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2023 Tax Filing: Important Documents and Deadlines


Preparing You for a Smooth Tax Season

As the year draws to a close, it’s never too early to start thinking about the 2023 tax filing season (even though you may be reluctant to). There are several tax preparation items I’d like to bring to your attention as you begin to assemble your tax materials. Understanding the information outlined in this article can help simplify the filing of your 2023 tax return(s). Your team at Creative Planning is here to assist you if you have questions or need help with these items.

If you have engaged Creative Planning Tax to prepare your income tax returns, we’ll gather all Form 1099s and gain/loss reports from managed accounts, alternative investment K-1s, and other relevant activity in your managed accounts for you. You’ll be receiving your Tax Organizer in January 2024 to help you gather your other tax information.

Form 1099s

  • Your account custodian (e.g., Charles Schwab) will mail initial 1099s by the end of February 2024. If you’ve elected to receive paper copies of these documents, you should receive your statements shortly after the 1099s are released. The documents will also be available for download via your custodian’s website.
    • Charles Schwab: Go to “Statements,” select an account and specify a date range, then use the Document Type filter to select “Tax Forms.”
    • Fidelity: Click the “Statements” tab, and there will be a link for tax forms. The number of forms you can expect to receive is listed, as well as the estimated timeframe for each.
  • Your 1099 information can be downloaded directly into TurboTax if you’re preparing your own returns. The details for downloading this information are outlined within TurboTax itself.
  • It’s possible you’ll receive a corrected 1099 after getting your initial form in February. This isn’t due to an error on your custodian’s part; there are numerous reasons why a corrected form needs to be issued. I suggest preparing your return but not filing until late March or early April. This way, you’ll be able to update any data more easily should you receive a corrected 1099 from your custodian.

Realized Gain/Loss Reports

  • All proceeds from stock sales and the basis information that’s on file will be included on the 1099 you receive from your custodian.
  • Our operations team can also generate a realized gain/loss report that you may find easier to use and that can also help identify basis that may be missing on your 1099.
  • Please contact your wealth manager if either you or your tax preparer would like to receive this additional report.

Form K-1: Partnerships, S-Corporations and Trusts (Including Alternative Investments)

  • If you’re an owner in a partnership or S-Corporation or a beneficiary of an irrevocable trust, you’ll receive a K-1 from each entity. Many alternative investments are structured as a partnership and will produce a K-1 separate from the custodian’s 1099. The income on the K-1 needs to be included on your tax return; do not file your return prior to receiving this form.
  • K-1s are produced as part of the entity’s tax return. Partnership and S-Corporation returns are due March 15; however, they may apply for an extension of time to file until September 15, in which case you would need to extend your personal tax return as well.

Tax Filing and IRA Contribution Deadlines

  • Your federal individual income tax return is due April 15, 2024. If you can’t file your return by that date, you may request a six-month extension from the IRS. However, this is only an extension of time to file your completed return — not an extension of time to pay your taxes. If you have amounts that are due with your 2023 tax return, they must be paid by April 15 (with your extension) to avoid penalties and interest.
  • Contributions to traditional IRAs, Roth IRAs and SIMPLE IRAs can be made up to April 15 for the 2023 tax year. Contributions to SEP plans may be made up to April 15 (or October 15 if you extend your tax return). I suggest you speak with your wealth manager by the end of March to ensure contributions can be addressed in a timely manner.
  • Other tax form due dates are as follows:
    • Form 1065 for a partnership or LLC is due March 15, 2024.
    • Form 1120S for S-Corporations is due March 15, 2024.
    • Form 1041 for Trusts and Estates is due April 15, 2024.
    • Form 1120 for C-Corporations is due April 15, 2024.
    • FinCEN 114-FBAR is due April 15, 2024.

Creative Planning is here to make this process as smooth as possible for you. Please don’t hesitate to contact your wealth manager if you have any questions or need help gathering your tax documents.

This commentary is provided for general information purposes only, should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed.


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