Tax season FAQ: What LifeGuide clients need to know this year

At a Glance

Tax season is here again. We’ve compiled answers to the questions we hear most from clients every year—from when to expect your 1099s to IRA contribution deadlines to charitable giving considerations. This post is intended to help LifeGuide clients navigate tax season with clarity and, hopefully, minimal headaches.

Tax Season FAQs

Tax season brings familiar questions every year: When will my documents arrive? What’s the deadline for IRA contributions? How do I report my charitable giving? Below, we’ve compiled answers to help you stay organized and work smoothly with your tax preparer.

When will I receive my tax documents?

1099s: Expect them to populate in your Schwab Alliance account by mid-to-late February. Schwab releases them in batches to reduce corrections, so exact timing may vary.
Corrected 1099s: If you have a taxable (non-IRA) account, you may receive a corrected 1099 after February 28. We recommend scheduling with your tax preparer in mid-to-late March to account for this. Schwab will notify you if a correction is issued.
Delivery method: If you elected e-Delivery of statements, your documents won’t be mailed. If you receive paper statements, expect them to arrive slightly after February due to delivery times.
Additional forms: For questions regarding other tax forms, reference Schwab’s Tax Form Calendar.

When is the deadline to make an IRA contribution for the 2025 tax year?

Deadline: Please inform your advisor of last-minute contributions by April 13 to ensure sufficient processing time. All contributions must be initiated before 5:30pm EST on April 14.
Mailing your check directly: Checks must be made payable to Charles Schwab & Co., postmarked by April 15, and mailed directly to Schwab.
Dropping off your check at the office: Please be sure to drop off any checks to our office by April 14 so we can electronically deposit the funds into your account. (These checks also need to be made payable to Charles Schwab & Co.!)
Let your accountant know: If you made IRA contributions in 2025, inform your accountant. You’ll receive a 5498 in May with your contribution amount, but you don’t need to provide this form to your accountant.

What do I need to know about 529s?

Remember to report contributions to your 529. Many states—including Pennsylvania—provide a tax deduction for them.

What do I need to know about charitable giving?

Donor Advised Funds (DAFs):

Contributions to your DAF are tax deductible in the year that you make them. (Not when the grant is made from your DAF to the charity.)
If you contributed to your DAF in 2025, you should provide your tax preparer with the contribution receipt letters that you received at the time you contributed to your DAF.
If you have any questions, don’t hesitate to reach out to us. We will be happy help and provide you with copies if needed.

Qualified Charitable Distributions (QCDs):

If you’re 70.5+ and giving from your Traditional IRA, you’ll need to remind your accountant. Deposits to your bank and QCDs aren’t differentiated on your 1099-R, so let your accountant know what portion of the total distribution are QCDs.
Reminder not to double count. QCDs already give you a tax benefit by reducing your taxable income. That means you can’t also itemize those same gifts as charitable deductions.

Have questions about your specific situation?

As always, we’re here to help! Don’t hesitate to reach out to your advisor.

Please note: The information provided here is not to be construed as tax advice. Please consult a qualified tax professional. If you live in a different state, consult your own state’s rules for tax deductibility. You will not receive a receipt for contributions; you must keep your own record of contributions to provide to your tax professional.