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Tax Preparation Tips

Tax Preparation Tips

| January 29, 2024


Tax Season is upon us, and as we do each year, we are providing you with the following tips to help you be better organized to prepare your personal tax return.

When to File - We encourage you to wait until mid-March. The deadline to file your 2023 Federal and State income tax returns is April 15, 2024, unless you file an extension.

Form 1099 - Schwab expects to produce Form 1099s for relevant client accounts by 2/16/2024, but they are sent by U.S. Mail, so maybe you’ll receive them a week later.

  • You can view them online. Login to Schwab.com then go to your 1099 Dashboard.
  • Be sure to provide all of your Form 1099s to your tax preparer including any new accounts.
  • History has shown us that ‘corrected’ 1099s may be produced about 2 weeks later, then mailed. This is why we encourage you to wait until mid-March to file your 2023 tax return.
  • Need help with your Schwab login? Call Schwab Alliance at (800) 515-2157.
  • Have questions about your accounts and/or 1099s? Call Odyssey at (770) 992-4444.

NEW  Schwab Tax Documents will be available on your Odyssey Wealth Portal!

A day or 2 after they are produced by Schwab, you will also be able to see a full listing of available 2023 tax documents on the 2023 Tax Documents tab under the Documents menu on the left side. Instructions: click on the Documents icon then click on the Tax Documents tab near the top and look for 2023 tax documents. [Do not accidentally use 2022 tax documents.]

2023 Retirement Account Contributions  You can still make contributions for 2023 for these Account Types: IRA, Roth IRA, SEP IRA, I401k, and Profit Sharing plans. Please make checks payable to Charles Schwab and mail the checks to Odyssey no later than April 5th to be sure they are processed on time. Contact Janeen Blecker with any questions (extension 2). Look for Form 5498 in May which reflects your 2023 IRA contributions or rollovers.

Did we process a 2023 Qualified Charitable Distribution from your IRA? Provide the amounts of your QCD donations to your tax preparer. This is important so that your tax return reflects the reduced taxable distribution amount (not the original total amount).

After you file your 2023 Tax Return upload a PDF to your Odyssey Wealth Portal. Odyssey is not a CPA firm, nor do we provide tax preparation services, but we ask that you provide us with a PDF of your tax return each year so we can look it over for you. We’ll provide feedback if we see anything unusual, and we’ll use the return to better prepare for your review meetings. Contact Carter with any questions (extension 7).

Good luck and call us if you have any questions, (770) 992-4444!