October Tax Days to Remember

Important October IRA Deadlines

Halloween isn’t the only date in October to observe. Mark your calendars on October the 15th and 31st as tax and IRA days to remember to avoid implications.

Oct tax days calendarOctober 15

This is the last date for filing a personal income tax return that is on extension.

It is the last date for making most SEP IRA contributions if the employer’s tax return is on extension to the 15th. However, it is too late to make other IRA contributions even if a return is on extension.

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Six 2015 Retirement Tax Rules You Must Know

2015 Retirement Tax Rules

Tax laws affecting your retirement savings are constantly changing, and 2015 has been no exception. Here are six 2015 retirement tax rules to be aware of.

1.  Once-per-year IRA rollover rules. The tax court ruled in the Bobrow case (January 28, 2014) that the once-per-year IRA rollover limit applies to ALL of a person’s IRAs and not to each IRA separately, as was the case in the past. IRS Announcement 2014-32 (effective January 1, 2015) stated that Traditional and Roth IRAs are combined for purposes of the once-per-year rule. Checks made directly to receiving IRAs qualify as trustee-to-trustee transfers.

— The fallout: Clients could lose their IRAs. IRS has no authority to give relief.

— The action plan: IRA-to-IRA direct transfers are not affected and are strongly recommended. Be careful with every new client rollover.

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