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4th Quarter | 2022

Quarterly recap
What’s happening at FPI
Fourth-quarter 2022 advisory fee payments

The additional time and attention required to complete our year-end statement and fee-liquidation process may cause a delay in advisory fee payments. Flexible Plan Investments sends fee payments twice a month—on the 15th and 30th—for all invoices where payment has been received. Certain custodians will send payments more quickly than others. We can assure you that all Strategic Solutions fee payments will be made by January 31. All other custodians are on a best-efforts basis. We appreciate your patience while we make every effort to collect fourth-quarter fees as quickly as possible.

2022 tax forms

Tax forms will be mailed and available online through Axos Advisor Services’ Liberty website on the following dates:

  • Form 1099-R: January 31, 2023.
  • All nonretirement account tax forms: February 15, 2023.
  • Required minimum distribution (RMD) letters will also be issued to clients on January 31, 2023.

Reminder: Legislation effective January 1, 2020, changed the RMD age from 70 1/2 to age 72. Therefore, anyone turning 70 1/2 after January 1, 2020, does not have to take an RMD until they turn 72.

Transaction data for taxable accounts

Each year we get questions from advisers and tax preparers about how to handle transaction data for taxable accounts. While Flexible Plan does not provide tax advice, the following procedural information may be useful.

To avoid having to enter each buy/sell transaction, you can use one of the following methods:

  • Axos Advisor Services integrates with Turbo Tax and H&R Block’s tax software, allowing you to download the data directly into the software program. Axos Advisor Services also provides the 1099-B tax data in CSV/spreadsheet format, which can be used with other software programs.
  • Totals can be entered on Schedule D, and a hard copy of the 1099-B data can be submitted separately from the electronically filed return. Totals entered using this method could be labeled “Per schedule submitted with Form 8453.” You would then submit an IRS Form 8453 with the 1099-B tax data to the following address:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

Wash sales: Interest in the subject of wash sales and active management always spikes during tax season. Information about wash sales, their effects, and how to avoid them at Flexible Plan can be found here.

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