Durham Office

1502 West NC Highway 54,

Suite 501
Durham, NC 27707
Tax Preparation

Tax Preparation

March 01, 2022

It is tax season! The IRS began accepting 2021 tax returns as of January 24, 2022 and the tax filing deadline is Monday, April 18th.

Organization is key to a streamlined tax prep process. This starts with accumulating all of the tax forms to be provided to you by various entities including employers, banks, other financial institutions, and social security.

Some crib notes for the forms you may receive from LPL and others.

  • W2, Wage, and Tax Statement. Shows your total wages and tax withholding. Employers are required to send out W2's to all employees regardless of earning amount. IRS requires W2's to be issued by January 31st.
  • 1099-MISC, Miscellaneous Income. Issued for those doing freelance work. Companies must provide the 1099-MISC for each person that is paid $600 or more during the year. Note that if one does freelance work and is paid less than $600 - and does not receive a 1099, the IRS still requires this income to be reported on your tax return.
  • 1099-R. Includes distributions from IRA's and other retirement type plans/accounts (Pensions, Annuities, 401k plans, insurance contracts, etc.). 1099-R forms are typically made available on or before January 31st.
  • 1099-DIV. Issued by financial institutions to report how much you received in dividends and other distributions - includes a breakout of certain information such as what portion of dividends are qualified dividends.
  • 1099-INT. Interest Income, issued by banks and other financial institutions that pay you over $10 in interest for the year. You must report interest regardless of whether you receive a 1099-INT
  • 1099-B. Reports capital - gains, and losses
  • 1098. Mortgage Interest Statement, shows the amount of interest you paid during the year, as well as property taxes your bank paid from your escrow account
  • 1099-G. Certain government payments, including unemployment benefits, state tax refunds.
  • College expense and college savings plan tax forms.
    • 1099-Q, issued by 529 plan administrator - reports the total of all withdrawals made during the year
    • 1098-T, eligible colleges or other post-secondary institutions must send this form to any student who paid 'qualified educational expenses'. Qualified expenses include tuition, required fees, and course materials
  • 5498 reports IRA contributions you made. Your IRA custodian is required to file this form with the IRS by May 31st.
  • Schedule K-1. This form can include income, deduction, and other tax items from a partnership or other pass-thru entity. Often times the last tax form is received - because it can only be sent after the issuing/entity's tax return is completed

For your LPL Non-Retirement accounts that will be due a 1099, you are provided a 'Consolidated 1099' tax statement which includes 1099-INT, DIV, and 1099-B in one document.

Becoming familiar with the mailing schedule is one of the most important ways to stay organized for tax season. During the 2021 tax season, to meet IRS deadlines, reduce errors, and reduce the need to mail corrected versions, LPL will be mailing the 1099 Consolidated Statements in multiple phases as outlined below.

Please view the 'Getting Ready for the Upcoming Tax Season' two page primer for additional helpful information by clicking the link below to download.

Getting Ready For The Upcoming Tax Season

Tax forms will also be available electronically starting on the day they are mailed. You can access your tax statements online via your Account View login. If you do not have an Account View login, please contact us about setting up your access. 

As always, please do call or email our office if you have questions or if we can be of assistance in any way.

LPL TN: 1-05243212