Financial Tools and Resources for Investors during Tax Season

Tax season can be stressful, especially for investors, with its ever-looming deadlines and complicated financial terms. For investing clients of LPL financial professionals, there are multiple resources, support, and tools to help make sense of the tax landscape and stay better equipped for the tax season ahead.

LPL’s tax mailing schedule at a glance

1099 Consolidated Tax Statements are mailed between January and March to ensure you receive it as early as possible and meet all IRS deadlines, while reducing the need to mail a corrected 1099. Check your notifications weekly, as each week LPL will provide a list of client whose 1099 has become available and mailed. You can access the clients tax forms in ClientWorks under the Statements tab and selecting Tax Forms under Standard Quick Views.

Here’s a breakdown of the forms, mailing dates, and deadlines you can expect for the 2023 tax year followed by some common questions you may have as an investor.

Consolidated 1099 Tax Statement

• Mailing Dates:
  • January 20 & 27
    Accounts with the simplest tax information and not subject to income reclassification.
  • February 3, 10, 17, & 24
    Accounts holding more complex securities, for which issuers provided final tax information after January 28.
  • March 3, 10, & 17
    Accounts where security issuers did not furnish tax information to LPL Financial in time for the anticipated February mailing deadline.
• What’s Reported:
  • All reportable income and transactions for the year. Depending on your account activity, your 1099 may include: Form 1099-B, Form 1099-DIV, Form 1099-INT, Form 1099-MISC, and Form 1099-OID.

Form 1099-R/Q

• Mailing Date:
  • January 20
• What’s Reported:
  • Distributions from qualified retirement plans (for example, individual 401(k), profit sharing, and money-purchase plans), or any IRAs or IRA recharacterizations.

Preliminary 1099 Consolidated Tax Statement

• Mailing Date:
  • February 17
• What’s Reported:
  • An advanced draft copy of your 1099-Consolidated tax forms. Includes accounts that won't receive a final 1099 Consolidated Tax Statement until all income data is finalized.
    

Form 5498 IRA

• Mailing Dates:
  • February 24 & May 31
• What’s Reported:
  • Contributions (including rollover contributions to any IRA).

IRA Tax Filing or Extension Request Deadline

• Mailing Dates:
  • April 18
• What’s Reported:
  • The filing deadline to submit 2022 tax returns or an extension to file and pay tax owed for most taxpayers.

Schedule K-1/Form 1065 Partner's Share of Income, Deductions, Credits, etc.

• Mailing Dates:
  • LPL Financial does not provide this form.
• What’s Reported:
  • Distributions from partnership securities; your partnership administrator should mail your K-1 by April 15. Please note, while the K-1 form itself accounts for distributions or other items being passed through to the partners, proceeds from the sale of partnership units are reported on the 1099-B section of your consolidated 1099.

Haven’t received your Consolidated 1099 by mid-February?

Whether you receive your tax documents through the mail, or electronically, there’s no need to worry. The SEC allows qualifying brokerages a 30-day extension for any securities that have not submitted their income reclassification data by the normal deadline. Investing clients with LPL advisors have until March 15 to receive their consolidated 1099.

Not sure how or where to view your tax documents?

Investing clients with LPL advisors have two options for receiving their tax documents: in mail, or through our paperless option (eDelivery). Those who have opted in for eDelivery, can simply login to Account View with the appropriate credentials and view their tax documents.

Ready to make the switch to paperless with LPL? Get the details about going paperless.

Tools to help you take a calculated approach to tax season

Tax season offers a great opportunity to assess where you stand today in terms of your finances and begin taking action to develop a plan. Here are a few useful tools available through the Financial Industry Regulatory Authority (FINRA), along with helpful content and insights from some of LPL’s own advisors, to help you get started:

FINRA Tools

• FINRA's Savings Calculator
• FINRA's Retirement Calculator
• FINRA's Fund Analyzer
• FINRA's College Savings Calculator

Helpful content and insights

• The Language of Financial Advice
• Five Things You Need to Know About Life Insurance
• Focus on the 3 D's - A Tip for Increased Financial Literacy
• Monitor Your Portfolio - A Tip for Increased Financial Literacy

How you can get prepared for next year’s tax season

It’s not unusual during tax season for individuals and families to reflect on the big life changes the past year brought. You might be considering new goals, or ways to accommodate new values into your financial journey. This could mean you’re in need of a new financial professional who better understands you, or are interested in working with a financial professional for the first time.

Here are a few articles to help you understand the value of financial advice and the importance of finding the right fit for the future:

• Reasons to Work with a Financial Professional
• Key Considerations for Finding the Best Financial Professional
• The LPL Financial Professional Difference
• What’s Your Idea of the “Best” Financial Professional?
• Questions to Ask a Prospective Financial Professional
• Your First Financial Professional Meeting
• Deciphering Financial Certifications and Professional Designations
• Financial Professional Compensation

Set your preferences and start the search for your advisor with our financial professional search tool.