Important Dates to Remember

The IRS is changing its interpretation of the One-Per-12 month rules following a recent U.S. Tax Court ruling. The court ruled that a taxpayer is limited to one rollover per 12-month period, regardless of the number of IRAs an individual owns.
 

Jan. 1, 2018    

First day to contribute funds to your Traditional, Roth, or SEP IRA Plan for tax year 2018.

For individuals UNDER AGE 50, the maximum contribution amount is $5,500.00.

For individuals AGE 50 OR OLDER, the maximum contribution amount is $6,500.00.

The maximum SEP contribution for 2018 is $55,000.00.

Apr. 1, 2018

Last day for an IRA owner to take the 2017 Required Minimum Distribution that an individual chose to defer.

For Traditional IRA Owners who reached age 70 1/2 during tax year 2017.

Apr. 15, 2018 Last day to contribute funds to a Traditional and/or Roth IRA for tax year 2017.

For individuals UNDER AGE 50, the maximum contribution amount is $5,500.00.

For individuals AGE 50 OR OLDER, the maximum contribution amount is $6,500.00. 

May 31, 2018
Deadline for sending 2017 Form 5498 information to IRA account holders.
 
 
Sep. 30, 2018

Last day to designate beneficiaries of an IRA Plan if the owner passed away in 2017.

 

 

Oct. 15, 2018

Deadline for (1) recharacterizing IRA contributions and ROTH IRA conversions for 2017 and, (2) completing a corrective distribution from an IRA for a contribution for 2017.  

Dec. 31, 2018 

Last day to convert a Traditional or SEP IRA to a Roth IRA for 2018. Typically, December 31st of each year is the deadline for (1) paying RMDs to Traditional IRA owners who attained age 701/2 in a previous tax year AND (2) for paying RMDs to beneficiaries who must take a death distribution before year-end. 

 

To learn more about an existing retirement plan, opening an IRA, or moving your retirement assets, please contact the Retirement Services Department at (413) 572-4282, e-mail us, or stop by any of our convenient offices.

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