2018

January 23, 2019 - Published by IAG Wealth Partners

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While the calendar turned to 2019 just over three weeks ago, your mailbox will likely be full of important memories of 2018 in the coming weeks.

‘Tis the season to collect, organize, and eventually file your 2018 income tax returns. Here are some important reminders as you begin your process:

2018 is not over. Eligible taxpayers still have the opportunity to make IRA, Roth IRA, or Wisconsin 529 plan contributions for 2018 up to April 15, 2019.

2018 is really not over. If you own your own business you may be eligible to make SEP IRA or profit-sharing contributions until your tax filing deadline including any extensions up to October 15, 2019.

Your 2018 LPL Financial tax documents will likely be sent out by February 15. LPL Financial will send you your tax forms after they receive all required tax information from individual investment companies. Some investment companies are more likely than others to change their income classifications after their initial report to LPL.

To help you avoid amending your tax return, LPL may delay sending you your forms until they believe there is a smaller chance for changes. If your tax documents are not sent out by February 15, LPL will be sending out your tax documents on March 1 or, at the absolute latest, March 15.

Use AccountView to access your tax documents. If you don’t want to wait for the mail, your tax documents will be available through AccountView on the day they are mailed. LPL will be releasing tax documents in four waves – January 31 (early), February 15 (normal), March 1, and March 15. You can sign up for AccountView or access your accounts here.

Remember your QCD. If you made a qualified charitable distribution (QCD) from your IRA account directly to a charity, be sure to tell your tax professional. QCDs are very tricky for tax reporting because your QCD amount is included in your 1099-R distribution amount. If you do not share this information with your tax professional you may end up paying income taxes on this charitable donation.

As always, we recommend consulting with your tax professional before making any tax-related decisions.

Quote of the week:   Peter Drucker: “There is nothing so useless as doing efficiently that which should not be done at all.”


Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

Please consult with your tax professional before making any decisions that could impact your taxable income or tax deductions. Your tax circumstances are unique.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein.

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