Quarterly Financial Checklist

January 23, 2023

As 2023 gets underway, one routine remains consistent: it’s time to start organizing your finances for the new year. Recent legislative changes and adjustment to higher inflation levels means there’s a lot to consider. Here are a few key points to help guide you as you get started.

Boost Your Retirement Savings

The IRS announced new retirement plan contribution limits. This is a perfect time to adjust your contribution rates and maximize your retirement savings in 2023:

Are you Turning 72 This Year?

Under the recently enacted SECURE 2.0, the age to begin Required Minimum Distributions (RMDs) has been pushed back to 73. For individuals who reach age 72 in 2023, the first RMD will not be required until 2024.

When Will I Receive My Tax Documents?

Most tax forms will be available online between January 20th and February 11th, and will be mailed shortly thereafter.

Retirement Accounts

Form 1099-R: This form is issued when you have made a distribution from your retirement account or in connection with a Roth IRA conversion or recharacterization.

Form 5498: The 5498 will capture contributions made to a traditional, SEP, or SIMPLE IRA, as well as Roth IRA conversions or recharacterizations completed in 2022.

  • If you make prior-year contributions between January 1, 2023, and April 18, 2023, these transactions will be captured in an updated 5498 tax document that will be mailed to you by May 11, 2023.

Non-Retirement Accounts

Forms 1099-B, 1099-DIV, and 1099-INT: These tax documents include information on the proceeds of any sales and cost basis (when known) of securities within your account, as well as dividends or interest paid within an account for most securities.

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.