During tax season, it’s natural to have questions about your filing requirements. There may be greater complexity and questions if you are part of a high-net-worth household. Generally, the more wealth you accumulate, the more types of accounts and assets you may have. This can mean additional tax documents and forms will be required for filing.
In this article, we’ll shed some light on what tax forms and timelines you can expect as a high-net-worth individual or household. We will also cover some additional frequently asked questions that often come up during tax season.
1. What are the tax brackets and federal income tax rates for 2025?
Please see the table below for 2025 federal income tax brackets and rates.
| Tax rate | Single | Head of household | Married filing jointly | Married filing separately |
| 10% | $0 to $11,925 | $0 to $17,000 | $0 to $23,850 | $0 to $11,925 |
| 12% | $11,926 to $48,475 | $17,001 to $64,850 | $23, 851 to $96,950 | $11,926 to $48,475 |
| 22% | $48,476 to $103,350 | $64,851 to $103,350 | $96,951 to $206,700 | $48,476 to $103,350 |
| 24% | $103,351 to $197,300 | $103,351 to $197,300 | $206,701 to $394,600 | $103,351 to $197,300 |
| 32% | $197,301 to $250,525 | $197,301 to $250,500 | $394,601 to $501,050 | $197,301 to $250,525 |
| 35% | $250,526 to $626,350 | $250,501 to $626,350 | $501,051 to $751,600 | $250,526 to $375,800 |
| 37% | Over $626,350 | Over $626,350 | Over $751,600 | Over $375,800 |
Source: IRS Federal income tax rates and brackets | Internal Revenue Service*
2. What federal tax forms will I receive and what do I need to file?
Depending on the titling of your accounts and the types of assets you have, the tax forms you will receive and the forms you’ll need to file can differ. Please find below a guide of several tax documents and forms that are commonly received and required to file by high-net-worth households.
Estates and Trusts
Estates and non-grantor trusts are generally required to file a Form 1041 (U.S. Income Tax Return for Estates and Trusts) if the gross income is $600 or more for the tax year. If you are unfamiliar with a Form 1041, it can be helpful to compare this to the Form 1040 required for an individual’s income taxes. Trusts and estates are subject to the highest marginal income tax rates on undistributed income over $15,650 (for tax year 2025)—a much lower threshold than for individuals. Because of this, it is common for trusts and estates to distribute most or all taxable income to beneficiaries each year. The trustee of the trust or personal representative of the estate is responsible for filing Form 1041.
If you are a beneficiary of a trust and/or estate filing a Form 1041, you can expect to receive a Schedule K-1 if you received distributions from the trust and/or estate during the previous tax year. The Schedule K-1 is used to report the share of income and deductions allocated to you as a beneficiary to be reported on your Form 1040 (U. S. Individual Income Tax Return). The Schedule K-1 can be a useful tool to see further detail about the income received from the trust and/or estate (e.g., ordinary income, interest income, capital gains). This information should be shared with your CPA or tax preparer to include on your individual tax return and potentially assist in identifying thoughtful tax planning strategies.
IRA Owners
Individual Retirement Account (IRA) owners who took distributions in the past year will receive a Form 1099-R, which details distributions made during the prior year. These distributions are generally taxed as ordinary income for federal taxes. Depending on your state of residency, IRA distributions may also be subject to state income tax. IRA owners that are 70 ½ or older can make Qualified Charitable Distributions (QCDs). Utilizing QCDs is a way to support causes you care about and also potentially reduce taxable income in retirement. We recommend speaking with your CPA and/or financial professional if you have questions on whether charitable giving from an IRA is right for you.
Additional information on IRA distributions can be found here: Retirement plans FAQs regarding IRAs distributions (withdrawals) | Internal Revenue Service*
IRA owners will also receive a Form 5498, which includes information submitted to the IRS by the IRA trustee or custodian to report contributions, including catch-up contributions, rollovers, repayments, and the fair market value of the account each year. Because individuals can still make IRA contributions until April 15 to be counted for the prior year, Form 5498 is not due to recipients until May 31, so this form can arrive later than other tax documents you may receive. This should also be shared with your CPA or tax preparer.
Investment Agency Clients (Taxable Non-Qualified/Non-Retirement Accounts)
Holders of agency accounts will receive a 1099 tax form outlining dividends, interest and capital gains or losses for the prior year. Note that interest income earned from savings accounts, money market deposit accounts and CDs is typically subject to federal income tax. Your interest income tax rate varies based on several factors, including overall income level and filing status. Generally, interest income is taxed at your ordinary income tax rate. Dividends fall into two main categories—qualified and ordinary. Qualified dividends are typically taxed at long-term capital gains rates. Ordinary dividends and short-term capital gains are generally taxed at the same rate as ordinary income. Depending on the types of investments held in your account, you may receive multiple 1099s.
3. When will I receive my tax documents?
While many tax documents are sent in January for the prior year, like W-2s and certain types of 1099s, some documents can take longer to receive. The table below shows general timelines when certain tax documents are often issued and when they are due to the recipient.
| Tax Document | Month Tax Documents Will Begin to be Issued | Date Tax Documents Due to Recipient |
| 1099-R or 1099-NEC | January | January 31 |
| 1099-DIV or 1099-INT | February | March 15 |
| Grantor Letter or Schedules K-1 without specialty holdings | February | April 15 |
| Grantor Letter or Schedules K-1 with specialty holdings | February | April 15 |
| 5498 | May | May 31 |
Note: These dates may differ depending on the financial institution you are working with.
4. When is the right time to meet with my tax preparer?
Generally, you should wait to meet with your tax preparer until you’ve acquired all the tax documentation you expect to receive for the prior year. This ensures your tax preparer will be working from exact figures and reduces the likelihood you’ll need to file an amended return to make a change or adjustment to a return already filed.
5. Do I need to file for an extension?
You can file for a tax return extension by the April 2026 tax filing due date. Doing so gives you until October 15, 2026, to file without penalties. However, the extension only applies to filing your return; you will still need to pay any tax you owe by the April 2026 due date.
If you think an extension may be right for your tax circumstances, talk to your tax preparer. Learn more about tax return extensions.*
6. What are some other things to consider at this time of year?
In addition to filing your taxes, now can be a great time to review your broader estate and tax planning strategies since you will likely be in contact with your CPA and/or financial advisor. Be sure to ask about recent or upcoming law changes or other trends that may impact your plans so you can identify how to adjust them.
One example is the passage of the One Big Beautiful Bill Act (OBBBA), which was signed into law by President Trump on July 4, 2025. OBBBA makes significant changes to the federal estate, gift and generation-skipping transfer (GST) tax system. Key provisions regarding estate planning include a permanent increase in the federal estate and gift tax exemption amount and GST exemption amount to $15,000,000 indexed for inflation effective January 1, 2026. OBBBA also makes significant changes to other tax and policy areas further emphasizing the importance of consulting with your attorney, tax advisor and financial professionals to discuss how these changes may affect you and your financial, tax and estate planning.
7. What can I do to ensure a smooth tax season process?
If you are feeling overwhelmed by the complexity of your taxes, consider consolidating your accounts so they are held with fewer financial institutions. Often, the more financial institutions you work with and accounts you have, the more tax forms you’ll receive. Consolidating accounts can help alleviate some of the stress that can come at this time of year.
Understanding tax preparation timelines and expectations can help to ensure a smooth process. Be sure to consult your CPA or tax preparer for questions or concerns.
Looking ahead to 2026
Please see the table below for 2026 federal income tax brackets and rates.
| Tax rate | Single | Head of household | Married filing jointly | Married filing separately |
| 10% | $0 to $12,400 | $0 to $17,700 | $0 to $24,800 | $0 to $12,400 |
| 12% | $12,401 to $50,400 | $17,701 to $67,450 | $24, 801 to $100,800 | $12,401 to $50,400 |
| 22% | $50,401 to $105,700 | $67,451 to $105,700 | $100,801 to $211,400 | $50,401 to $105,700 |
| 24% | $105,701 to $201,775 | $105,701 to $201,750 | $211,401 to $403,550 | $105,701 to $201,775 |
| 32% | $201,776 to $256,225 | $201,751 to $256,200 | $403,551 to $512,450 | $201,776 to $256,225 |
| 35% | $256,226 to $640,600 | $256,201 to $640,600 | $512,451 to $768,700 | $256,226 to $384,350 |
| 37% | Over $640,600 | Over $640,600 | Over $768,700 | Over $384,350 |
Source: IRS Federal income tax rates and brackets | Internal Revenue Service*
This article is for informational purposes only and is not intended as legal, tax, or investment advice. You should consult with qualified professional advisors regarding your own situations.
Non-deposit investments are not FDIC insured and may lose value. All investments involve risk, including the possible loss of principal.
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