Introduction to account type tax reporting

Introduction to account type tax reporting

Some account types may be eligible for multiple tax forms whereas others may be eligible for only one. By knowing which accounts will generate a specific tax form, it will enable you to provide the best service to your client when they are in the process of filing taxes.

Taxable account types (if U.S. citizen)

  • Charitable remainder trusts
  • Custodial
  • Estate accounts
  • Individual
  • Joint
  • Limited liability corporation
  • Living trust
  • Partnerships
  • Sole proprietorship
  • Testamentary trust

Corporate account types

  • C Corporation
  • S Corporation
  • Unincorporated associations
Charitable accounts

Non-resident Alien (NRA) Tooltip  accounts

  • C Corporation
  • Custodial
  • Estate
  • Individual
  • Joint
  • Limited liability corporation
  • Living trust
  • Partnerships
  • Retirement
  • S Corporation
  • Sole proprietorship
  • Testamentary trust
Advisor fee accounts

Reportable if account coded as taxable. Firms classified as an S or C Corporation with the IRS will not receive tax reporting from Schwab whereas firms classified as a single member limited liability company, partnership, or sole proprietorship will. If the taxability needs to be altered, contact your sales team.

Retirement account types

  • 403(b)
  • Pension Trust (Profit Sharing, Money Purchase, Defined Benefit Plan, etc.)
  • QRP/Keogh accounts
  • Roth IRA (including conversions)
  • Traditional IRA
Education savings account

The following tax forms and reports may be generated if at least one reportable transaction occurred in the tax year.

 Account type      
Report or formTaxable accountCorporate account*Charitable accountNon-resident Alien (NRA) accountAdvisor fee accountRetirement accountEducation savings account
Form 1099 Composite      
Form 1099-B    
Year End Summary (YES) report    
Substitute Form 1099-OID (REMIC)      
Standalone Form 1099-MISC     
Form 1099-NEC     
Form 1042-S§     
Form 480.6A      
Form 480.6B      
Form 480.6C** 
Form 480.6D      
Schedule K-1 Form††    
Form 990-T      
Form 2439    
Form 1099-C    
Account Summary Report (ASR)     
Form 1099-R      
Form 5498      
Form 5498-ESA      
Form 1099-Q      

* Schwab is not required to report income for corporate accounts and cannot produce a Form 1099 Composite if requested. For more information about corporate account reporting by brokers, see the Exceptions sections in:

† Only generated for corporate accounts deemed as S Corporations with the sale of a covered Tooltip security and NRA accounts if their certification has lapsed.
‡ Excludes C Corporations and only contains the Realized Gain or (Loss) and Options Activity sections for S Corporations and NRA accounts.
§ Only generated for NRA retirement accounts.
** Excludes bonafide Puerto Rican residents.
†† Report not issued by Schwab.

Can I have a tax form generated even if there wasn't any tax reportable income received in the account?
Schwab cannot generate a tax form showing zero income.

Why was my client's distribution from a retirement account reported on Form 1042-S instead of Form 1099-R?
The retirement account is for an NRA and distributions are reported on Form 1042-S.

If you have questions about cost basis reporting, statement preferences, and tax reporting, contact your service team or call  Advisor Services Cost Basis Service Tooltip at 877-762-6446.

Introduction to tax forms
Introduction to tax forms production
Introduction to the Account Summary Report and Year-end Realized Gain/Loss Report