February marks the beginning of our annual process of distributing our Clients’ Required Minimum Distributions (RMDs) from their IRAs. Now that Schwab has released their annual RMD report, the Financial Planning Team is reviewing each IRA from which an RMD is required to ensure enough cash is available for the distribution. In most cases, RMDs will be distributed by the end of the month (some Clients have already received theirs); for our Clients who use their RMD amount as their annual spending target, we’ll track the distributions throughout the year to ensure the required amount is satisfied. Learn more about RMDs and Yeske Buie’s process for managing the distributions.
How You Will Receive Your 1099
As you begin collecting your tax documents to prepare your 2017 returns, we’d like to offer a few notes about tax information for your Yeske Buie accounts.
On the Tax Reports page of your Client Private Page®, you will find reports for your taxable accounts (for planning purposes only) and transaction reports for your IRA(s). To complete your tax return, please refer to your Schwab 1099 for dividends, interest, and capital gains in your taxable account(s), and your 1099-R for any distributions from your IRA(s).
Schwab will be posting 1099s to the Statements & Reports tab of your Schwab Alliance account throughout the month of February. Step-by-step instructions for accessing the online forms can be found here. If you have elected to receive printed forms, you will be notified via email when the forms have mailed. And if you have any trouble at all accessing your forms, please don’t hesitate to give us a call so we can help.
If corrected 1099 forms are needed, they will be posted to your Schwab Alliance account beginning on February 27th.
At Yeske Buie, our purpose is to empower people to pursue their Live Big® lives. And our greatest strength is our dedicated team of professionals, led by our two founders, who between them have over 70 years of combined experience practicing financial planning and leading the profession.