Dear Clients:

I hope you and your family are well! 

Tax season is quickly approaching.  We are working with all investment companies to provide correct tax reporting in a timely manner.  Please note that 1099s will be released in different waves in order to meet the IRS deadlines, minimize errors and the need for Clients to file an amended return.  Please be on the lookout for windowed envelopes with LPL Financial, 1055 LPL Way, Fort Mill, SC 29715 as the return address and Important Tax Document Enclosed printed on the outside of the envelope.  You will receive a separate 1099 for each account incurring a tax liability.

I encourage you to sign up for AccountView, our desktop and mobile account viewing software, to view your accounts, statements and tax documents online.  If you do not currently have access to AccountView, please call Selena Gray, our Assistant, at 910-509-7123.  Once you’re logged in, AccountView can be accessed on our Client Center by clicking Client Login at www.eastwoodwealth.com or through our mobile app on your smartphone or tablet.  

If you already have online access, your tax documents will be listed under the Documents and Statements (Tax Forms) or Documents (Tax Forms) tab when they’re ready.  The online link should read LPL 1099.  Do not use the document if the link reads LPL 1099 Prelim as it is not finalized.  Please note your tax documents are available to you, through AccountView, the same day our office has access to them. 

Becoming familiar with the mailing schedule is one of the most important ways to stay organized for tax season.  During the 2021 tax season, to meet all IRS deadlines, reduce errors and reduce the need to mail corrected versions, LPL will be mailing the 1099 Consolidated Statements in four phases.

Important dates are as follows:

• January 21^st and 28^th, 2022: Includes accounts with the simplest tax information with holdings not subject to income reclassification. 
• January 31, 2022: 1099-R (retirement account distributions) and 1099-Q (529 account distributions)
• February 4^th, 11^th, 18^th and 25^th, 2022: Accounts holding more complex securities, for which issuers provided final tax information after January 31^st.
• February 18, 2022: Includes a 1099 draft copy of accounts that will not receive a final 1099 Consolidated Tax Statement until all income data is finalized.  Please note, this is just a draft copy and not to be used for tax filing purposes.
• February 25^th and May 27^th, 2022: Tax form 5498 (IRA contributions)
• March 4^th and 11^th and 18^th, 2022: Includes tax information that investment companies did not furnish to LPL Financial in time for the anticipated February mailing deadline, such as accounts holding securities that may be subject to income reclassification or mortgage-backed income reporting information.
• April 18, 2022: IRS Tax Filing or Extension Deadline Request Deadline
• October 17, 2022: IRS Extension Tax Filing Deadline

Important notes:

• From time to time a preliminary tax document will be sent for informational purposes.  This document will be watermarked with “Preliminary- Do not use for tax return”.
• Please note that IRA contributions are reported on tax form 5498 which will be sent by May 27, 2022.  Your previous year IRA contributions are reported on your December statement of the previous year or we can provide it to you. 
• If you mail in an IRA contribution near the tax deadline of April 18, 2022, please make sure that your envelope is postmarked with the date no later than April 18, 2022.  The IRS is strict about contributions received after tax day.  If received after the cut-off date, we have to submit a copy of the envelope with the postmarked date or the contribution will not be honored.  If set up in advance, we can draft your bank account rather than have you mail in IRA contributions.  This practice is easiest with less room for error.     

If you haven’t received your tax documents by March 23rd, please let us know.  As always, thank you for your continued confidence and allowing us to be of service to you and your family.  We appreciate your patience during tax season, and please feel free to contact our office if you have any questions or concerns, 910-509-7123.

Best,

Tim Evans, CFP® CLTC

Founder

Securities and advisory services offered through LPL Financial, a registered investment advisor. 

Member FINRA/SIPC