The filing deadline to submit 2022 tax returns is Tuesday, April, 18, 2022.

ACCOUNT APPLICATIONS:

• IRA and ROTH IRA accounts can be established at any time; however, to make a prior year contribution, the new account documents must be in good order and the account opened by the tax filing deadline. Postmarked applications are not sufficient to accept a prior year contribution. Prior year contributions must follow requirements below.
• Applications can be uploaded to Axos Advisor Services using Liberty’s document upload feature and received by the tax filing deadline for prior year contributions to be accepted. Prior year contributions must follow requirements below.
• If an application is uploaded via Liberty, please do not send originals as this may result in duplicate accounts.
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CONTRIBUTIONS:

• Prior year contributions must be made by or postmarked by the tax filing deadline – if received in your office by tax filing deadline, please provide the supporting documentation (envelope showing postmark) when forwarding the contribution to Axos Advisor Services.
• Checks/wires/ACHs must clearly indicate for which year the contribution is intended – current or prior year.
• All checks/wires/ACHs that do not state the contribution year will be posted as current year contributions.
• Axos Advisor Services must receive the wire/ACHs no later than the tax filing deadline date. It is recommended to send wires/ACHs a day or two ahead of time to ensure it is received on time. Wires/ACHs that are sent prior to tax filing but received after the tax filing deadline will be credited as a current year contribution.
• Internal transfers to an IRA/Roth IRA must have cash available on tax filing deadline date. The request must be in good order and received by the tax filing deadline date. IRS regulations do not permit in-kind contributions – contributions must be made in cash. Trades must settle by tax filing deadline date, in order to process cash movement as a prior year contribution. Trades that settle after the tax deadline will be processed as a current year contribution.
  
  

MAIL POSTMARK FOR CONTRIBUTIONS:

• The postmark of the envelope is critical: Prior year contribution checks sent to Axos Advisor Services from the RIA or investor on tax filing deadline date, via overnight mail will be posted as such as per the postmark on the overnight label.
• Checks sent to Axos Advisor Services intended for a prior year contribution and received after tax filing deadline date, must have a postmark of tax filing date or earlier in order to be posted as a prior year contribution.
• Checks received by the RIA after the tax filing deadline and subsequently forwarded to Axos Advisor Services must be accompanied by the envelopes showing a postmark by tax filing deadline or earlier.
• Checks received after the tax deadline without a properly postmarked envelope will be posted as a current year contribution.
  
  

NOTE:
If Axos Advisor Services rejects a check received on the tax filing deadline because it is not in good order, the client must place a replacement check in the mail on the same day to ensure it has the appropriate post mark.

• Any replacement checks with a postmark after the tax deadline will not be posted as a prior year contribution.
• If Axos Advisor Services posts a check for a prior year contribution that is subsequently returned by the client’s bank, the contribution will be reversed from the account. The client will need to mail a replacement check postmarked no later than tax filing deadline. All wires to replace a returned check must arrive at Axos Advisor Services no later than tax filing deadline.

Please let your Client Service Advocate know if you have questions.
 

​Form 5498 for the 2022 tax year will be mailed to account owners no later than May 31, 2023.  The information on Form 5498 is submitted to the IRS to report contributions, including any catch-up contributions, notice of a 2022 Required Minimum Distribution (RMD), the Fair Market Value (FMV) of Individual Retirement Accounts, and other Form 5498 reportable activity.
 
Boxes 12a (RMD date) and 12b (RMD amount) will not be populated, since RMD notifications were mailed to clients of RMD age in January 2023.
 
Online Access: 2022 Forms 5498 will be available on Liberty under “Tax Information” and “Tax Forms” respectively by May 31, 2023. Applicable RMD Notices are also viewable in this section.
  
If there were no 2022 contributions or other reportable activity in an account, account owners will not receive a 2022 Form 5498. The 2022 Fair Market Value reported on the year-end statement will be provided to the IRS.
 
If you have any questions regarding this notice, please contact your client service advocate.

​As part of an effort to streamline our internal form-processing we are updating the email address that receives new paperwork submissions:

• The old submission address: [email protected]
• The new submission address: [email protected]

The new submission inbox is active immediately and can be used at any time. Axos will keep the old submission address active for 2 more weeks, until 2/27/23. After that time any submissions to the old address will receive a notification that the email address is no longer active with instructions to resubmit anything to the new submission address.
 
You may continue utilizing the Liberty Upload or Message Center features to submit documentation, this change will only affect emailed submissions. 

​The SECURE 2.0 Act of 2022 changed the RMD age from 72 to 73 starting in 2023.  Account owners who turned 72 in 2022 must continue to distribute their 2022 RMD no later than April 1, 2023. The new law is effective in 2023 and doesn’t affect individuals born in 1950 or earlier who have RMDs due for 2022.
 
EXAMPLE: Jane turned 72 on January 5th, 2022. She did not take her RMD for 2022 because she knew she could wait until her RBD, which is April 1, 2023. Since the SECURE 2.0 Act provision is effective as of January 1, 2023, it doesn’t affect individuals who turned 72 in 2022. She will have to take her (2022) RMD by April 1, 2023, if she has not done so already. In addition, she will continue to have a 2023 RMD to withdraw by December 31, 2023. 
 
IRA owners who turn 72 in 2023 (those born in 1951) do not have an RMD due this year.
 
Please contact your Client Service Advocate if you have questions or concerns.

Liberty will be down on Thursday, February 9, from 6PM MT to 7 PM MT for system Maintenance.