The start of the New Year gives us a moment to reflect on the previous year and plan for the new one.
As we put together our calendars for the new year, there are some important dates to remember.
Below is a breakdown by month of dates that are important for financial planning and personal finance.
Mark your calendars to make sure you don’t miss anything:
January | 1st | First day you can start contributing to IRAs, Roth IRAs, and Sep IRAs for the current year |
Medicare General Enrollment Period starts if you did not sign up when first eligible. (Ends March 31st) | ||
15th | If self-employed, this is the day to pay estimated taxes for the previous year for September, October, November, and December | |
February | Time to get organized for tax season! Even if only 2 months way, your employer or former employer will have already mailed out tax forms for the previous fiscal year. | |
Have you taken a distribution from a taxable account? Keep an eye out for 1099 forms from your financial institution and save those for your taxes. | ||
April | 1st | Final day to make Required Minimum Distribution (RMD) if you turned 72.5 last year. Keep in mind, delaying your first distribution could result in a significantly higher tax bill |
15th | Tax Day! Last day to file your taxes, and the last day to make any contributions into IRA’s and HSA’s for the previous year | |
If self-employed, this is the day to pay estimated taxes for January, February, and March of this year | ||
June | 15th | If self-employed, this is the day to pay estimated taxes for April and May of this year |
30th | For college students and parents, this is the last day to file the Free Application for Federal Student Aid (FAFSA). Without this form, students cannot access federal student loans and grants. | |
September | 15th | If self-employed, this is the day to pay estimated taxes for June, July, and August of this year |
October | 1st | For college students and parents, this is the first date FAFSA opens to apply for Federal Student Aid |
15th | Did you file an extension at tax time? This is the new deadline to file your taxes for the previous fiscal year | |
November | 1st | This is usually the time when your employer announces open enrollment period to change your benefits for the upcoming year. It’s a great time to review your benefits and see if you need to adjust things like health insurance, FSA’s or HSA’s, or even your vacation days! |
December | 31st | the last day to take Required Minimum Distributions (RMDs) from IRAs, 401(k)s, and Inherited IRAs |
Your Birthday | Age 26 | Dependents can no longer be on their parents health insurance plan |
Age 50 | You now qualify for “catch-up” contributions. You can add an extra $1000 to IRAs and $6500 for 401(k)s and 403(b)s | |
Age 65 | You now become eligible for Medicare. You can sign up during the 7-month period that begins 3 months before you turn 65, the month you turn 65, and 3 months after you turn 65 | |
Age 72.5 | You need to plan to take a RMD by the following April 15th if you have any pretax retirement accounts |
We encourage you to keep track of these dates. Consider adding the relevant dates to your calendar so you don’t miss anything. If you have further questions on any of these specific dates or want to review which days are relevant to you, head to our website and schedule a brief virtual meeting.
Stay safe!
Tori, Brandon, and Alex
Also, check out this year’s Federal Income Tax Chart provided by our firm!
