Just a reminder, tax season is in full swing. As always, April will be here before you know it. So below is a quick outline of a few upcoming tax-related deadlines.
73 Years Young! Required minimum distributions (RMD) must be taken from your retirement account by April 1, 2024. Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). Account owners in a workplace retirement plan (for example, 401(k) or profit-sharing plan) can delay taking their RMDs until the year they retire, unless they’re a 5% owner of the business sponsoring the plan.
Link: https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs
Not Just Another Monday. For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays. If a taxpayer resides in a federally declared disaster area, they also may have additional time to file.
Need more time? Deadline to file form 4868 for an extension is April 15, 2024. An extension of time to file your return does not grant you any extension of time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties. NOTE: You must file your extension request no later than the regular due date of your return. Taxpayers in certain disaster areas do not need to submit an extension electronically or on paper. Check to see if you qualify and the due date of your return.
Link: https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
To Your Health! You can make contributions to your HSA for 2023 through April 15, 2024. If you fail to be an eligible individual during 2023, you can still make contributions through April 15, 2024, for the months you were an eligible individual. Your employer can make contributions to your HSA from January 1, 2024, through April 15, 2024, that are allocated to 2023. Your employer must notify you and the trustee of your HSA that the contribution is for 2023. The contribution will be reported on your 2024 Form W-2, Wage and Tax Statement.
Link: https://www.irs.gov/publications/p969
Mark these dates only your calendar. Write them on a Post-It. Put a reminder in your phone.
You don’t want to miss these dates!
Until Next Time♥…
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