Will I Get Tax Documents From Ameriprise and TD Ameritrade?

Will I Get Tax Documents from Ameriprise and TD Ameritrade?

As tax season moves into full swing, we want to make sure clients know what to expect considering our transition from Ameriprise to TD Ameritrade. To that end, this short blog post will (hopefully) answer your questions about the process for 2020.

Tax documents are generated by a company, like TD Ameritrade, anytime you have an account for any part of the year. Since we did not make our move to TD Ameritrade until October of 2020, this means you will have documents from both Ameriprise and TD Ameritrade for the 2020 tax year.

Here is what we know:

At this time, it appears that Ameriprise has either mailed or emailed most of their tax documents. If you did not receive them in the mail already, you should be able to log into your account online and download the individual or consolidated tax documents for 2020. To do this, follow these steps:

Click on “Documents” at the top of the page.
Then click on “Tax Documents” from the drop-down menu.
From there, you will be able to view and download the 2020 tax documents for your account(s).

The process for getting tax documents from TD Ameritrade is similar.

The 2020 tax documents are in the process of being mailed and/or emailed. But you can log into your profile by going to our website www.Hicks-Associates.com and clicking the “Client Login” button. Then follow these steps to download the tax documents:

From our Client Login page, click the TD Ameritrade button.
Log in and then click on “Documents” at the top of the page.
Then click the “Tax Documents” button on the left side.
From here you will be able to view and download the 2020 tax documents.

You might have tried to log into your account online and did not see any documents that you could view or download. We have been following the updates from TD Ameritrade concerning the release of tax documents and wanted to make sure you were aware of those dates. The following schedule has been shared with us, so we are sharing it with you:

Please make a note of the fact that there are two types of tax documents, depending on what kind of account you have. They are:

1099: this document is for non-qualified accounts.
5498: this document is for IRA’s (both Traditional and Roth).
This means that if you have any of these accounts, you will need to have each of these documents from both Ameriprise and TD Ameritrade to properly have your taxes completed.
Example: For my non-qualified joint account, I will need a 1099 from Ameriprise and TD Ameritrade.
Example 2: For my Roth IRA, I will need a 5498 from Ameriprise and TD Ameritrade.

One thing we want to make sure you are aware of is that we do not expect any clients to receive or need K1’s from either Ameriprise or TD Ameritrade. We have taken steps to avoid investments that require a K1 due to the difficulty they present when filing taxes. This means that you should not need to wait for a K1 to file your taxes.

If you have other questions or would like to review this information with us, please feel free to get in touch. If you do not have a tax professional and would like for us to connect you with one, please let us know and we will be glad to connect you with a local tax professional we work with and trust.