2022/2023 Tax Season

Your Tax Questions Answered!

Your Tax Questions Answered!

Tax time is the moment when all revenue is counted, expenses are finalized, and your financial records are in one place. Taxpayers should plan on spending at least 13 hours this year preparing their return, according to the Internal Revenue Service. Business owners should set aside roughly 24 hours to complete their tax return. Those 13 hours include time for record keeping, tax preparation, form submission, and possibly writing a check to the U.S. Treasury. Below you will find helpful information regarding your 2022 tax mailings from LPL Financial and more!

How this impacts you

Your could potentially receive multiple tax statements if your accounts transferred or converted in year 2022. You could receive one statement from the prior financial institution, one from the converting account, and another statement for reportable transactions at LPL.

During the 2022 tax season, in order to meet all IRS deadlines, reduce errors, and reduce the need to mail corrected versions, LPL will be mailing the 1099 Consolidated Tax Statements in weekly phases (see below for schedule). We follow all standard protocols and execute processes similar to other major financial firms by mailing in waves as we receive information from various institutions. For certain security types, final tax information from the bank, institution, or other type of issuer may be received after the standard deadline, resulting in your statement not arriving on the anticipated February mailing date. Questions? 800-558-7567

DOWNLOAD THE 2022/2023 TAX SEASON GUIDE HERE

Account View

Accessed from your computer, tablet, or smartphone, Account View provides secure, convenient, 24-hour online access to your investment account information. You can access Account View for a free download of your tax statements. Did you know you can elect to have over 55 letters sent via eDelivery for a paperless experience? Last year we introduced the eligibility for tax forms to be paperless. Clients can get faster access to important documents—including tax forms, eDelivery is more secure, and clients have convenient access to important documents from one location, anytime, anywhere.

New feature: Does your CPA need access to your Account View profile? You can now provide authorized user access (View Only) to your Account View online. You control this setting within the user profile preferences.

Click here to learn more!

My AccountView Online

FAQ'S

How are the values on the 1099-INT, 1099-DIV, and 1099-MISC derived?

1099 INT: Interest income may be derived from interest on bank deposits, accumulated dividends paid by a life insurance company, or income received from debt instruments (including bonds, debentures, notes, certificates, widely held fixed investment trusts WHFIT), real estate mortgage investment conduits

(REMIC), financial assets securitization investment trusts, (FASIT), or from collateralized debt obligations (CDO).

1099 DIV: Dividend income may be derived from distributions received during the tax year from Mutual Fund and Equity securities. Distributions may be qualified dividends, non-qualified dividends, or capital gain distribution. Distributions are subject to income reclassification. Values shown on your client’s monthly statement may be categorized differently on 1099-DIV.

1099 MISC: Miscellaneous income includes royalties, other income such as awards and settlements, other income such as payments received from notational contracts, and substitute payments in lieu of dividend or interest. Values shown on your client’s monthly statement may be categorized differently on 1099-MISC.

Why did some clients receive a 1099-Consolidated this year when they didn’t receive one last year?

You may have received a 1099-Consolidated this year because they received more than $10 in taxable income in the form of Dividends, Interest, or Proceeds from sales.

I didn’t receive a 1099-R. Why?

If you didn’t receive a 1099-R, there were no reportable distributions in their account in 2022. A 1099-R will be issued when the account has a reportable distribution within the tax year.

Why are there different mailing dates for 1099 Consolidated Statements?

LPL will mail 1099 consolidated tax statements weekly as information is received from various institutions. For certain security types, final tax information from the bank, institution, or other type of issuer may be received after the standard deadline, resulting in your statement not arriving on the anticipated February mailing date.

Preliminary 1099 Consolidated Tax Statement: What is it and what do I need to know?

A preliminary 1099 Consolidated Tax Form Statement is an advanced one-time draft copy of your 1099 tax forms. If your 1099 Consolidated Tax Statement is not available on or before the anticipated February mailing date, you’ll receive a preliminary 1099 Consolidated Tax Form Statement. Preliminary 1099 Consolidated Tax Form Statements will be available online on Account View or through your financial professional, not mailed.

Please note: The draft form should not be considered final and should not be used for the purpose of filing tax returns with the IRS or with any state or other regulatory authority. All pages of the document are for your information only and may assist you with tax preparation.

I use Turbo Tax, can my LPL information be linked to that software?

New this year! If you use TurboTax or H&R Block, you will be able to import the information shown on the original or corrected 1099 tax information statement directly into the software by using the full 8-digit LPL account and 11-digit Document ID listed on your tax statement.

What are the mailing dates?

Click Here to download the Mailing Dates Schedule!

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