Tax Center

Receiving and accessing tax documents

• What tax documents should I expect to receive from Altruist?

  The tax documents you receive from Altruist vary depending on your account type and the nature of your investments during the tax year. For retirement accounts, you may receive a Form 1099-R, Form 5498, and/or Schedule K-1. If you have taxable accounts, you can expect a Consolidated Form 1099 and/or Form 2439, Schedule K-1, and/or Puerto Rico Form 480.6A, B, C, or D.

• How will I receive my tax documents this year?

  By default, your tax documents will be delivered to you electronically. An email alert will be sent whenever a new tax document is ready on the Altruist Client Portal. The email sender will be either AltruistFinancialLLC@investordocuments.com or taxnotification@apexfintechdocuments.com. If you have an invalid email address in our system, you will automatically receive your tax documents via the U.S. Mail. If you prefer to receive tax documents by postal mail, please contact our support team at support@altruist.com. Regardless of chosen delivery method, all of your tax documents are accessible through the Altruist Client Portal at any time.

• How do I access my tax documents online?

  You can easily access all your tax documents on the Altruist Client Portal by following these steps:

  1. Log into your Altruist Client Portal.
  2. Click on your initials in the top right corner to open a menu drawer.
  3. In the drawer menu, select 'Documents'.
  4. You will find a Documents table which can be filtered by account name, account type, or time period to help you find what you need more efficiently.
• How do I update my email address?

  Login to your Client Portal on Altruist. Click on your initials in the top right corner and select Settings from the drawer. Your contact information including your email address and home address can be updated in the Profile tab. After making any changes, click on Save. 

  Next, navigate to the Accounts tab. Review each account’s contact information for any changes you’d like to make to the address or email of record under Personal Details.

• Who should I contact if I have a question or encounter an issue with my tax documents?

  For questions related to understanding your tax documents, we advise consulting with your tax advisor. If you need updates or changes to the tax documents you received, please reach out directly to your advisor to request these modifications.

• Can I get my tax documents mailed to me?

  By default, your tax documents will be delivered to you electronically to your email address on record. You can also access your tax documents on your Altruist Client Portal by navigating to documents after logging into your account. If you wish to change your delivery preferences for tax documents, you can email our support team at support@altruist.com.

• What could be the reason for not receiving a tax document?

  There are a few reasons why you might not have received a tax document:

  1. You didn't have any reportable activity during the year, or your investment activity didn't meet the minimum reporting threshold of $10. This can occur if you only made purchases without any sell transactions, or if you didn't receive any dividends or interest payments.
  2. If you have retirement accounts but did not take any distributions, you wouldn't receive certain forms. For retirement accounts, Form 5498 is issued for contributions (including rollovers) to any IRA, while Form 1099-R is for distributions from qualified retirement plans like individual 401(k)s, profit-sharing, and money-purchase plans, or any IRAs, including recharacterizations.
• Why did I receive a Corrected 1099, and what should I do with it?

  A Corrected Form 1099 can be issued for various reasons, such as reallocations of dividend or interest payments by security issuers, updates in cost basis information, or adjustments due to wash sales, among others. These amendments are marked with the letter “C” on the form. If you've already filed your taxes, it's advisable to consult with your tax professional about the corrected document to see if an amended tax return is needed. If you haven’t filed your taxes yet, make sure to use this most recent corrected version for filing your return.

• Is it possible to import Altruist tax documents into TurboTax?

  You can import all 1099 Consolidated forms into TurboTax using their provided document IDs. However, please be aware that for distributions from retirement accounts after April 19th, 2023 Form 1099-Rs will not be compatible with TurboTax for this year. You will need to enter these manually. 

  Additionally, it's important to note that any reportable activity after April 19th, 2023 will be documented on a separate Form 1099, distinct from the activity on or before that date.

• What does "Deconversion" mean on my list of transactions inside Altruist?

  Assets can be transferred in or out of an account, and regulations require these to be customer-initiated/authorized. Assets can also be converted or de-converted (transferred in or out of a custodian due to an acquisition, merger, etc.), and these can be done via negative consent with advanced notice. The term '"Altruist Deconversion" means that money was moved out of Apex during the merger to Altruist in 2023 and does not negatively impact your account. (line item transaction(s) that were not specifically initiated by the customer.)

Retirement contributions

• When is the 2023 IRA contribution deadline?

  You have until April 15, 2024, to contribute to your traditional or Roth IRA and have it count as a 2023 contribution. If you prefer to mail a check for your IRA contribution, it must be postmarked by April 15, 2024, and designated as a 2023 contribution to be accepted for the prior tax year.

• What address do I mail my retirement contributions to?

  Make sure your check deposits are made payable to Altruist Financial LLC. Our address is
  Altruist Financial LLC
  300 S. Pearl Expressway
  Suite 250
  Dallas, TX 75201 

  Checks for deposit must include your Altruist 8-digit account number and account holder’s name in the memo field on the check. Please also remember to note the contribution year on your check. 

  As a best practice, we recommend sending your check via certified mail to guarantee tracking and delivery.

• Can you explain what Form 5498 is and why it's delivered in May?

  Form 5498 is a tax document used to report various activities related to retirement accounts. This includes contributions, Required Minimum Distributions (RMDs), Roth IRA conversions, rollovers, and the Fair Market Value (FMV) of IRA accounts. The reason it is delivered in May is because taxpayers are allowed to contribute to their retirement accounts up until the tax filing deadline, necessitating a later issuance to accurately reflect all contributions and activities.

• What are the maximum contribution limits for various retirement accounts for the 2023 tax year?
  • For 401(k), 403(b), and most 457 plans, the contribution limit is $22,500 for employee contributions.
  • IRA contributions are capped at $6,500 for individuals under 50 years of age, and $7,500 for those 50 years or older.
  • SIMPLE retirement accounts have a limit of $15,500 for contributions.