Tax Season Officially Begins- What You Need to Know

With today (January 23rd) being the official start of the 2023 tax season, we want to take this opportunity to provide you with some important reminders that may affect your tax filing.  

Tax Document Delivery Schedule 

As in prior years, Pershing delivers the tax documents for your accounts on a phased mailing basis.  The mail dates for IRS Form 1099 (B, DIV, INT, OID and MISC) tax statements for the 2022 tax year are HERE.  This phased approach accelerates the issuing of original 1099 forms and reduces the publishing of received forms.  The first mail date begins January 31st.

Capital Gain/Loss Information

For non-covered transactions1, the cost basis is not reported by Pershing and does not appear on your 1099.  For our advisory clients, we will provide a Realized Gain/Loss Report showing the cost basis and proceeds for all securities sold in 2022.  This information is also available on your December 2022 Pershing statement.

Qualified Charitable Contributions (QCD)

Tax documents do not reflect QCDs, so you must remember to inform your CPA or accountant that you completed a QCD in 2022.  For our advisory clients, where we are aware of your QCD, we will prepare a document with this information that you can provide to your CPA/accountant.  If you have check writing privileges on your IRA account and use these checks for QCDs, please remember to provide this information to your CPA/accountant.

Required Minimum Distribution (RMD)

Tax documents indicate the total amount distributed from your IRA but do not indicate the RMD amount.  For our advisory clients, we will prepare a document with this information that you can provide to your CPA/accountant.

We hope you find this information helpful; if you have any questions, please contact us.

Regards,

Michelle & Ken

This information has been drawn from sources believed to be reliable. Every effort has been made to assure the accuracy of the information, however, the accuracy of this information is not guaranteed. All investing is subject to risk, including possible loss of money you invest. Diversification does not ensure a profit or protect against a loss. The information provided in this commentary is for informational purposes only and is not a solicitation to buy and/or sell. Investors must consider the investment objectives, risks, charges and expenses of any investment carefully before investing. Avisen Wealth Management (Member FINRA/SIPC) does not provide tax or legal advice. Please consult your accountant &/or legal counsel for guidance.