Important 2012 IRA and Tax Planning Dates | Ed Slott and Company, LLC

Important 2012 IRA and Tax Planning Dates

By Marvin Rotenberg, IRA Technical Expert

Whoa! Today is April 13th already? That means we are just days away from this year's tax deadline. Where does the time go? Have you filed yet? If not, you better get crackin'! But even if you've filed your 2011 return already, have you thought about any of the other key deadlines you may need to plan for this year? Before you know it, those dates will be here as well. Did you know that you have just…


4 days until the April 17th filing deadline. It is also the deadline to:

  • File for an extension to get additional time to file your 2011 tax return
  • Pay your 2011 tax liability with any interest and/or penalties (even if you file an extension)
  • Make a 2011 IRA/Roth IRA contribution

172 days until September 30, 2012. September 30, 2012 is the deadline to:

  • Cash out any “unwanted” non-designated IRA beneficiaries of 2011 decedents

187 days until October 15, 2012. October 15, 2012 is the deadline to:

  • File your 2011 tax return if you file(d) an extension
  • Make a SEP contribution for 2011 (if you filed an extension)
  • Recharacterize a 2011 Roth conversion

203 days until October 31, 2012. October 31, 2012 is the deadline to:

  • Submit a copy of a trust that is the beneficiary of a 2011 decedent’s IRA to the IRA custodian in order allow the trust to qualify as a “see-through” trust (Other requirements unrelated to this date also apply)
  • Figure out what you are going to dress up as to go trick-or-treating

264 days until December 31, 2012. December 31, 2012 is the deadline to:

  • Split a 2011 decedent’s IRA into separate inherited IRA accounts to allow each designated beneficiary to use their own life expectancy
  • Take a timely 2012 required minimum distribution (RMD)
  • Make a direct rollover of, and take the first RMD from, an inherited 401(k) or other plan that was inherited in 2011 in order to be able to stretch distributions, even if the plan’s rules wouldn’t allow the stretch
  • Enjoy many of the beneficial tax provisions we currently enjoy, such as the low “Bush-tax-cut” income tax rates, the high $5 million federal estate and gift tax exemption and the portability of that exemption amount to a surviving spouse. Absent Congressional legislation, they all go away in 2013.
  • Party like its 2012!!

-By Jeff Levine and Jared Trexler

 

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