Charles Schwab 1099 Composite Form

Forum|Forum|5 years ago
December 27, 2020
3 replies
16 views

I'm attempting to prepare for our tax year 2020 TT entries. Through Tax Year 2019 the investment company where we had our mutual fund account would send us a 1099-Div for EACH mutual fund. When I prepared our 2019 return I entered the 1099-Div information for EACH mutual. In 2020 we transferred (in-kind) our six mutual funds to Charles Schwab and opened a brokerage account. According to the Charles Schwab Tax Center we'll receive a 1099 Composite which will contain a composite 1099-Div (according to the sample I downloaded.) Therefore, will I enter a "single" 1099-Div for all of my mutual funds (combined) or will the Schwab composite form breakdown each funds respective 1099-Div information? In other words, does anyone have any experience with the Charles Schwab composite form where their brokerage account is made up of multiple mutual funds?

Best answer by fanfare

I'm like you. I do not import either. I haven't have any 1099B sales yet. Not looking forward for when I do. My friend has lots of sales. Glad I can import them now. Just wait and see what the 1099 form you get looks like. Just looked at my Vanguard 1099. It is one page for 1099 Div with my 6 funds listed separately. There is not a grand total at the bottom for each box. So I do enter them one line/fund at a time. It's not very hard or many to manually enter a few funds individually.

When your mutual funds are at a brokerage,

you just report one line "Schwab dividends" on Schedule B for all dividends from funds and stocks.

When your mutual funds are at a fund company, like Vanguard for example, you need to itemize the funds.

But, Vanguard now encourages you to convert your account to a brokerage account, and if you do that you would be able to report "Vanguard dividends" on one line.

NCperson

Level 15

just report it as it is reported to you by Schwab; there is no need to report each mutual fund separately if Schwab is reporting it in composite. it's much more efficient for you to do it composite!

VolvoGirl

Level 15

And you should try importing your 1099 info directly from the broker. It works very well and smooth. The composite 1099 will actually have the 3 main kinds of 1099 on it, 1099Div, 1099Int and 1099B for sales. It is one page with the 3 sections on it. There might be backup detail sheets listing the individual transactions. You do need to enter any sales separately.

Also brokers usually have until Feb 15 to send out the 1099s. And don't be in a hurry. They also can send out Amended or Corrected 1099 forms later. My friend always gets 1 or 2 corrected 1099 forms.

artgAuthor

Level 4

Thank you VolvoGirl. Believe it or not I've always manually entered my 1099-Div forms so maybe this year I'll try importing the information. I do not have any trades so I shouldn't see any 1099-B information.

donjofinch1

Level 2

How can I import to turbo tax the composite Schwab data to div, int, etc. I have already entered 1099 Rs.

CarissaM

Level 15

You can follow the instructions here to import the 1099 into Turbo Tax. If you need further assistance, please click here to contact customer support. @donjofinch1

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