IEM Tax Center

Access Tax Forms Online

Accessing your tax documents through Commonwealth's Investor360 portal has never been easier. Click the link below for a tutorial on how to access them yourself:

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TurboTax and Investor360 Filing

If you’re a user of either the web-based or desktop version of TurboTax, you can now import your tax information from Investor360º.

With just a few short steps, all the key tax data you need is safely, accurately, and easily transferred directly
into your electronic return.

With Investor360º and TurboTax, you’ll do away with:

The need to gather together a year’s worth of statements
The task of keying in data from multiple sources
The worry associated with either missing or incorrectly transcribing important tax information.

Click the PDF document link below to follow the steps:

TurboTax and Investor360 PDF

Important Tax Documents & Deadlines

The due date for filing your tax return is typically April 15 if you’re a calendar year filer. Generally, most individuals are calendar year filers. For individuals, the last day to file your 2022 taxes without an extension is April 18, 2023

The last day to do taxes isn’t the only important tax deadline to be aware of. There are other important tax deadlines you should know for 2023. Please see below for important dates & deadlines to be aware of.

January 16, 2023 - 4th Quarter 2022 estimated tax payment is due. If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, the payment must be postmarked by January 16, or the next business day if January 16 is a Saturday, Sunday, or holiday.

January 31, 2023 - Due date for employers to send W-2 forms. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send you a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.

January 31, 2023 - Certain 1099 forms are sent in several cycles - including in January and February. Please be on the lookout for your 1099 forms; 1099-NEC, 1099-MISC, 1099-Q, 1099-R and 1099-K if applicable to you. If January 31 falls on a weekend or holiday, these forms are due to be sent the following business day. Please see below for additional notes on the various 1099 forms:

***Please note: 1099 forms for taxable accounts are generally issued in mid- or later February - depending on the holdings in the account - so you may receive your 1099 forms in multiple batches.

Consolidated 1099s: First Mailing are available online by January 21st, 2023.
Consolidated 1099s: Second Mailing are available online by February 11th, 2023.
Consolidated 1099s: Third Mailing are available online by February 25th, 2023.
Consolidated 1099s: Fourth Mailing are available online by March 4th, 2023.

***1099-R forms are sent when distributions are made from a retirement plan. In addition, QCD's are not tracked separately on the 1099; you'll need this information for your tax preparer. In addition, "Back Door Roth" contributions will also appear on the 1099 form; please be sure to let your tax preparer know you aren't inadvertently taxed twice.

***1099-Q forms are for distributions made from a 529 plan. Please keep this form with documentation for any expenses.

***5498 forms are informational only, but are used in certain circumstances - such as when an IRA distribution combines both pre- and post-tax funds.

February 15, 2023 - Reclaim your exemption from withholding. If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date. You would file this exemption request if you anticipate having no tax liability this year and had none in the previous year.

April 18, 2023 - Tax day (unless extended due to local state holiday). The tax deadline typically falls on April 15 each year, but can be delayed if it falls on a weekend or holiday.

April 18, 2023 - Deadline to File Form 4868 and request an extension. The tax day deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by tax day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 16, 2023. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline.

April 18, 2023 - Deadline to make IRA and HSA contributions for 2022 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2022 tax year. After this date, you generally can’t make contributions for the previous tax year.

April 18, 2023 - First quarter 2023 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes.

April 18, 2023 - Establishing a Roth IRA for a minor with wages 100% up to the Roth limit is due.

IRS Contribution Limits for 2023

For 2023, the IRS updated their indexed dollar limits for qualified retirement plans compared to last year. This updated is for informational purposes and is not intended as legal advice. Some things to keep in mind:

Employee deferrals to all 401 (k) and 403 (b) plans must be aggregated for purposes of this limit. A lower limit applies to SIMPLE plans.
Available to employees age 50 or older during the calendar year. A lower limit applies to SIMPLE plans.
All compensation from a single employer (including all members of a controlled group) must be aggregated for purposes of this limit.
For the 2023 plan year, an employee who earns more than $135,000 in 2022 is an HCE. For the 2024 plan year, an employee who earns more than $150,000 in 2023 is an HCE.

Please see below for changes to dollar limits for various plans.

IRA & Roth IRA Contribution Limit - The contribution limits have increased from $6,000 ($7,000 for ages 50+ years old) to $6,500 ($7,500 for ages 50+ years old) from the previous year.

401(k) & 403(b) Employee Deferral Limit - The contribution limits have increased from $20,500 to $22,500 from the previous year.

457 Employee Deferral Limit - The contribution limits have increased from $20,500 to $22,500 from the previous year.

Catch-Up Contribution - The contribution limits have increased from $61,000 to $66,000 from the previous year.

Defined Benefit Dollar Limit - The contribution limits have increased from $245,000 to $265,000 from the previous year.

Compensation Limit - The contribution limits have increased from $305,000 to $330,000 from the previous year.

Highly Compensated Employee Income Limit - The contribution limits have increased from $135,000 to $150,000 from the previous year.

Key Employee/Officer - The contribution limits have increased from $200,000 to $215,000 from the previous year.

Social Security Taxable Wage Base- The contribution limits have increased from $147,000 to $160,200 from the previous year.