Tax Advice Santa Rosa – 2014 IRA DEADLINES ARE APPROACHING

January 30th, 2014 → 5:50 pm @ admin // No Comments

Here is what you need to know for 2014.

Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines.

*April 1 is the absolute deadline to take an initial IRA Required Mandatory Distribution (RMD).
*April 15 is the deadline for making annual contributions to a traditional or Roth IRA.

Let’s discuss the contribution deadline first, and then the deadline for that first RMD (which affects only those IRA owners who turned 70½ last year).

The earlier you make your annual IRA contribution, the better. You can make a yearly Roth or traditional IRA contribution anytime between January 1 of the current year and April 15 of the next year. For example, you can make your IRA contribution for 2014 anytime from January 1, 2014-April 15, 2015. The IRA contribution window for 2013 is January 1, 2013- April 15, 2014.

So you have more than 15 months to make your IRA contribution for a given year. But why wait? Savvy IRA owners pour new money into their accounts each January – as early as they can – to give those dollars more months to grow and compound. (After all, who wants less time to amass<a class="colorbox" …Read More