Important Deadlines Approach

Most people are acutely aware that April 15th is the deadline for filing tax returns. However, there are important deadlines (including IRA related deadlines) that you should be aware of:

April 1st Deadline

First Required Minimum Distribution: If you are an IRA owner and turned 70½ in 2014, you have until April 1st, your required beginning date, to take your first required minimum distribution (RMD) if you did not take it last year. Keep in mind that you still have to take your 2015 RMD by the December 31st deadline.

April 15th Deadline

IRA Contributions:
Eligible IRA owners have until April 15th to contribute up to $5,500 to their IRA(s) ($6,500 if age 50 or older) for 2014. Remember, this is an aggregate limit.

Correcting Excess IRA Contributions:
For most, April 15th is the deadline to remove excess contributions made to an IRA(s) for 2014. To avoid the 6% penalty tax, excess contributions must be removed in a timely manner, completed no later than your tax return due date including extensions.

Health Savings Account Contributions:
April 15th is the deadline for contributing to an approved high-deductible plan. For 2014, if you had self-only HDHP coverage, you may contribute up to $3,300. Certain eligible individuals who were over age 55 at the end of the tax year may increase their contribution by $1,000. If you have family HDHP coverage, you may contribute up to $6,550. NOTE: If you were not eligible for the entire year or changed your coverage during the year, your contribution limit may be affected.  

Source: IRS Publication 590 A and B; IRS Publication

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