Tax Center
2024 Tax Year Guidance
Timing
If you plan on filing your taxes by the April 15, 2025 deadline, we recommend waiting until mid to late February or early March to provide your tax preparer with your tax reports. Investment companies occasionally issue amended Form 1099s, and filing later helps ensure that you have the most accurate information. Additionally, check with your tax preparer to confirm their preferred timing for receiving your documents.
Security
2024 IRA and Qualified Retirement Plan Distributions
Custodians of IRAs and qualified retirement plans are expected to issue Form 1099-R to recipients by January 31, 2025, reporting distributions and any taxes withheld during the 2024 tax year. Retain this document for your records and share it with your tax preparer to ensure accurate tax reporting.
2024 IRA Nondeductible Contributions
If you made a nondeductible contribution to an IRA in 2024, you must file Form 8606 Nondeductible IRAs along with your Form 1040. This form reports the tax basis of your IRA to the IRS, ensuring that the nontaxable portion of future IRA distributions is properly documented. Tracking the tax basis of your IRA is the sole responsibility of the taxpayer, not the IRS or your IRA custodian. Be sure to inform your CPA or tax preparer if you made a nondeductible contribution during the tax year to ensure accurate reporting.
Qualified Charitable Distributions (QCDs)
Form 1099-R issued by your IRA custodian does not specify the amount of Qualified Charitable Distributions (QCDs) made from your IRA in 2024. To ensure accurate reporting, provide your tax preparer with a detailed list of all QCDs made during the year. This will help properly reflect these distributions in your filing. -If you directed your IRA to make a QCD in 2024, we will provide you with documentation reflecting distributions that we assisted in processing with you and the custodian. -If you issued checks from your IRA for QCDs, we recommend reviewing the check register and providing your tax preparer with these details.
Form 5500
If you are the plan sponsor for an individual (or solo) 401(k) plan with more than $250,000 in assets as of the last day of the plan year, you are required to file a Form 5500 with the IRS. For plans with a December 31 year-end, the filing deadline is July 31, 2025. We recommend that you consult with your tax preparer to ensure timely filing.
Taxable Account Reporting
Municipal bond fund interest
National municipal bond funds held in your taxable account(s) may include bonds issued by various U.S. states. Below, we’ve included links for commonly held municipal bond funds in our managed portfolios to help you and your tax preparer determine the portion of interest that may or may not be subject to state taxes.
Vanguard Intermediate – Term Tax-Exempt Fund Admiral Shares (VWIUX)
Vanguard Short-Term Tax-Exempt Fund Admiral Shares (VWSUX)
American Century Intermediate – Term Tax-Free Bond Fund I (AXBIX)*
*Available online by February 15. Feel free to check this link again after February 7 to see if it has been published ahead of schedule.
Nuveen Short Duration High Yield Municipal Bond Fund I (NVHIX)
Please note that the bond fund is listed as NSDHY on the Nuveen website.
DFA Short-Term Municipal Bond Fund I (DFSMX)*
*Available online by early 2025. Feel free to check this link to see if it has been published ahead of schedule.
Alternative Investments
If you own an alternative investment, you may receive a Schedule K-1 that reports your share of an entity’s taxable income, deductions, credits, etc. Given the nature of these investments, Schedule K-1s are generally issued later in the year and may necessitate you filing an extension.
Transferred/Closed Accounts
Closed Accounts: If you closed a brokerage account during 2024, a Form 1099 will still be generated for that account. Please check with the custodian of the closed account or your Modera team if you do not receive the document. Transferred Accounts: If you transferred an account from one brokerage firm to another during 2024, you will likely receive two Form 1099s; one from the former firm and one from the current firm. Please do not hesitate to reach out to your wealth manager if you have any questions.
Custodian Mailing Schedule For 2024 Tax Reports
Our recommended custodians have provided us with the following estimated mailing dates for your 1099s and other tax related documents. Please note that the dates are estimates and that actual mailing dates may vary. In addition, custodians may send corrected form 1099s, which should be forwarded to your tax preparer upon receipt.
For clients who transferred accounts between custodians during the year, such as from one brokerage firm to another, you will likely receive tax forms from both your previous custodian and your current custodian. This applies to any mid-year changes in custodianship.
Charles Schwab
1099 INT, DIV, BROKER PROCEEDS and Related Forms
- 1st Mailing: Late January 2025
- 2nd Mailing: Mid- February 2025
Note: Schwab sends its 1099s in two waves. The first wave is typically sent out at the end of January, and the second wave goes out by mid-February. If you have more than one brokerage account, you’ll receive a 1099 composite for each account held.
1099-R, Retirement Plan, IRA, and Annuity Distributions
- By January 31, 2025
1099 INT, DIV, BROKER PROCEEDS and Related Forms
These forms are typically available by late January or mid-late February
1099-R, Retirement Plan, IRA and Annuity Distributions
- Generally available by January 31, 2025
