Tax Center

Your source for helpful tax information for you and your advisor as you prepare for the upcoming tax filing season

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What to expect

Looking for your tax forms? You can find them under Documents in your Altruist Client Portal.

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. 

Scheduled correction runs are set to begin on March 15, occurring bi-weekly as needed. This could affect your tax filing and deadline.

Please note: Altruist transitioned from an introducing broker/dealer into a self-clearing custodian in April of 2023, so it’s possible you will receive two separate 1099 tax documents for the tax year: One from Apex Clearing Corporation (for reportable events occurring from January - April) and one from Altruist Financial LLC (for reportable events occurring between April - December).

Tax form schedule

Consolidated 1099 (Wave 1)
Dividends, interest payments, sell transactions and miscellaneous income.
January 31st
Consolidated 1099 (Wave 2)
Dividends, interest payments, sell transactions and miscellaneous income.
February 15th
Consolidated 1099 (Wave 3)
Dividends, interest payments, sell transactions and miscellaneous income.
March 15th
Corrected Form 1099s
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.
March - April
480.6 A,B,C,D for Puerto Rico
Payment of dividends, interest, rent, salaries or wages, premiums, annuities, compensations, remuneration, or other fixed or determinable gains, profits and income.
February 28th
1099-R
Designated distributions of $10 or more.
January 31st
Form 5498
Contributions for retirement accounts required minimum distributions (RMDs), Roth IRA conversions, rollovers, and the fair market value (FMV) of IRA accounts.
May 31st
Form 2439
Provide shareholders of a regulated investment company (RIC) or a real estate investment trust (REIT) the amount of undistributed long-term capital gains.
April 1st
Form 592-B (California)
7% California state tax withholding on sales transactions. Dividend and interest.
January - March 15th
Schedule K-1/Form 1065 Partner's Share of Income, Deductions, Credits, etc.
Distributions from partnership securities and other items being passed through to the partners (holders of the security) The partnership admin should mail the K-1 by April 15th. Client proceeds from the sale of units in their accounts will be reported on their 1099-B section of their consolidated 1099.
Altruist does not generate this form but clients may receive from partnership investments. (Currently working with ETC to file form 990-T on clients behalf). 
Do you use TurboTax to file your taxes?
If you processed a distribution from a retirement account after April 19, 2023, your Form 1099-R will need to be entered manually this year.

What can I do right now?

Verify your email address
Verify your email address on your Client Portal. We will email you when your tax documents become available.
Download our guide
Download "Consolidated 1099 Essentials"—a helpful guide for navigating your reportable activity.
Review the FAQs
Scroll down to see answers to our most frequently asked questions.

Frequently asked questions

Receiving and accessing tax documents

  • By default, your clients will receive their tax documents electronically. An email alert will be sent whenever a new tax document is ready on the Altruist Client Portal. The email notifications will be delivered by AltruistFinancialLLC@investordocuments.com (for tax forms from Altruist) or taxnotification@apexfintechdocuments.com (for tax forms from Apex). Clients with an invalid email address in our system will automatically receive their tax documents via U.S. Mail. Regardless of chosen delivery method, all tax documents are accessible through the Altruist Client Portal at any time. As a best practice, verify the email address your clients have on file for accuracy.
  • Advisors and clients may retrieve copies of client tax documents by navigating to the Documents tab within a Household. Select an Altruist account (top left dropdown next to household name) and filter by "Tax Document" (above documents table to the right) to view and download.
  • Clients can conveniently access all of their tax documents from both Apex and Altruist through the Altruist Client Portal. For any taxable events that took place before April 19, 2023, during the period when Altruist used Apex for clearing, clients will receive notifications of their tax documents directly from Apex. However, regardless of the source, all of these documents will be accessible via the Altruist Client Portal.
  • For Altruist House Accounts, a Form 1099-INT is issued only if your account earns more than $10 in interest within the year. As Altruist does not handle advisory fees directly, no 1099-MISC form is generated for these transactions. However, you can easily access a detailed report of the fees you've received. Here’s how:
    1. After logging into Altruist, navigate to your Advisor Avatar at the top right corner of any page. 
    2. Click on “Reports” and then select “Advisory Fee Report.” 
    3. Choose “Executed Invoices” 
    4. Set the desired “Start” and “End” dates to filter the report by invoice execution date. 
    5. Click on “Generate & Download” to obtain the report in a CSV format. 
    Note: Be sure to exclude any fees related to externally connected custodial accounts for which the external custodian issues a 1099-MISC. The report includes a 'Custodian' column to help you identify these accounts. For more information on running the Advisory Fee Report, check out our Help Center Article.
  • Non-profit organizations are exempt from taxation, and therefore, Altruist does not issue 1099 tax documents for non-profit brokerage accounts. We provide consolidated 1099 forms only to taxable accounts that accrue over $10 in income.
  • Yes, your clients can easily import all 1099 Consolidated forms into TurboTax using their unique document IDs. It's important to note that any taxable activity after April 19th, 2023, will be reflected on a separate Form 1099, which is distinct from the activity recorded on or before this date. Please note: If your clients processed any distribution from a retirement account on Altruist after April 19, 2023, their Form 1099-R will need to be entered manually this year.

Tracking contributions and distributions

  • Advisors can easily track all IRA contributions for 2023 by following these steps in the advisor dashboard:
    1. Go to the top menu and click on "Households" under the "Clients" section.
    2. Choose the relevant Household from the displayed table.
    3. Navigate to the "Activity" tab to access the Transactions table.
    4. Use the filter option to refine the view to only show contribution types.For a more specific account view:
    • Select the desired Altruist account from the dropdown menu at the top left, next to the household name.
    • Filter by transaction type, found above the Activity table on the right, to view and download the relevant information.
  • Advisors can easily track all IRA distributions for 2023 by following these steps in the advisor dashboard:
    1. Go to the top menu and click on "Households" under the "Clients" section.
    2. Choose the relevant Household from the displayed table.
    3. Navigate to the "Activity" tab to access the Transactions table.
    4. Use the filter option to refine the view to only show distribution types.For a more specific account view:
    • Select the desired Altruist account from the dropdown menu at the top left, next to the household name.
    • Filter by transaction type, found above the Activity table on the right, to view and download the relevant information.
  • You can easily access a detailed report of the fees you've received. Here’s how:
    1. After logging into Altruist, navigate to your Advisor Avatar at the top right corner of any page. 
    2. Click on “Reports” and then select “Advisory Fee Report.” 
    3. Choose “Executed Invoices” 
    4. Set the desired “Start” and “End” dates to filter the report by invoice execution date. 
    5. Click on “Generate & Download” to obtain the report in a CSV format. 
    For more information on running the Advisory Fee Report, check out our Help Center Article.

Amended and corrected tax document

Receiving and accessing tax documents

  • 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.

  • 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.

  • 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.
  • 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.

  • 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.

  • 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.

  • 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.
  • 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.

  • 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.

Retirement contributions

  • 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.

  • 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.

  • 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.

    • 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.