Preparation for the 2023 Tax Season
Preparation for 2023 Tax Season
Key IRS dates for tax year 2023:
- December 29th, 2023: Last day to sell securities to realize a gain or loss.
- December 29th, 2023: Last day for employees to contribute to a qualified retirement plan (including 401(k), 403(b), 457, Solo 401(k), and SIMPLE IRAs).
- December 8st, 2023: Last Day for QCD in kind transfers, reregistering network shares
- December 8th, 2023: Last day for QCD for mutual funds.
- December 15th,2023: Last day for QCD for equities and ETF transfers.
- December 8th, 2023: Last day to submit contributions/wire cash or securities to DAF.
- December 29th, 2023: Last day to complete charitable contributions for 2023 (Be sure you allow enough time to complete donations that may require additional lead time).
- December 15th, 2023: Last day to do Roth conversion for 2023 calendar year.
- January 16th, 2024: Fourth estimated payment for 2023 due.
- January 31st, 2024: Deadline for employers to send W-2s/1099s to individuals.
- January 31st, 2024: Deadline for financial institutions to send 1099s to individuals (Delayed 1099s will be sent 30 days after).
- April 16th, 2024: Deadline to file individual income tax return or file for an extension with IRS.
- April 16th, 2024: Last day to contribute to traditional and Roth IRAs for 2023.
Documents you may need to file your 2023 taxes:
- Copies of your 2021 and 2022 – income tax returns.
- W-2 from your employer.
- Brokerage statements (1099-B) and any statements showing investment purchase/sale dates.
- Dividend and interest statements (1099-DIV and 1099-INT and 1099-OID).
- Social Security statement (1099-SSA) and/or retirement distributions (1099-R), if applicable.
- Statements reporting profits from partnerships, trusts and small businesses (K-1).
- Mortgage interest statements (1098).
- Student loan interest (1098-E).
- Distributions from educational accounts – 529 and Coverdale plans (1099-Q).
- Receipts or proof of charitable gifts, medical/dental expenses, education expenses, moving expenses, and daycare/childcare expenses.
If you have contributed to a Roth Individual Retirement Account (RIRA), please notify your tax preparer of this transaction. If applicable, there are income limits to contribute to a RIRA:
- Single or Head of Household – $138,000 – $153,000 (Modified Adjusted Income)
- Married Filing Joint – $218,000 – $228,000 (Modified Adjusted Income)
- Married Filing Separately – $0 – $10,000 (Modified Adjusted Income)
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