Advisor Flipbooks

© 2023 SEI 1 Introduction This update focuses on some of the most common requests that SEI Private Trust Company (SPTC) receives during the last few months of the year, and supplements the 2022 Year-End Tax Calendar. Our goal is to provide you with information to assist your clients in meeting their 2022 year-end requirements and to inform you of the SPTC processing deadlines for transactions to be included in the 2022 tax year. Highlights and Deadlines › Tax projections will be available on www.SEIAdvisorCenter.com users in October, November and December. Tax projections for the entire 2022 calendar year will be available in early January 2023 for taxable accounts. Tax projections do not include Reclassification of Capital (ROCR) and Income Re-Allocation (IR) and should not be used to file. › Mark your calendars with the important dates and deadlines for December 2022 through May 2023. Any changes to these dates will be shown on www.SEIAdvisorCenter.com Year-End tax information so be sure to check periodically. › Investors are able to opt into electronic-only tax form delivery. If an investor opts in to e-delivery of tax form(s), their tax form(s) will no longer be physically mailed to them. Instead, the investor will be notified via email to log in and retrieve their tax form(s). › SEI Private Trust Company offers the ability to download all your investors' tax forms in bulk. Each batch of files will be available several days after the tax forms are posted online. Depending on the timing of your client's 1099 tax form availability, there may be multiple files that need to be downloaded. An email will be sent to you when each download file is available. › On December 29th, the 'Secure act 2.0' was passed. This law includes many changes to retirement plans, including IRA's. The most immediate is the RMD age was raised from 72 to 73 in 2023. IRA owners who already reached their RMD age prior to 2023 will need to keep taking RMD's as normal. › Also take note of the changes around federal tax withholding on IRA distributions with the updated IRS form W-4R. Including the ability to withhold less than 10% federal, new elections requiring a 'whole number' percentage, and update form language. IRA Owners with an existing withholding election can leave it as is. › Contact your SPTC service team at (800) 734-1003 for additional guidance or assistance with any year-end and/or tax-reporting-related topics. If you have bulk processing requests, you should provide advance notice to your SPTC Service Team. Tax Projections Tax projections will be available to Advisor firms on the www.SEIAdvisorCenter.com. There will be three tax projections runs in 2022 and one tax projection run in 2023 for all available year-to-date data. For specific dates of availability, please reference the Quick-Reference Schedule. To access the projections, select "Browse" from the "Library" dropdown menu on the client homepage. Under "Tax Documents," select "US Tax Packages" in the "Display Documents Created" dropdown menu, then choose 2022. Please note that tax projections are only to be used for planning purposes, as they do not contain all year-to-date account activity, and return-of-capital and income reallocation factors are not yet available and thus have not been applied. Additionally projections do not project upcoming income, sales, or capital gain distribution activity. Tax projections should not be used in place of the actual tax forms. 2022 November Year-End Tax Preparation and Process Update

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