Deadlines Are Approaching

The fourth quarter is upon us.  Now is a good time to take a step back and see what items need to be taken care of before the December 31st deadline.  The two most popular deadlines are for clients needing to take their required minimum distribution (RMD) or clients looking to fund a college savings 529 plan.  

If you are age 72 or older, you are required to take a minimum distribution from your retirement account. Please make sure you have completed your withdrawal by December 31st. This applies to all investment pre-tax individual retirement accounts (IRAs) including 401K and 403b accounts, Simple IRAs, and SEP IRAs.  If the RMD is not taken by December 31st each year, there is a penalty of 50% of the RMD amount.  Keep in mind, all distributions from these types of accounts are taxable, unless you designate sending the money directly to a qualified charitable organization.

If you are currently contributing money to a college savings 529 account or are interested in opening one up, the deadline for contributions to get a state tax deduction for 2021 is December 31st.  If you are unsure if your state offers a tax deduction for contributions to a college savings plan, give us a call to find out.  

As the year comes to an end, we will keep you updated on items that have an April 15th, 2022 contribution deadline, as well as when to expect the different tax forms from your investment accounts.  Feel free to reach out and let us know if you have any questions.


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Dec 31 Deadlines Graphic