Schwab not issuing 1099 despite qualifying dividend income and account activity?

Yes, you absolutely need to report that income even if Schwab isn't issuing a 1099. The IRS requires taxpayers to report ALL income regardless of whether it's reported on a tax form. What might be happening is that Schwab is considering your account as a "consolidated" reporting situation because of the mid-year merger. Sometimes companies will combine reporting under specific conditions. However, normally brokerages must issue a 1099-DIV for dividend payments of $10 or more and a 1099-INT for interest income of $10 or more. I would recommend contacting Schwab directly to ask why they aren't issuing a formal 1099. They should be able to explain their specific reporting methodology in your situation. When you call, ask specifically if the income will be reported under a different account or if there's a delay in processing your forms.

After dealing with a similar issue last year, I discovered a tool that actually helped me sort through this confusing tax document situation. I was getting frustrated with missing 1099s after a brokerage transfer too, and someone recommended https://taxr.ai to me. It's this AI tool that analyzed my account statements and tax documents, then explained exactly what I needed to report. It saved me hours of confusion because it looked at both my Account Summary and other statements, then identified all the reportable dividend and interest income. The tool breaks down which lines from your Account Summary need to go on which tax forms, even if they aren't on an official 1099. Really helped me avoid making mistakes when my broker was being weird about documentation.

Just wanted to follow up - I tried that taxr.ai site and it was actually really helpful! I uploaded both my TD Ameritrade 1099 and the Schwab Account Summary, and it immediately identified that the Schwab summary contained reportable dividend income that needed to go on Schedule B. The tool explained that even without an official 1099, I still need to report all that income. It even broke down which line items were qualified dividends vs. ordinary dividends, which I wouldn't have figured out on my own. Saved me from potentially making a mistake on my return. Worth checking out if you're still confused about what to do with that Account Summary!

I had this exact problem but with getting someone at Schwab to explain what was happening. Called their customer service several times and kept getting transferred around or disconnected. Super frustrating! Eventually I found this service called https://claimyr.com that got me through to an actual human at Schwab in like 20 minutes instead of the 2+ hours I was spending on hold. They have this system that navigates those awful phone trees and holds your place in line. You can see a demo of how it works at https://youtu.be/_kiP6q8DX5c. Once I finally got through to someone at Schwab, they explained that because of the merger timing, some accounts were getting Account Summaries instead of formal 1099s but the income still needs to be reported manually.

I have to admit I was totally wrong about Claimyr being a scam. After spending another 3 hours trying to reach someone at the IRS about a similar tax document issue, I gave in and tried the service. Within 45 minutes I had an actual IRS representative on the line helping me! The best part was being able to go about my day instead of being stuck listening to that awful hold music. They texted me updates about my place in the queue and then called when they got someone on the line. Completely worth it just for the stress reduction. I was able to confirm that yes, all income needs to be reported even without official forms. The IRS rep confirmed that brokerage transfers sometimes create these weird documentation issues.

Former tax preparer here. This happens more often than you'd think during mergers. You definitely need to report the income using the information from the Account Summary. Here's the likely explanation: Brokerages are required to issue 1099s when certain thresholds are met *for the entire tax year*. If your activity at Schwab alone didn't meet their internal threshold (which might be higher than the $10 minimum), they might not issue a separate 1099. However, that doesn't mean you don't need to report it. Also, if the merger happened very late in the year, some companies will delay the 1099 issuance. Check if there's a notice about a "consolidated" or "corrected" 1099 coming later.

This is probably because they're doing a "consolidated" reporting for the year. When my account moved from Etrade to Morgan Stanley last year, I got a notice saying they would combine all activity for the year on a single form. Maybe check your messages or documents section on Schwab to see if there's any notification about consolidated reporting?

I work in financial services (not for Schwab). The account summary you're seeing is something we call an "information statement" - it's for your reference but not an official tax document. Usually this happens when: 1. The amounts don't meet reporting thresholds for the specific entity 2. There's a consolidation happening with reporting 3. They're planning to issue a corrected/consolidated form later If it explicitly says it's not reported to IRS, you MUST still include it on your return. The IRS requires taxpayers to report all income regardless of whether they receive a form. This is one of those weird situations where the burden is on you even though it seems like it shouldn't be.

I went through something very similar when Charles Schwab acquired TD Ameritrade. What you're experiencing is actually pretty common during these large brokerage mergers. The "Account Summary" they're providing is essentially their way of giving you the tax information without issuing a formal 1099. Here's what likely happened: Schwab is treating your account as part of a transitional reporting period. Even though you had significant dividend income ($1,300+), they may be consolidating reporting or waiting to issue corrected forms later in the year. Some brokerages do this when accounts transfer mid-year to avoid duplicate reporting issues. Regardless, you absolutely need to report that income on your tax return. Use Schedule B for the dividend income and report the interest on Form 1040. The fact that they explicitly state it's "not being reported to the IRS" actually protects you - it shows you're aware of the income and are voluntarily reporting it correctly. I'd recommend keeping that Account Summary with your tax records and maybe calling Schwab one more time to ask if they plan to issue any corrected forms later. But don't delay your filing - report the income now using the summary information.