I hope you had a wonderful New Year! As we all know, tax season is upon us. Here are some helpful reminders as you start the filing process.
Deadlines: The tax-filing deadline this year is April 15th. Taxpayers may file for deadline extensions to October 15th. Backdated traditional IRA, Roth IRA, HSA, and Coverdell ESA contributions must be made by the tax-filing deadline; no exceptions.
Delivery dates: Your 1099-R tax forms will begin to be mailed on January 17th, and your 1099-B/DIV should arrive by the end of February (certain exceptions apply). Of course, if you receive your tax documents via online delivery, you may receive these documents earlier. See below for more instructions.
Don't rush to file your return: Typically, you may file your tax return beginning the third week in January, according to tax professionals. However, for many reasons, this is not advisable. If you receive a tax document after you have already filed your return, it could result in the need to amend your return, which will likely come with an additional cost. Please feel free to contact your advisor before sending in your tax preparation documents to confirm that you have everything you need.
Accessing the forms: If you have registered with Account View, you will have access to your 1099 forms in that system as they are made available. Please email Cameron Jensen if you need assistance establishing access to Account View. Keep in mind, you may have a preliminary draft if we’re still waiting for information from security issuers. On the “Assets awaiting page” of the preliminary document, you can see which securities are pending tax finalization.
Paperless: By selecting this option in Account View, you can gain faster access to important documents, including tax forms. Additionally, eDelivery may be more secure and you are able access important documents from one location, anytime, anywhere.
Authorized access: You may provide authorized user access to your Account View. This is a view-only access. For example, you may want to give access to a loved one or your accountant. You control this setting within your user profile preferences.
Importing: If you use TurboTax or H&R Block, you will be able to import the information shown on your original or corrected 1099 tax information statement directly into the software by using your full 8-digit LPL account and 11-digit Document ID listed on the tax statement. It is recommended to wait to download your tax statement until you receive all tax statements in the mail.
Access the 2024/2025 Tax Guide today!
Join us on January 29th at 12:00pm (CT) as we host our 2025 Tax Tips Webinar! We will cover 2025 tax updates and tips to help you prepare for this tax season. Click here to register for the virtual event now.
Please note: We are not tax preparers. Please consult your tax preparer to confirm how this information may apply to your individual situation. If you are not working with a tax professional, contact us today and we would be happy to connect you with someone who may be able to assist you.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
Harvest Point® Wealth Management and LPL Financial do not provide specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.