Important Information for Filing Your 2023 Tax Returns

The 2023 tax season is underway, with the filing deadline approaching on April 15, 2024. Whether you self-file or work with a professional, here are some tips and reminders before finalizing your tax returns.

Although it can be satisfying to wrap up your tax returns and check off that box on your to-do list, keep in mind that filing before you have received all the necessary documents can lead to additional time and effort to go back and make things right. 

Be sure to verify you have received all the tax forms from your Schwab and/or Fidelity investment accounts, as well as any others outside Summit’s management before completing your returns. Note that some tax forms may only be made available to you online based on your selected delivery preference, and some forms may be corrected by Schwab and/or Fidelity after initially being produced.

Next, if you work with a professional, remember that it remains your responsibility to provide all necessary tax forms and confirmation documents to your tax preparer, including, but not limited to, the following:

  • 1099s (including corrected versions)
  • Charitable gift receipts
  • 529 account contributions
  • STABLE account contributions
  • Health Savings Account contributions
  • Scholarship Granting Organization (SGO) donations

Finally, even though the door has closed on many of the “tax moves” that could impact your 2023 taxes, there are a number of transactions that can still be completed, depending on your circumstances. For example, IRA contributions, Health Savings Account contributions, and SGO donations (deadline extension new for 2023) can all be completed before April 15, 2024, and have them count for 2023. Contact your tax preparer or Summit Advisor with questions about any of these, and learn more about SGO donations from our Fall 2022 newsletter here.

Please be advised that, based upon current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty that the IRS might choose to assess related to this matter.


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