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Your Tax Review Checklist for 2022 filing

As the April 18th tax deadline is approaching, take some time to consider how the following items may apply to your tax situation before submitting your 2022 return. A quick tax review could save you money.

Tax Review Checklist

Consider the impact of the following before filing your taxes.

  1. Realized Gains & Losses

Form 1099-B reports your gains and losses for the year. This comes from your account custodian (Schwab, Fidelity, National Advisors Trust, TD Ameritrade). The Form 1099-B will include cost basis and sales proceeds for transactions in taxable accounts.

  1. Custodian-issued 1099s

If your custodian-issued 1099s have not yet arrived in the mail or been posted online as of today’s date (February 28, 2023), you can expect to receive your 1099s in the upcoming weeks.  Generally, custodians begin producing and sending 1099s between early February and mid-March.

  1. Corrected 1099s

Complex tax laws related to dividend and capital gain distributions have resulted in more corrected 1099s, and many reporting agencies take advantage of a 30-day extension. That said, the first 1099 you receive may not be your last. Consider a short delay in filing your taxes to account for this possibility and avoid the extra expense and hassle of amending your returns later. Revised forms may not come until mid-March.

  1. Contributions to 529 Plan accounts

If you contributed to a 529 plan in 2022 for a child, grandchild, or another family member, you may also qualify for deductions or tax credits on your state tax return. This benefit is often overlooked, even though many states encourage college savings in this manner.

  1. IRA contributions

Did you contribute to a traditional IRA account in 2022? If so, confirm that you deducted the contribution. If you did not contribute and if you meet specific qualifications, you can still consider making a contribution until this year’s filing deadline of Tuesday, April 18th.

  1. Non-Deductible IRA contributions/Roth IRAs

Did you make a non-deductible contribution to your traditional IRA? If so, make sure you or your tax preparer file Form 8606 to track the cost basis of the IRA account. This filing would also be required if you had non-deductible contributions that you converted to a Roth IRA in 2022.

  1. Charitable gifts

Those who itemize deductions can deduct gifts of cash and/or securities (stocks or mutual funds) that were made to qualified charitable organizations in 2022 with certain limitations based upon AGI.

  1. HSA Contribution

If you are a participant in a high deductible health plan and have not met the HSA thresholds for 2022, you have until tax filing day (April 18th, 2023) to meet these limits for the prior year.

As always, your SYM team is available to assist in the strategy and implementation of your overall wealth plan and to answer any questions that arise during a tax review or filing.  If you do not yet have a financial advisor, call us at 800-888-7968 or contact us here now.

Disclosure: The opinions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. This material is not financial advice or an offer to sell any product. This email is for informational purposes only and does not constitute investment, legal or tax advice and should not be used as a substitute for the advice of a professional legal or tax advisor. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This is not a recommendation to buy or sell a particular security. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.

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