Non-tax class exchange
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Level 3

Non-tax class exchange

I purchased TT Premier 2020 earlier today.  I'm trying to "get ahead of the curve" so to speak so the goal of this posting is to seek community members who have handled this issue.  Specifically, I used to own USAA 500 Index Fund Reward Shares (USPRX.)  In June I moved the account "in-kind" to Charles Schwab.  Specifically, the day before USAA transferred the fund they did a "non-tax class exchange" and changed my account to USAA 500 Index Fund Member Shares (USSPX.)  I did not lose or gain a cent.  The USSPX shares literally transferred out (from USAA to Schwab) the next business day.  Can anyone provide me guidance and/or counsel in terms of what I'll be receiving in the mail late January 2021?  I clearly had dividends from USPRX in 2020 (25 March 2020) so I should receive a 1099-Div to indicate those earnings.  USSPX has posted dividends in my Schwab account twice since transferring.  As I said, I'm just trying to get out ahead of the curve.  Most importantly, if I'm making this more difficult than it needs to be please say so and I'll thank you.  

3 Replies
Level 15

Non-tax class exchange

what curve are your trying to get ahead of? just sit back and'll get the appropriate forms from the service providers in late January or so.  from what you describe those forms will NOT include the transaction described since it was a non-taxable exchange. 

Level 15

Non-tax class exchange

You'll have to ask Charles Schwab for a definitive answer.  

That said, I agree with NCperson, you will not get a form 1099-B or any other tax form for that transaction.  As USAA said, it's a "non-tax exchange". 


What you can expect  is separate 1099-Div(s) from USAA and Charles Schwab, for the dividends paid before and after  the exchange.  

Level 3

Non-tax class exchange

NCperson and Hal_Al: Thank you.  That's exactly what I was hoping to hear.  This is a new experience for me so I wanted to seek some expertise from the TT community.  

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