When someone says they are in the 22 percent federal tax bracket, they don’t pay 22 percent of their entire income to Uncle Sam. This story is about the 2022 tax year.) After the April 18 income tax filing deadline, we’ll update the calculator so you can estimate the taxes for the 2023 tax year, which you’ll file in 2024. How do tax brackets work? (In tax parlance, we’re in the 2023 filing season and the 2022 tax year. This form is mailed out in late January for the prior tax year.The tax calculator gives you an estimate for the tax you owe on income you earned in 2022. However, distributions from an IRA are reported to you and the IRS on a Form 1099-R. Interest postings to IRAs are not reportable. Special note about Individual Retirement Accounts (IRAs) To issue you a Form 1099-INT, TD Bank reviews all of your account relationships (interest-earning accounts like checking, savings, money market and CD accounts) and sends one Form 1099-INT to cover all of your accounts in which you are the primary owner. If this applies to you, then you can expect to receive your tax information within the first two weeks of February.

Typically, TD Bank mails 1099 tax forms to applicable customers in late January. If they are listed second on the account, they would be considered the secondary owner. You may co-own an account(s) with another person – spouse, partner, child, etc. If you are listed first on an account, you are considered the primary owner.

Only the primary owner will receive a Form 1099-INT. For individuals, the Tax ID number is typically your Social Security number. Form 1099-INT is produced if the aggregated interest earned for a particular Tax ID number is $10 or more.

Taxcaster 2021