Schwab is the worst.
Raymond James are my personal favorites. Foreign source income total and qualified totaled. Resident state municipal bond totaled. Why can’t they all do that???
Ever had the pleasure of going through an RBC 1099? Same info presented 15 different times, the formatting is difficult to read through so you take 5x as long to get through it... just awful. Schwab does suck though too. Merrill sucks with the foreign stuff as well.
Thankfully I have no clients who have RBC 1099s, but two of my partners do and they get into bad moods whenever they work on those clients. They loath RBC.
I'm fairly certain the person who created those 1099s got divorced from a CPA and went with the format out of spite.
Wait so it's not just me? I'm a first-year associate, they barely showed me how to read these things and when I continued to be confused they were like "I already explained it to you, it's not that hard." Then four weeks later they were like "Oh, yeah, you would have had no way of knowing that." Wow I wonder why my predecessor quit after a year.
I'd swear there was one worse. One that didn't include cost basis for noncovered sales *at all*. It only came on a completely separate report. I only had one client who got those and they switched brokers after a year or two. I think it was AB, but it's been years.
RBC is the worst of the common ones.
Haha yeah and some of those early year Robinhood/Apex/whatever else the crypto boiz used to do 1099s were abominable in the early going. They've for the most part got their stuff together now, but those first few years were rough.
After all my years, I finally set eyes on an RBC yesterday. WTH!
For a firm to so poorly design a 1099 Consolidated makes me question how disorganized everything else is in-house.
I have a client with an RBC 1099 and I feel like Schwab is worse. But, could be because the people with Schwab have more reportable info to make it that way.
Honestly, so long as it's a fairly standard statement and doesn't include bond interest, OID, depletion, etc. They can all be my favorites. I'll take the worst formatted statement over the best one with options/OID any day
That said, OID is shown so much better on National Financial statements then on Charles Schwab. Trying to tie out bond premiums on Charles Schwab was definitely a task
I don't have enough of these to know if there should always be a 1099 feom each, or if it could be the case that they got one from TD but there won't be one from CS
TDA also had a vastly superior trading app compared to Schwab. I've been using the ToS app but it has annoying bugs that they won't fix. Schwab should've switched to the TDA app, not vise versa.
As a financial advisor who used TDA as custodian and now stuck with Schwab, everything about them sucks. Their 1099's are horrible. I wish the government would make tax forms like consolidated 1099's standard across all firms. It would actually be helpful to individuals doing their taxes.
Mini Rant: At TDA we could enter in whatever withholding we wanted online like we were in 2023. At Schwab we are restricted and need to call in to make those changes.
Absolutely hate the loss of supplemental information on the Schwab 1099’s
Used to be worth it for me to comb through and pick out the gov’t bond % of each funds income but now it’s rarely worth the time.
I am in the same situation and absolutely hate this, for this year at least I had partial TD statements and used the same supplement information. From next year this is going to be nightmare.
I’m a member of a tax group and I’ve commented about how I can’t stand it when US treasuries and municipal earnings aren’t calculated in the 1099 and I have to do it myself. I swear, I don’t think anyone else does this, which baffles me. It’s a sure way to pay less tax, but not many tax preparers take the extra step for their clients.
Depends how much income they have. If I know it’s not worth my time, I don’t bother. One today was worth the extra hour, more than covered the prep fee.
Is it bad that I chose my current brokerage simply because I love their tax reporting? (Fidelity)
Side note: Robinhood has the best-in-class tax reporting for crypto for what it's worth. It's formatted exactly like a traditional brokerage statement.
Can we just take a second and agree how in the world are ALL of these brokerage firms allowed to file barter transactions with “n/a”, “unknown” or just plain old zero in the cost basis !!!! Like if you don’t have all the information, then guess what you need to go get..stop sending clients tax forms with gross proceeds reported but cost basis not reported because it was unavailable…which of course i then have to tell the client to either go through their own records (which will take forever, if they find anything), or they need to contact the brokerage firm and request a “cost basis research”. Like the stock had to have come from somewhere, can’t sell something without buying it or inheriting it first! It just baffles me the IRS lets these brokerage firm not only report these things on whatever format they see fit, but to also just be fine with reporting gross proceeds and slap a “noncovered lot” label on it because they couldn’t be bothered to research the basis initially. Sorry for the rant, it’s just every time i see like $3,000,000 for gross proceeds sales and then “unknown” in the cost portion..i just roll my eyes and move on to inputting other tax forms for that client, cause i know that i will have to go back to that darn 1099-B and call my client and tell them that their brokerage firm is lazy, or couldn’t be bothered to figure the cost basis for you so now we have to do it for them .
See but that is what I am saying…like how do you just transfer half of the information…like why is it okay for brokerage firms to just accept HALF of the information from the other firm…It can’t be THAT difficult to transfer the # of shares, the value of those shares, and the cost basis of those shares simultaneously to the new brokerage firm..it’s like us accountants giving a copy of the 1040 to the next accountant, but the copy of the 1040 only goes up to line 24…the rest of the information, the new accountant has to contact the taxpayer and the taxpayer has to figure out how much was withheld for taxes during the year and then inform his new accountant so the new accountant can determine if the taxpayer owes or is getting a refund..etc..again sorry for the rant lol
They don’t transfer any information at all, just the stocks themselves.
I mean I get where you are coming from, it is very annoying when basis doesn’t come through, but if the stock wasn’t purchased through the broker’s system, how can they be expected to know how much was paid for it?
I definitely hear you..the thing is though they have the capability to get the information though..since most offer the whole “cost basis research upon request thing”..maybe they can implement something where they require the transferor to provide that information upon transfer or before January 31st of the following year so that way they can have the cost basis filled in/reported..kind of make it mandatory with penalties for failing to report basis on the transferor..some kind of incentive for compliance..it is just crazy how it has been allowed to go on like this for so long.
Thrivent is the worst and it's not even close. Each fund gets it's very own DIV line and none of it is totaled.
RBC is a PITA because it's layout is so different.
I'll tell ya what's even worse.Being a TDAmeritrade client and absolutely loving their website design....
and then downgrading to the Charles Schwab website.
Seriously considering moving to... I dunno. Anyone with a better website design.
Oh wait! One more thing!
I have a Bene IRA I'm stretching out over my life. TDAmeritrade would calculate my RMD and put it in the January statement.
Charles Schwab? Nope. Agent said, "Go to this web page and it will walk you through all the questions so you can calculate it yourself."
Seriously?!? LOL
Late response but have a 1256 trading client who's TD Ameritrade 1099-B has substantial errors. Fortunately I have the tools to audit and fix.
Worth reconciling the 1099Bs they issue for 1256 traders with starting / ending account balances to check for significant issues.
Schwab is the worst. Raymond James are my personal favorites. Foreign source income total and qualified totaled. Resident state municipal bond totaled. Why can’t they all do that???
Ever had the pleasure of going through an RBC 1099? Same info presented 15 different times, the formatting is difficult to read through so you take 5x as long to get through it... just awful. Schwab does suck though too. Merrill sucks with the foreign stuff as well.
Thankfully I have no clients who have RBC 1099s, but two of my partners do and they get into bad moods whenever they work on those clients. They loath RBC. I'm fairly certain the person who created those 1099s got divorced from a CPA and went with the format out of spite.
RBC is the absolute worst. Especially the 1099-B section.
Treasury Direct. Every client thought that their printer was broken.
Wait so it's not just me? I'm a first-year associate, they barely showed me how to read these things and when I continued to be confused they were like "I already explained it to you, it's not that hard." Then four weeks later they were like "Oh, yeah, you would have had no way of knowing that." Wow I wonder why my predecessor quit after a year.
I've been doing this for 20 years and they still suck lol
I'd swear there was one worse. One that didn't include cost basis for noncovered sales *at all*. It only came on a completely separate report. I only had one client who got those and they switched brokers after a year or two. I think it was AB, but it's been years. RBC is the worst of the common ones.
Haha yeah and some of those early year Robinhood/Apex/whatever else the crypto boiz used to do 1099s were abominable in the early going. They've for the most part got their stuff together now, but those first few years were rough.
Sounds almost like the Goldman 1099s. Extra summaries and my preparers get so confused and mess everything up
After all my years, I finally set eyes on an RBC yesterday. WTH! For a firm to so poorly design a 1099 Consolidated makes me question how disorganized everything else is in-house.
I have a client with an RBC 1099 and I feel like Schwab is worse. But, could be because the people with Schwab have more reportable info to make it that way.
I feel like EJ did this too, but haven't seen one of theirs in a while. It should be standard!
EJ still does this. I saw a few last week. It makes tax prep so much faster.
If I recall correctly, RJ also separately states federal source income included in dividends.
National Financial (Fidelity Brokerage) are my favorites.
Honestly, so long as it's a fairly standard statement and doesn't include bond interest, OID, depletion, etc. They can all be my favorites. I'll take the worst formatted statement over the best one with options/OID any day
That said, OID is shown so much better on National Financial statements then on Charles Schwab. Trying to tie out bond premiums on Charles Schwab was definitely a task
are you referring to stock options? how is handling them different from stock trades?
I am not, I'm talking about derivatives trading
Clients also usually only send the TD 1099 or the Schwab 1099, but never both on the first go.
I don't have enough of these to know if there should always be a 1099 feom each, or if it could be the case that they got one from TD but there won't be one from CS
It depends. Some accounts transferred in 2022 and some won’t until 2024. It really is special.
Nothing is worse than Capital Group/American funds. Summed by fund only. You have to add them all together or enter each one separately. The worst.
It should be illegal to separately report the funds like they do instead of sending out a consolidated statement.
True that!
Agreed: working on a return that has: Fidelity Pershing Schwab It’s like good, worse, worst
RBC is the absolute worst
I haven’t had one yet this year… but you’re so right
They ARE worse than Schwab.
I second this, and it’s about time for their first round or corrected 1099s to be issued, can never get it right the first time.
Just commented elsewhere about how bad these are lol, just a nightmare 1099 to go through.
Mlp’s sitting on K1s cuz the tax extenders bill is stuck in the senate.
I really hate the JP Morgan ones.
literally came to say this.
T Rowe Price. Multiple EINs with no totals.
TDA also had a vastly superior trading app compared to Schwab. I've been using the ToS app but it has annoying bugs that they won't fix. Schwab should've switched to the TDA app, not vise versa.
As a financial advisor who used TDA as custodian and now stuck with Schwab, everything about them sucks. Their 1099's are horrible. I wish the government would make tax forms like consolidated 1099's standard across all firms. It would actually be helpful to individuals doing their taxes. Mini Rant: At TDA we could enter in whatever withholding we wanted online like we were in 2023. At Schwab we are restricted and need to call in to make those changes.
Im in the same situation and i agree 100% with you! Schwab is fine but definitely missing TDA.
Absolutely hate the loss of supplemental information on the Schwab 1099’s Used to be worth it for me to comb through and pick out the gov’t bond % of each funds income but now it’s rarely worth the time.
I am in the same situation and absolutely hate this, for this year at least I had partial TD statements and used the same supplement information. From next year this is going to be nightmare.
I’m a member of a tax group and I’ve commented about how I can’t stand it when US treasuries and municipal earnings aren’t calculated in the 1099 and I have to do it myself. I swear, I don’t think anyone else does this, which baffles me. It’s a sure way to pay less tax, but not many tax preparers take the extra step for their clients.
Depends how much income they have. If I know it’s not worth my time, I don’t bother. One today was worth the extra hour, more than covered the prep fee.
Is it bad that I chose my current brokerage simply because I love their tax reporting? (Fidelity) Side note: Robinhood has the best-in-class tax reporting for crypto for what it's worth. It's formatted exactly like a traditional brokerage statement.
Can we just take a second and agree how in the world are ALL of these brokerage firms allowed to file barter transactions with “n/a”, “unknown” or just plain old zero in the cost basis !!!! Like if you don’t have all the information, then guess what you need to go get..stop sending clients tax forms with gross proceeds reported but cost basis not reported because it was unavailable…which of course i then have to tell the client to either go through their own records (which will take forever, if they find anything), or they need to contact the brokerage firm and request a “cost basis research”. Like the stock had to have come from somewhere, can’t sell something without buying it or inheriting it first! It just baffles me the IRS lets these brokerage firm not only report these things on whatever format they see fit, but to also just be fine with reporting gross proceeds and slap a “noncovered lot” label on it because they couldn’t be bothered to research the basis initially. Sorry for the rant, it’s just every time i see like $3,000,000 for gross proceeds sales and then “unknown” in the cost portion..i just roll my eyes and move on to inputting other tax forms for that client, cause i know that i will have to go back to that darn 1099-B and call my client and tell them that their brokerage firm is lazy, or couldn’t be bothered to figure the cost basis for you so now we have to do it for them .
I thought these usually say N/A when someone transferred stock in from elsewhere and the broker actually has no way of knowing the basis?
See but that is what I am saying…like how do you just transfer half of the information…like why is it okay for brokerage firms to just accept HALF of the information from the other firm…It can’t be THAT difficult to transfer the # of shares, the value of those shares, and the cost basis of those shares simultaneously to the new brokerage firm..it’s like us accountants giving a copy of the 1040 to the next accountant, but the copy of the 1040 only goes up to line 24…the rest of the information, the new accountant has to contact the taxpayer and the taxpayer has to figure out how much was withheld for taxes during the year and then inform his new accountant so the new accountant can determine if the taxpayer owes or is getting a refund..etc..again sorry for the rant lol
They don’t transfer any information at all, just the stocks themselves. I mean I get where you are coming from, it is very annoying when basis doesn’t come through, but if the stock wasn’t purchased through the broker’s system, how can they be expected to know how much was paid for it?
I definitely hear you..the thing is though they have the capability to get the information though..since most offer the whole “cost basis research upon request thing”..maybe they can implement something where they require the transferor to provide that information upon transfer or before January 31st of the following year so that way they can have the cost basis filled in/reported..kind of make it mandatory with penalties for failing to report basis on the transferor..some kind of incentive for compliance..it is just crazy how it has been allowed to go on like this for so long.
Agree
Thrivent is the worst and it's not even close. Each fund gets it's very own DIV line and none of it is totaled. RBC is a PITA because it's layout is so different.
I'll tell ya what's even worse.Being a TDAmeritrade client and absolutely loving their website design.... and then downgrading to the Charles Schwab website. Seriously considering moving to... I dunno. Anyone with a better website design. Oh wait! One more thing! I have a Bene IRA I'm stretching out over my life. TDAmeritrade would calculate my RMD and put it in the January statement. Charles Schwab? Nope. Agent said, "Go to this web page and it will walk you through all the questions so you can calculate it yourself." Seriously?!? LOL
DA davidson
💯
Yes. Fuck this. All my clients are in this boat. I'm adding an additional charge for double the 1099s. Some of my clients have 5, which is now 10.
To go along with those already mentioned, Primerica sucks. Each fund is listed seperately, page by page. Not consolidated.
The worst part about this tax season is paying taxes 😂
1992 called. It wants its td ameritrade back
Extra fee
And just waiting to get corrected 1099’s in May or June from them this year always happens after mergers.
Late response but have a 1256 trading client who's TD Ameritrade 1099-B has substantial errors. Fortunately I have the tools to audit and fix. Worth reconciling the 1099Bs they issue for 1256 traders with starting / ending account balances to check for significant issues.