Feb 15, 2023 Reminder as you Prepare your 2022 Taxes
As you or your tax preparer start to work on your 2022 taxes, there are a few things we wanted to remind you.
- 1099s – TD Ameritrade is releasing 1099s in waves. The most recent wave of 1099s was released on February 10th and the final wave will be released on February 24th. There may be corrections issued after that date as well. You can find your tax documents on your advisorclient.com login or through your LRIA portal. If you elect to receive these documents via paper, please allow 5 to 7 business days to receive them after the release dates.
- QCDs – If you did a Qualified Charitable Distribution from your IRA account in 2022, your 1099-R will not reflect that. You will need to enter the Qualified Charitable Distribution in your tax software or let your CPA know. We mailed letters that provide you with information on the qualified charitable distribution you did in 2022.
- IRA & HSA Contributions – You still have time to contribute to your IRA accounts or HSA accounts for 2022. Contributions are due by the earlier of April 18, 2022 or your tax return filing date.
- Tax Refunds – The IRS encourages taxpayers seeking a tax refund to file their tax return as soon as possible. The IRS anticipates most tax refunds being issued within 21 days of the IRS receiving a tax return if the return is filed electronically with direct deposit and there are no issues with the tax return. To avoid delays in processing, the IRS encourages people to avoid paper tax returns whenever possible.
- Important Dates!
- April 18th – Deadline for filing 2022 returns or filing an extension
- October 16th – Deadline for filing for those who requested an extension
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Market Update: February 2023