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February 29, 2024

Tax Season Reminders

Financial Planning Committee

As we prepare for the upcoming tax filing season, here are a few reminders:


Most TD Ameritrade and Schwab 1099s should be available online by the end of this month.

  • Realized gain/loss (cost basis) and IRA distribution details are included on your 1099 tax documents coming directly from Schwab. Please provide your 1099s to your tax professional for preparing your 2023 tax return. As a reminder, for the 2023 tax year, you likely will receive a 1099 tax document from TD Ameritrade for any activity prior to the merger.
  • Clients who have established an online account can also access 1099s to either print, save, or email them to their tax professional. All tax forms, including those from TD Ameritrade, will be available on Schwab Alliance under “Accounts” on the “Statements” page where you can access a 1099 Dashboard.
  • Also, clients who wish to download their account information directly into TurboTax or H&R Block should use their Schwab user ID and password and then acknowledge permission to share information with the third-party software. TD Ameritrade tax data can be imported using the document ID and the nine-digit TD Ameritrade account number. Both data points will be available on the tax documents from TD Ameritrade.
  • We fully understand the frustration corrected 1099s often cause as neither JNBA nor Schwab can control this delay in adjusted information. With global e-commerce, companies often must modify reported dividends, interest, or capital gain information. As a result, by law, those companies are required to pass these revised figures on to the appropriate parties, in this case, Schwab.


JNBA requests your 2023 tax returns to provide well-rounded and accurate financial planning advice. If you have not previously signed a Tax Professional Authorization form, please send a copy of your 2023 tax return to your JNBA Advisory Team or upload your return to your JNBA Client Portal.


To make the April 15 deadline for IRA contributions, contribution checks (made payable to Charles Schwab with “2023 contribution” written in the memo line) should arrive at our office no later than April 11, 2024.

  • You have until the tax filing deadline (April 15) or the date you file your tax return (whichever comes first) to finalize IRA contributions for 2023.
  • If you need to confirm your IRA contributions already made for 2023 to determine if any additional contribution can be made or are considering moving money from a non-IRA account to an IRA for your 2023 contribution, remember to allow time for processing to meet the April 11 deadline.


If you are over the age of 70 ½ and gave money from your IRA directly to a charitable organization, please share those distribution details with your tax professional. The 1099-R generated for your IRA shows total distributions but does not include details on distributions to a qualified charitable organization. This will be important information to share as distributions to charity, up to $100,000, are not taxable for 2023.


Those who worked for multiple employers in 2023 may have paid too much in Social Security tax. The maximum amount withheld by employers was $9,932.40 per taxpayer. If your Social Security withholdings exceed that maximum, you may be able to claim the excess as a credit.


If you own long-term care insurance, you may be eligible for an income tax credit for premiums paid during the 2023 tax year. Specifics vary from state to state, and you should consult your tax professional for additional information.


As a Minnesota resident, you may be eligible for a Minnesota nonrefundable income tax credit or an income tax deduction for contributions to any state’s 529 plan. The nonrefundable income tax credit is subject to phase-out. You should consult your tax professional for additional information regarding the credit or deduction.


The Affordable Care Act requires that a taxpayer and each member of his or her family has qualifying health coverage for each month of the year, qualifies for an exemption, or makes an individual shared responsibility payment when filing his or her tax returns. Like last year, those who had qualifying health coverage for the whole year will simply have to check a box stating that they are covered.


As you gather documents for your 2023 tax return, this is a good time to complete a thorough review of your employer-provided benefits. Look for opportunities to increase your 401(k) contributions to maximize your savings for the new tax year, confirm that the beneficiaries listed on your employer-provided benefits are still accurate, and determine if any adjustments should be made to your tax withholding. Withholding adjustments can be a good topic to discuss with your tax professional as they review your information to prepare your 2023 tax return.

JNBA is not an accountant and no portion of the above should be construed as accounting advice. All accounting issues should be addressed with an accounting professional of your choosing. JNBA is not an insurance agent and no portion of the above should be construed as insurance advice. All insurance issues should be addressed with the insurance professional of your choosing. JNBA nor its employees sell insurance products.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.

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