Following are some key dates to keep in mind with regard to retirement plans.
To learn more about an existing retirement plan, opening an IRA, or moving your retirement assets, please contact the Retirement Services Department at 413.568.1911 or any of our convenient offices.
Important Dates to Remember
| Date | Activity | Notes |
|---|---|---|
| January 1, 2024 | First day to contribute funds to your Traditional, Roth, or SEP IRA Plan for tax year 2024. |
For individuals UNDER AGE 50, the maximum contribution amount is $7,000. For individuals AGE 50 OR OLDER, the maximum contribution amount is $8,000. The maximum SEP plan contribution for 2024 is $69,000. |
| April 1, 2024 | Typically, this is the last day for an IRA owner to take the Required Minimum Distribution for the previous year that an individual chose to defer. | For Traditional IRA owners who reached age 73 in the previous tax year. |
| April 15, 2024 | IRS tax deadline for Connecticut residents to contribute funds to a Traditional and/or Roth IRA for tax year 2023. |
For individuals UNDER AGE 50, the maximum contribution amount is $6,500. For individuals AGE 50 OR OLDER, the maximum contribution amount is $7,500.00 |
| April 17, 2024 | IRS tax deadline for Massachusetts residents to contribute funds to a Traditional and/or Roth IRA for tax year 2023. |
For individuals UNDER AGE 50, the maximum contribution amount is $6,500. For individuals AGE 50 OR OLDER, the maximum contribution amount is $7,500.00 |
| May 31, 2024 | Deadline for sending 2023 Form 5498 information to IRA account holders. | |
| September 30, 2024 | Last day to designate beneficiaries of an IRA Plan if the owner passed away in 2023. | |
| October 15, 2024 | Deadline for (1) recharacterizing 2023 IRA contributions and, (2) completing a corrective distribution from an IRA for a contribution for 2022. | |
| December 31, 2024 | Last day to convert a Traditional or SEP IRA to a Roth IRA for 2024. | Typically, December 31st of each year is the deadline for (1) paying RMDs to Traditional IRA owners who attained age 73 in a previous tax year AND (2) for paying RMDs to beneficiaries who must take a death distribution before year-end. |
NOTE: The IRS changed its interpretation of the One-Per-12 month rules following a U.S. Tax Court ruling in 2015. The court ruled that a taxpayer is limited to one rollover per 12-month period, regardless of the number of IRAs an individual owns.
In tax year 2022, the IRS changed its interpretation of existing regulations that prohibit the rollover of a Required Minimum Distribution (RMD). An IRA owner with multiple Traditional IRAs who takes a distribution from one of his/her IRAs, prior to satisfying the total RMD for the year, the amount of the distribution eligible for rollover is reduced by the total amount of RMDs for all of his/her Traditional IRAs.
