Tax Deadlines For Retirement Accounts

You'll need to move your retirement accounts by a number of specified deadlines to get most of your account balance and take advantage of some tax breaks. While most tax moves need to be accomplished by December 31, 2010, there are other important deadlines to remember. These deadlines include April 15, 2011 and October 17 of the same year, aside from March 1, April 1, and April 11, 2011.

April 15, 2011

Your IRA contributions for the tax year of 2010 have to be in by April 15 of next year if you want to get tax breaks for this account - most retirees usually do last-minute deposits. Around 45% of all contributions to IRAs are typically done within the last 28 days before the deadline, and 25% of all new IRAs are activated in April. If you're thinking about contributing to your IRA anywhere from January 1 to April 15, you'll have to give the financial institution notice on the applicable tax year - do you want it to apply to this tax year or next?

For any last-minute contributions to your IRA for April, you can turn your contribution into deferred 2010 income. If you don't state a specific tax year for your contribution, the financial institution can assume that the deposit is for that current year. Seniors who file for taxes early can claim traditional IRA contributions before making the actual deposit, although it has to be ensured that the money's in the account on or before the return's due date.

October 17, 2011

If you're going to undo a conversion you've made to your Roth IRA in 2010, you have up to this date to redeposit your balance in a traditional IRA. You'll have to amend your tax returns for 2010 and deduct the amount you replaced in the pre-tax IRA from your gross income for 2010.

About the Author:
Puritan Financial Group has years of experience in dealing important financial decisions. Puritan Financial Group will listen to you and your loved ones and craft a custom financial solution that supports your life goals.

Article Originally Published On: http://www.articlesnatch.com

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