With the 2022 tax filing season in full swing, AIP Marketing Alliance wanted to share some useful resources approved for your clients who are concerned about the tax ramifications of their selected retirement accounts for 2023. These consumer-approved materials provide guidance and information for clients/prospects worried about how paying taxes could impact their selected retirement strategy.

The filing deadline for the 2022 year is Tuesday, April 18, because April 15 is a Saturday, and the filing date never occurs on a weekend. Washington, D.C., observes Emancipation Day on Monday, April 17. By law, the IRS is required to treat D.C. holidays as if they were national holidays for tax-filing purposes. Some taxpayers affected by recent natural disasters get extra time to file. For example, California storm victims have until May 15, 2023, to file their 2022 income taxes.

AIP Marketing Alliance provides this content as information only. Please have your clients consult with a tax professional before making any changes/decisions.

• IRS Changes for 2023: The IRS provided tax inflation adjustments for the tax year 2023 which breaks down the changes that generally apply to tax returns filed in 2024 for the 2023 tax year.
• Understanding Tax Forms: American Equity created this informational video with two Frequently Asked Questions (FAQs) documents explaining Form 1099-R and Form 5498. You can download the FAQs PDFs by clicking on the respective links above or by visiting American Equity’s website.
• 2023 Fingertip Tax Guide: This John Hancock document covers tax changes related to individual income taxes, transfer taxes, business taxes, retirement contribution limits, and more. Please note that under the Tax Cuts and Jobs Act (TCJA) of 2017, many of the provisions that affect individual taxpayers are set to expire at the end of 2025, reverting to pre-TCJA law.
• IRA and Tax Tables 2023: You can view multiple tables including: Roth IRA Contributions Quick Fact Sheet; IRA Contribution Levels; Roth IRA Eligibility; Traditional IRA Deductions; Roth IRA Conversion Eligibility; SEP IRA Contribution Levels; Federal Tax Brackets; Federal Estate Tax Levels; Generation-Skipping (GST) Tax; Annual Gift Tax Exclusion; and IRA Minimum Distribution Tables.

As stated above, and in the disclaimer below, AIP Marketing Alliance is providing these links for informational and educational purposes only. We are not tax professionals. Please have your clients consult with a tax professional before making decisions. If you have any questions, you can contact our Business Development team at (800) 783-5206 Press #2 or marketing@aipma.com.