMIC securities, or WHFITs may experience income reclassification, potentially leading to amended Form 1099s. This could affect their tax filings and deadlines.
| Form | Type of Information | Dates for Release |
| Consolidated 1099 | Dividends, interest payments, sell transactions and miscellaneous income. | January - March 15th |
| Corrected Form 1099s | A Corrected Form 1099 can be issued for various reasons, such as reallocations of dividend or interest payments by security issuers, updates in cost basis information, or adjustments due to wash sales, among others. These amendments are marked with the letter “C” on the form. | March - April |
| 480.6 A,B,C,D for Puerto Rico | Payment of dividends, interest, rent, salaries or wages, premiums, annuities, compensations, remuneration, or other fixed or determinable gains, profits and income. | February 28th |
| 1099-R | Designated distributions of $10 or more. | January 31st |
| Form 5498 | Contributions for retirement accounts required minimum distributions (RMDs), Roth IRA conversions, rollovers, and the fair market value (FMV) of IRA accounts. | May 31st |
| Form 2439 | Provide shareholders of a regulated investment company (RIC) or a real estate investment trust (REIT) the amount of undistributed long-term capital gains. | April 1st |
| Form 592-B (California) | 7% California state tax withholding on sales transactions. Dividend and interest. | January - March 15th |
| Schedule K-1/Form 1065 Partner's Share of Income, Deductions, Credits, etc. | Distributions from partnership securities and other items being passed through to the partners (holders of the security) The partnership admin should mail the K-1 by April 15th. Client proceeds from the sale of units in their accounts will be reported on their 1099-B section of their consolidated 1099. | Altruist does not generate this form but clients may receive from partnership investments. (Currently working with ETC to file form 990-T on clients behalf). |
Special Note:
For any taxable events that took place on or before April 19, 2023, during the period when Altruist used Apex for Clearing, your clients will receive two sets of tax documents this year: One from Apex Clearing Corporation and one from Altruist Financial LLC. Clients must use both sets to accurately report their taxable activity when filing their taxes this year.