Before you get started with filing your taxes this year, take a look at our tax season calendar to make sure you’re aware of important tax deadlines.
Tax filing season will soon be here, and as investors, it’s important to be aware of the many annual deadlines and tax documentation release dates that could affect how and when you file your taxes.
While tax season is often thought of as stressful, annoying, and time-consuming, the reality is that this is a part of the year when the choices and plans you make can greatly affect your future financial outcomes. In general, it’s safest to file your taxes as soon as your forms are available and to review your financial plan after you’ve filed to make sure you’re planning as tax-efficiently as possible.
Before you start preparing to file your 2023 taxes, take a look at our 2023 tax season calendar to make sure you’re aware of some important tax deadlines. If you don’t find what you’re looking for here, you can also check out IRS.gov—the final source for all taxes-related dates, rules, and regulations.
2023 Tax Season Calendar
| Deadline | Why It’s Important |
|---|---|
| Dec. 28, 2023 |
The end of 2023 marks an important deadline for making big, strategic moves that can help shape your taxable income for the year. Charitable gifts, RMDs (Required Minimum Distributions), and Roth IRA conversions are big examples. Read up on what tax planning changes may be worth your while before the end of the year. To ensure your charitable contributions, RMDs, or Roth conversions are completed by the last market day of the year, we recommend that you initiate those transactions before the close of market hours on Thursday, December 28th, 2023. Please note that Qualified Charitable Distributions (QCDs) from IRAs require additional time to process and as such should be requested at least a week in advance of the end of year deadline. |
| Jan. 31, 2024 | Jan. 31 is the deadline for Betterment to provide the Form 1099-R which is commonly received for distributions, conversions, and rollovers (except direct IRA to IRA transfers) from retirement accounts. We’ll also provide the Form 1099-INT, which reports interest earned in your high-yield cash account, Cash Reserve. |
| Feb. 15, 2024 | Feb. 15 is the deadline for Betterment to send out the Form 1099-B/DIV, which is commonly received for investment sales and dividends received. Forms 1099-B/DIV are only generated for taxable accounts; they are not generated for IRAs or 401(k)s. |
| Feb. 15 is the first day that you can import your tax information into commercial tax software (e.g. TurboTax). This is true for all Betterment 1099 tax forms, even if you received one before this date. | |
| April 15, 2024 |
April 15 is the deadline for IRA contributions for the 2023 tax year. You must initiate your deposit through Betterment by 11:59 PM ET on April 15, to ensure that your contribution completes by the deadline. This is also the deadline for the recharacterizatiton of IRA contributions, unless you have filed an extension. There is no extension for Roth or Traditional IRA contributions even if you filed for an extension for your tax return. |
| April 15 is the last day to file your taxes with the IRS (unless you request an extension). Handle any of your last minute moves the week before, just to be sure. | |
| May 31, 2024 | We will provide Form 5498 if you made IRA contributions for the 2023 tax year, conversions, and rollovers into retirement accounts at Betterment. While this form is important to support IRA basis and rollovers if ever audited, it is not needed to file your tax return. |
| October 15, 2024 | If you filed an extension and wish to contribute to your SEP IRA by the Oct. 15 tax filing deadline, you must initiate your deposit through Betterment by 11:59 PM ET on Oct. 15, to ensure that your contribution completes by the deadline. In addition, this is the second deadline for recharacterization of IRA contributions for individuals on extension or amending their timely filed tax return. |
| Oct. 15 is the deadline for individuals to file their taxes if they filed for an extension. It should be noted that filing for an extension is not an extension to pay as interest/underpayment penalties may still apply. |
Visit our 2023 Tax Filing Calendar for more information about preparing for tax time at Betterment, and visit IRS.gov for more tax information. This tax calendar is by no means exhaustive, but we hope having important dates in one place will be helpful.
Of course, even if you’re aware of these dates and get your tax forms in order, it might still be useful to consult a tax advisor to get personalized help. While Betterment is a financial advisor, we are not a tax advisor, so this tax calendar and article should not be considered tax advice—it’s just informational.
Related Articles