Most 1099 tax forms for tax year 2024 should be available online for Gather clients between January 31 and February 22, 2025, and should be mailed shortly thereafter. Please see the 1099 Forms Cycle section below for more information as tax season approaches (all estimated time frames below):

Retirement Accounts: January 31, 2025 (estimated) - 1099-R forms available

• 1099-R forms will not be mailed and income not reported for 2024 income of less than $10.

• A QCD is reported on Form 1099-R as a Normal distribution (or in the case of an inherited IRA, as a Death distribution) and has no special coding. Consult your tax advisor to discuss the proper way to report the transaction to the IRS.

• "Back-Door Roth" contributions are tracked on 1099-R documents; contact your tax advisor for more information.

• How to access your forms via Investor360°:

  • Clients can view tax forms for the current year in Investor360° by going to Statements & Confirms > Tax Documents > Most Recent Statement.

• Sign up for email notifications when tax forms are available.

Non-Retirement Accounts: January 31-February 22, 2025 (estimated) - 1099 forms available

• 1099 forms will not be mailed and income not reported for 2024 income of less than $10.

• How to access your forms via Investor360°:

  • Clients can view tax forms for the current year in Investor360° by going to Statements & Confirms > Tax Documents > Most Recent Statement.

• Sign up for email notifications when tax forms are available.

April 15, 2025 Deadlines

• 2024 tax return filing deadline

• IRA and HSA contribution deadline

2025 IRS Contribution Limits

IRA & Roth IRA Contribution Limits: The contribution limits are $7,000 ($8,000 for ages 50+), the same as 2024. Note: Roth IRA contribution eligibility is determined by Modified Adjusted Gross Income (MAGI).  Contact our office with questions.

Tax Software Tool Integrations

You can now import your tax information from lnvestor360° if you're a user of either the web-based or desktop version of Turbo Tax, H&R Block, Quicken, or TaxAct.

QUESTIONS ABOUT TAXES? CONTACT STEVE DIPARDO.

FOR MORE INFORMATION, VISIT TAX RESOURCES FROM COMMONWEALTH FINANCIAL NETWORK®