With respect to this posting, my goal is to find a client with a non-qualified brokerage account with Charles Schwab. Additionally, my hope is that a fellow Turbotax user will have non-Charles Schwab mutual funds in the account. Ok, here we go…in the Spring of 2020 my wife and I transferred our Victory Capital Mutual Fund account (in-kind) to Charles Schwab. The account was made up of (only) USAA mutual funds. In previous years USAA provided three supporting documents that I found especially useful at tax time. They are as follows:Taxable Income from US Government SourcesState Tax Information (Source of Tax-Exempt Income)Mutual Fund Foreign Source IncomeObviously, I no longer have Victory Capital nor a USAA Investment account. But I do have USAA Mutual Funds with Charles Schwab. So, my question is basically what can I expect from Charles Schwab come late January with respect to the supporting documentation I just outlined? Therefore, that is the reason I am looking for a Charles Schwab client who owns non-Schwab mutual funds in a non-qualified account.

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Solved

Mutual Fund Supporting Documentation: Charles Schwab

Forum|Forum|5 years ago
December 2, 2020
1 reply
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With respect to this posting, my goal is to find a client with a non-qualified brokerage account with Charles Schwab. Additionally, my hope is that a fellow Turbotax user will have non-Charles Schwab mutual funds in the account. Ok, here we go…in the Spring of 2020 my wife and I transferred our Victory Capital Mutual Fund account (in-kind) to Charles Schwab. The account was made up of (only) USAA mutual funds. In previous years USAA provided three supporting documents that I found especially useful at tax time. They are as follows:

Taxable Income from US Government Sources
State Tax Information (Source of Tax-Exempt Income)
Mutual Fund Foreign Source Income

Obviously, I no longer have Victory Capital nor a USAA Investment account. But I do have USAA Mutual Funds with Charles Schwab. So, my question is basically what can I expect from Charles Schwab come late January with respect to the supporting documentation I just outlined? Therefore, that is the reason I am looking for a Charles Schwab client who owns non-Schwab mutual funds in a non-qualified account.

Best answer by pjmfe

I have both Charles Schwab and non Charles Schwab funds at Charles Schwab. Charles Schwab is only responsible to provide the tax information for their own funds. For other fund companies such as USAA, Vanguard, Fidelity etc you have to go to the fund companies tax center to get their tax information.

fanfare

Level 15

You chose to go with C. Schwab so you will have to live with the supporting docs they provide.

You should be asking Schwab Customer Service this question.

If they are any good at customer service, they should be able to answer it.

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If you transferred funds in-kind, you should be able get the same fund documents from the fund company that you got last time, e.g. breakdown of municipal income by state.

artgAuthor

Level 4

Thank you fanfare for your response and you're absolutely correct, I made the choice to go with Schwab and I'll have to live with what i get. However, my basic question remains the same as follows: What can I expect from Charles Schwab come late January with respect to the supporting documentation? In other words, I'm still looking for a Schwab client who has been down this road before. Oh by the way, please know that I will follow your advice and go back to the mutual fund company (USAA) that provided me the documents last January for tax year 2019.