Below is information and timing regarding the upcoming release of tax documents from Altruist.  Some of these dates may apply to investment and bank accounts you may hold outside of Altruist as well.

Reporting requirements and correction runs:

Altruist is required by the IRS to report and produce tax documents for accounts if they engage in reportable activities. This year, 1099-Consolidated tax forms (which include 1099-DIV, 1099-B, 1099-INT, 1099-OID, and 1099-MISC) will be produced in three separate groups, depending on the complexity of your financial portfolio. The first wave will begin at the end of January and the final wave will end on March 15.

This often creates confusion, but Form 5498 is for reporting only and is not required for filing your taxes. It is delivered after the standard filing date to record any prior year contributions you have made to your IRA(s) for the prior year. A new feature is set to be released by Altruist later in January which should make it easier to see total contributions you have made in the current and prior tax years to your IRAs.  Once that consolidated reporting feature is released, we will be work to share those IRA contribution figures with you to give guidance during your tax filing.

Client preparation tips:

All tax documents will be available in your Altruist client portal once released.  If you would prefer that we print and mail your document(s) to you after they are produced, please let us know and we'll be happy to put a note in to take care of this each year for you.

Clients who have been on Altruist prior to April 20, 2023:

For any taxable events that took place on or before April 19, 2023, during the period when Altruist used Apex for Clearing, youwill receive two sets of tax documents this year: One from Apex Clearing Corporation and one from Altruist Financial LLC. These clients MUST use both sets to accurately report their taxable activity when filing their taxes this year. 

Email domains for electronic delivery: 

Tax documents for electronic delivery will be sent from taxnotification@apexfintechdocuments.com (Apex Clearing Corporation) and AltruistFinancialLLC@investordocuments.com (Altruist). If you are unsure if the correct email address is listed for your Altruist account, please have us check prior to January 15th.

TurboTax Integration:

Clients can directly import their Consolidated 1099 information into TurboTax. However, any client that took an IRA distribution after April 19, 2023 must manually enter their Form 1099-R from Altruist this year. 

Reach out if you have any questions in reviewing these documents when they become available.