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Your 2023 Tax Filing: Alerts & Resources

The deadline for filing 2023 federal income tax returns for most taxpayers is April 15, 2024.

On February 15, Raymond James began sending Forms 1099 to clients with investment assets in taxable (non-retirement) accounts. As we do each year, we remind you that 1099 amendments and delays are an inconvenient reality. In some cases, with delays related to specific holdings or other complexities, finalized 1099s may not be sent before mid March.

Because of this, we urge you to either wait until April to complete your tax filing. This doesn’t mean that you can’t get started with your tax preparer—only that the actual filing should be put off to avoid the potential hassle and extra expense of processing and filing an amended return.

You can find a timeline for the delivery of various tax documents and instructions for importing as well as information about exporting tax reporting data on the Raymond James Tax Year 2023 Resources page.

Tax forms: online access

You might prefer to obtain your tax documents online through Client Access. You can click here to enroll in Client Access. If you’re already using Client Access, go to your Account Services screen to choose paperless delivery of your tax reports and other documents.

With the online delivery option, your Raymond James tax documents are securely stored and easy to find and print. You should receive an email each time a new document becomes available.

Qualified Charitable Distribution (QCD) reporting

If you used a QCD strategy in 2023, be sure to advise your CPA. You’ll find a list of your 2023 QCDs on your 2023 Individual Retirement Account Year End Summary packet which was mailed by Raymond James on January 31 (and includes Forms 5498 and 1099-R).

The QCD portion of your distribution should not be included in your taxable income on your tax return. Here are two things to remember as you prepare your 2023 return:

1) Your 1099-R will not break out the amount of your QCDs from your gross distribution. The specifics of reporting a QCD when you file your tax return can be found on page 27 of the Instructions for Form 1040 at under “Lines 4a and 4b, IRA Distributions, Exception 3.”

2) Keep receipts or acknowledgements from the charities you’ve donated to with your tax records to document that your contribution was received.

Protect your identity

The creativity of cyber criminals never stops evolving. At tax time and year-round, take steps to protect your devices and your identity. Familiarize yourself with the various warning signs of identity theft and fraud and keep abreast of the latest scams and fraud tactics. The IRS Taxpayer Guide to Identity Theft is a good place to start.

TGS is here to help

The advisors and staff at TGS Financial collaborate regularly with CPAs and other professionals on clients’ financial teams. Many clients authorize us to communicate directly with their CPAs. Please don’t hesitate to reach out to TGS Financial should you or your tax preparer have questions this tax season.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by TGS Financial Advisors), or any non-investment related content, made reference to directly or indirectly in this article will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this article serves as the receipt of, or as a substitute for, personalized investment advice from TGS Financial Advisors. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. TGS Financial Advisors is neither a law firm nor a certified public accounting firm and no portion of this article’s content should be construed as legal or accounting advice. A copy of the TGS Financial Advisors’ current written disclosure statement discussing our advisory services and fees is available upon request.

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