As you prepare to file your taxes this year, we wanted to help make your life a little easier. We have compiled a hub with all the important dates and information you may need to complete your taxes. First, we have this checklist to help you organize your plan for 2023 taxes.
Our team here at Pearl Planning is committed to assisting you and your tax professional in gathering the information you will need for your tax return. Do not hesitate to reach out or have your Certified Public Accountant (CPA) and/or tax preparer contact us with questions.
Once you have completed your tax return, if you are a client, we would love for you to securely upload a copy to us here. This allows us to review your tax return for any financial planning opportunities.
Raymond James 2023 Form 1099 Mailing Schedule
Visit this page for full information on Raymond James Tax Reporting
Raymond James will mail 1099 tax statements in three main groups. The date your form will be produced typically depends on the complexity of the holdings in your account.
- January 31 – Mailing of Form 1099-Q, Retirement Accounts (1099-R & 5498) and Raymond James Bank 1099’s
- February 15 – Mailing of original Form 1099s
- February 28 – Begin mailing delayed and amended Form 1099s
- March 15 – Final mailing of any remaining delayed original Form 1099s
- March 31 – Mailing of Form 2439
Pearl Planning will contact you if your 1099 has been delayed past February 15, 2024.
Mark Your Calendar Now for Important 2024 Dates
- April 15 – Deadline to file tax return, unless you receive an extension. Also the deadline to make an IRA, Roth IRA or HSA contribution for 2023 if you file your taxes on time. First quarter tax estimates are due by this date as well
- June 17 – Second quarter tax estimates due
- September 16 – Third quarter tax estimates due
- October 15 – Deadline for those who filed for a six month extension for your tax return
- December 31 – Deadline for required minimum distributions if over age 73. Also the last day to make 2024 401(k)/employee plan contributions
Viewing Your Tax Documents Online
You can access online tax documents by signing into Client Access, then visiting My Accounts > Documents > Tax Reporting.
- If you have elected to receive tax reporting documents electronically, you will receive an email notification when your forms are available. If you would like electronic delivery in the future, let us know and we can help set that up for you.
- If you are using tax preparation software, you can electronically download your 1099 tax forms. Software supported are H&R Block, TaxAct and TurboTax. There are also instructions to download data into Excel.
- Select Raymond James and enter your account number and document ID and your tax forms will appear.
Qualified Charitable Distributions
We are pleased to inform you that those of you who completed qualified charitable distributions will receive information on them, which will be included with your tax forms.
Delayed Form 1099s
In an effort to control amended 1099s, Raymond James currently expects to delay the mailing of 1099s that meet the following criteria:
- 1099s for accounts that hold securities that have not 100% reallocated or could potentially have income reallocation such as mutual funds, real estate investment trusts, unit investment trusts, exchange-traded funds, holding company depository receipts and select equity securities
- 1099s for accounts that hold Original Issue Discount (OID) bonds, including select municipal bonds
- 1099s for accounts that hold specific 45-day delay mortgage-backed securities, which are reportable based on the record date (i.e. record on 12/31, payable on 2/15)
- Specific expected cost basis adjustments
Amended Form 1099s
Even after delaying your Form 1099, please be aware that adjustments to it are still possible. Raymond James is required by the Internal Revenue Service (IRS) to produce an amended Form 1099 if notice of such an adjustment is received after the original has been produced. There is no cutoff or deadline for amended Form 1099 statements. The following are some examples of reasons for amended Form 1099s:
- Income reallocation
- Adjustments to cost basis (due to the Economic Stabilization Act of 2008)
- Changes made by mutual fund companies related to foreign withholding
- Tax-exempt payments subject to alternative minimum tax
- Any portion of distributions derived from U.S. Treasury obligations
You should consider talking to your tax professional about whether it makes sense to file an extension with the IRS to give you additional time to file your tax return, particularly if you held any of the aforementioned securities during 2023.
If you receive an amended Form 1099 after you have already filed your tax return, you should consult with your tax professional about the requirements to re-file based on your individual tax circumstances.
We hope you find this additional information helpful. Please call our office if you have any questions or concerns about the upcoming tax season. We welcome the opportunity to work with your CPA or tax preparer to assist with both tax preparation and tax planning.
Investment advisory services offered by Pearl Planning, a DBA of Stephens Consulting LLC., an SEC registered investment adviser. Please remember that past performance may not be indicative of future results.
Pearl Planning does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results.
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