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Level 3

Mutual Fund Supporting Documentation: Charles Schwab

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:

  1. Taxable Income from US Government Sources
  2. State Tax Information (Source of Tax-Exempt Income)
  3. 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.

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Level 1

Mutual Fund Supporting Documentation: Charles Schwab

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. 

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6 Replies
Level 15

Mutual Fund Supporting Documentation: Charles Schwab

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.

Level 3

Mutual Fund Supporting Documentation: Charles Schwab

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.

Level 1

Mutual Fund Supporting Documentation: Charles Schwab

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. 

View solution in original post

Level 3

Mutual Fund Supporting Documentation: Charles Schwab

Thank you pjmfe.  I appreciate the response and information.  You were the Schwab client I was hoping to find.  Of course I'm not thrilled with your answer but it was what I needed to hear, especially now as opposed to when I'm looking for help in January-February.

Level 1

Mutual Fund Supporting Documentation: Charles Schwab

artg,

 

It really isnt as bad as you are making it out to be.  You only have to go to one place the USAA website since you have only one firms' funds.   It can be a pain to find navigating through the site, but do searches on 2020 tax documents or look for the sites tax center.   If you cant find it you can call the USAA customer service and perhaps they might help you find it. 

Level 3

Mutual Fund Supporting Documentation: Charles Schwab

pjmfe: Thank you and you're absolutely correct.  I'm very comfortable with USAA's Tax Center and have been there many times.  My hope was that I'd get "one-stop shopping" with Schwab.  You clearly answered my question and now I know what to expect.

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