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As tax time approaches, we thought we would provide a few answers to some frequently asked questions (FAQs).
 
1099 (Consolidated Tax Reporting Statement) FAQs            
Q: When will I receive my 1099?
A: LPL Financial expects to mail the 1099s weekly in multiple waves, the majority will be mailed out between February 3, 2023 and February 17, 2023. Even with the staggered mailing process, delayed reporting can sometimes occur which may trigger corrected tax forms. We will do our best to notify you if there is a correction to your tax form.
 
Q: Can I see my 1099 online?
A: LPL Financial expects to have the 1099s available to download from LPL AccountView based on the mailing date, so between February 3, 2023 and February 17, 2023. They will be found under the Statements/Documents Tab (Statement Type: Tax Statements/Tax Forms). Please note that some clients may have “Preliminary Draft” 1099s where LPL is still awaiting information from security issuers.

Q: Can I import my 1099 data into a tax preparation program?
A: Yes, this year clients can download their tax data into TurboTax® and H&R Block® tax return preparation software.

Q: Can I import my 1099 data into TurboTax® and H&R Block®?
A: Yes, all LPL accounts can now import 1099 transaction information directly into TurboTax® or H&R Block® from LPL Financial. However, you will no longer need a valid LPL Account View username and password to access this information.
 
Q: How do I import my 1099 data into TurboTax® and H&R Block®?
A: See the attached TurboTax® and H&R Block® Guide.
IRA Contributions FAQs                                    
Q: Who do I make my IRA contribution check payable to?
A: LPL Financial
 
Q: What should I write in the memo line of the check?
A: Write your account number and the year that the contribution is for (either 2022 or 2023) in the memo line of the check.
 
Q: What is the deadline for making a year 2022 contribution?
A: Tuesday, April 18th,2023. 
  • If you are mailing a check, the postmark must be on or before April 18th, 2023. 
  • If you are dropping a check off at our office it must be received by 5 p.m. on Tuesday, April 18th, 2023.
 
Q: What is the maximum allowable IRA contribution limit for the (prior) year 2022?
A: The maximum allowable year 2022 contribution limit is $6,000 if you are under 50 years old (as of December 31st, 2022) and $7,000 if you are over 50 years old. Please consult your tax preparer for the contribution limit for your particular situation.
  
Feel free to call our office with any questions about how to make an IRA contribution. I will be your main contact for your tax preparer’s questions.
If you have any questions, please don’t hesitate to reach out!

Best,

Chloe Kirwan, CFP®, ChFC, CFS
Wealth Advisor
Reston Wealth Management
1984 Isaac Newton Square West, Ste 107
Reston, VA 20190 
Tel: (703) 481-2280
Tel: (888) 929-6200 Toll-free
Fax: (703) 935-6402
Email: chloe@restonwealth.com
  
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