Dear Clients:

I hope you and your family are well and your 2023 is off to a great start! 

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 from LPL Financial and/or envelopes that have Important Tax Document Enclosed printed on the top outside right corner.  You will receive a separate 1099 for each account incurring a tax liability.  Provide all 1099s and other related tax documents to your tax professional.

I encourage you to sign up for AccountView to view your accounts, statements and tax documents online.  AccountView is currently available on our Client Center at www.eastwoodwealth.com or through our mobile app on your smartphone or tablet.  Your tax statements are available to you on AccountView the same day they are available to our office.  If you do not currently have access to AccountView, please contact Selena Gray in our office at 910-509-7123.    

When your 2022 tax documents are ready, they will be listed under the Documents tab on AccountView.  Please click on Tax Forms and select 2022 in the drop down box.  The online link should read LPL 1099, 1099R or something similar.  Do not use the document if the link reads LPL 1099 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 and will not be mailed to you.  

Becoming familiar with the mailing schedule is one of the most important ways to stay organized for tax season.  During the 2022 tax season, to meet all IRS deadlines, reduce errors and the need to mail corrected versions, LPL will be mailing the 1099 Consolidated Statements in phases.

Important dates are as follows:

• January 20^th and 27^th, 2023: Includes accounts with the simplest tax information with holdings not subject to income reclassification. 
• January 31, 2023: 1099-R (retirement account distributions) and 1099-Q (529 account distributions)
• February 3rd, 10^th, 17^th and 24^th, 2023: Accounts holding more complex securities, for which issuers provided final tax information after January 28th.
• February 17, 2023: 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 24^th and May 31st, 2023: Tax form 5498 (IRA and rollover contributions)
• March 3rd and 10^th and 17^th, 2023: 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, 2023: IRS Tax Filing or Extension Deadline Request Deadline
• October 16, 2023: IRS Extension Tax Filing Deadline

Important notes:

• We are able to set up electronic banking instructions on your accounts for you to make contributions.  It requires minimal effort on your part, and it’s the simplest, easiest and most efficient way to make contributions.  Please contact our office in advance. 

If you mail in an IRA contribution near the tax deadline of April 18, 2023, you must take the envelope to the post office and make sure it’s postmarked no later than April 18th.  The IRS is strict about contributions received after the filing deadline.  If we receive the contribution after the deadline, we are required to submit the envelope along with the contribution or it will not be honored.  It is best to set up electronic contributions in advance.

• From time to time a preliminary tax document will be sent for informational purposes only.  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 31, 2023.  Your previous year IRA contributions are reported on your December 2022 statement or we can provide it to you.

If you haven’t received your tax documents by the middle of March, please let us know.  We appreciate your patience, and feel free to contact our office with any questions, 910-509-7123.  Thank you for being a part of the Eastwood Wealth Family!    

Best,

Tim Evans, CFP® CLTC

Founder

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www.eastwoodwealth.com

1213 Culbreth Drive, Wilmington, NC 28405, 910.509.7123, 910.509.7125 Fax

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

Member FINRA/SIPC