I hope you and your family are well and enjoying a great start to 2025!

It’s that time of the year again, tax season. Ugh. I empathize and sympathize with you and your sense of urgency to complete your 2024 taxes as soon as possible. I feel the same way. We are working with all investment companies to provide correct tax reporting in a timely manner.

Please be on the lookout for envelopes from LPL Financial, insurance companies and any envelopes that have Important Tax Document Enclosed printed on the outside. You should receive a separate 1099 for each account incurring a tax liability. Please provide all 1099s and other related tax documents to your tax professional and check out our Tax Planning Checklist to help prepare for your meeting.

Accounts that are held directly at mutual fund or insurance companies such as American Funds (1-800-421-0180), Hartford Funds (1-888-843-7824), Lincoln (1-800-942-5500), Talcott (1-866-223-2120), Jackson (1-800-644-4565), SunAmerica/Corebridge (1-800-445-7862), Brighthouse (1-800-882-1292), etc. can be requested via phone or viewed online at each company’s website. These 1099s will arrive in the mail directly from each respective company, and you have online access to them the same day we do. Please allow until at least February 29th for tax documents to be received from the companies listed above.

I encourage you to sign up for AccountView to view your LPL accounts. There, you will find account values, statements and tax documents online. AccountView is secure and currently available through your smartphone and tablet mobile app or your desktop/laptop on our Client Center at eastwoodwealth.com. Your LPL tax statements, not tax statements from the mutual fund or insurance companies listed above, are available to you on AccountView the same day they are available to our office. You can find your LPL tax documents under the Documents tab. Please click on Tax Forms and select 2024 in the drop down box. The online link should read LPL 1099, 1099R, 5498 or something similar. Please do not use the document if the link reads Draft, Preliminary or Prelim as it is not finalized. It is important to note that if you have selected paperless statements, your tax documents are only available online.

If you do not currently have access to AccountView and want it, please contact Jaime Barick in the office at 910-509-7123 or jaime@eastwoodwealth.com. Jaime is great and is happy to help you get setup.

Becoming familiar with the mailing schedule is one of the easiest ways to stay organized this tax season. To meet all IRS deadlines, reduce errors and the need to mail corrected versions, LPL will be mailing tax documents in several phases. Below is what you can expect:

• Starting January 17th through March 7th, you will start receiving your tax documents.
• In the middle of February, you may receive a 1099 draft copy of your accounts. Please note, anything that reads Draft, Preliminary or Prelim or has either of these watermarks on your documents, they are not to be used for tax filing purposes.
• Week of February 23rd and May 25th, you will receive tax document 5498 for IRA contributions. If you have made IRA contributions for 2024, please let your accountant know as you may not receive your 5498 before your taxes are filed.
• April 15, 2025: IRS Tax Filing or Extension Deadline Request Deadline
• October 15, 2025: IRS Extension Tax Filing Deadline

Important notes:

• We are able to set up electronic banking instructions on your LPL accounts for you to make retirement or investment account contributions. It’s simple, easy, efficient and requires minimum effort and time on your part.
  
  If you mail in a 2024 IRA contribution near the tax deadline of April 15, 2025, please make sure that your envelope is postmarked with the date no later than April 15, 2025. The IRS is strict about contributions received after the tax deadline. If we receive your contribution after the deadline, we have to submit a copy of the envelope with the visible postmarked date or the contribution will not be honored.

Please know we are doing everything we can to prepare and send your tax documents correctly and expeditiously. Unfortunately, we’re at the mercy of when investment companies provide the information to LPL. Hang tight and be patient with us, we’re on it, I promise.

If you haven’t received your tax documents by March 15th, please let me know.

Thank you for your continued confidence and allowing us to be of service to you and your family. Please feel free to contact me anytime you have questions, 910-509-7123.

Best,

Tim Evans, CFP® CLTC

Founder