TAX TIME 2025 – What you need to know
As 2025 begins, we want to share information as you prepare for the upcoming tax season.
As a Griffin Black client, 2024 was a different year with the conversion of some of your accounts to Altruist. If you converted to Altruist from Shareholders Service Group / Pershing in 2024, you will receive two consolidated 1099 forms for tax reporting:
- From Pershing: Covers reportable activity on Pershing brokerage accounts from January 1 through your conversion to Altruist (pre conversion).
- From Altruist: Covers reportable activity on Altruist brokerage accounts from your conversion to Altruist through December 31, 2024 (post-conversion).
Please ensure you use both 1099s when filing your taxes.
ALTRUIST
You can easily access your tax forms by navigating to Documents in your Altruist Client Portal. Within the documents table, you can use the Tax Documents Type filter to easily locate all your forms.
1099-Consolidated tax forms (including 1099-DIV, 1099-B, 1099-INT, 1099-OID, and 1099-MISC) will be issued from Altruist in two phases based on the complexity of your financial portfolio. The first wave will be available on January 31, with the final wave issued by February 28.
If corrections are needed, scheduled correction runs will begin March 1 and occur bi-weekly as necessary. These corrections may impact your tax filing and deadlines, so please keep this in mind.
PERSHING
Pershing’s NetXInvestor is the hub where you will find your tax documents. Additionally, you can also access the Pershing tax documents via your INVESTMENT PORTAL.
Of note: The overall schedule of delivery of tax reports is based on the specific holdings in an account.
On your Investment Portal, you can view the tax documents via the Documents> Vault> Pershing – Tax Documents tab. Alternately, on NetXInvestor, do navigate to the E-Document Suite under the Tax Documents section, you will see many of the 1099(DRAFT not FINALS). As issuers make final distribution information available, the final tax documents will be delivered to clients via e-delivery or paper depending on the choices made earlier in the year.
Tax Documents – 1099s
There are several different kinds of 1099-type documents: ‘regular’ 1099s, 1099-Q, 1099-R, etc. Each of them reports different information, but you should find only one 1099 for each investment account that has something to report. For example:
- Interest income, dividend & interest income, and capital gains & losses. The Tax Information Statement (Form 1099, including 1099-B, 1099-DIV, 1099-INT, 1099-OID) details capital gains & losses, interest & dividends for each of your taxable accounts.
- Interest paid on margin accounts. You’ll also find this information in the Tax Information Statement (Form 1099) for each applicable taxable account.
- Distributions from retirement plans. If a distribution was made from a retirement account, you will receive a Retirement Account Tax Statement (Form 1099-R) for that account.
- Rollover from one retirement plan to another. If a rollover was made from a retirement account, you will receive a Form 1099-R with a code G in Box 7
- Distribution from an education savings account or 529 plan. If a distribution was made from an education savings account, you will receive an Education Account Tax Information Statement (Form 1099-Q) for that account.
Account Statements
- IRA contributions and Roth IRA contributions. For your contributions to an IRA or Roth IRA, if made in the same tax year, they can be found in your end of year Account Statement from Altruist (i.e. December) and your final Account Statement from Pershing (e.g. October or November when the conversion took place).