Greetings…
EPISODE 1Q2023
Greetings, and Happy New Year to you!
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Tax season is rapidly approaching, so PLEASE READ the following with regard to statements you might need:
→ TD Ameritrade Institutional (TDAI) typically has tax forms available by the following: forms for withdrawals from retirement accounts (1099-Rs) should be available online in mid- to late-January; forms for activity in non-retirement accounts (i.e. consolidated-1099s, which could include 1099-B, -DIV, -INT, -MISC, or -OID) should be available online in mid- to late-February.
→ If you have previously received, or if you are expecting to receive, a K-1 tax form, they do not come from TDAI (nor are they available on TDAI’s website), but they come from partnership securities, and they are not expected to be issued until late-March. We recommend that you not have your taxes done until you receive them. If you have questions about whether you will receive one this year, please give us a call.
→ The quickest way for you to access your tax forms is by logging in to your account(s) at TDAI at www.advisorclient.com. As soon as they are available, you can view and print them there. Mailed forms, in a “normal” year, can take 5 – 7 business days from the time they are prepared (see previously-mentioned timelines) to get to you. Therefore, because of delays experienced throughout the postal service, it may take longer this year.
→ We recommend that you do not plan to meet with your tax preparer until March (especially if you’re waiting to get statements in the mail) so that you are more likely to have all of the forms that you need for your appointment.
→ All tax forms are subject to being corrected due to updated information that TDAI may receive from individual fund companies. Those corrections can take several weeks to be reported. Again, we strongly recommend waiting a little longer to have your taxes completed in order to minimize the risk of needing to file an amended tax return.
Additional and more specific information will be posted as it becomes available on TDAI’s website, www.advisorclient.com.
If you have any questions or concerns, never hesitate to reach out to us. We wish you all a happy and HEALTHY New Year!
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