Following are some key dates to keep in mind with regard to retirement plans.
To learn more about an existing retirement plan, opening an IRA, or moving your retirement assets, please contact the Retirement Services Department at 413.568.1911 or any of our convenient offices.
Important Dates to Remember
| Date | Activity | Notes |
|---|---|---|
| January 1, 2021 | First day to contribute funds to your Traditional, Roth, or SEP IRA Plan for tax year 2021. |
For individuals UNDER AGE 50, the maximum contribution amount is $6,000. For individuals AGE 50 OR OLDER, the maximum contribution amount is $7,000. The maximum SEP plan contribution for 2021 is $58,000. |
| April 1, 2021 | Typically, this is the last day for an IRA owner to take the Required Minimum Distribution for the previous year that an individual chose to defer. | For Traditional IRA owners who reached age 72 in the previous tax year. |
| April 15, 2021 | Last day to contribute funds to a Traditional and/or Roth IRA for tax year 2020. |
For individuals UNDER AGE 50, the maximum contribution amount is $6,000. For individuals AGE 50 OR OLDER, the maximum contribution amount is $7,000.00 |
| May 31, 2021 | Deadline for sending 2020 Form 5498 information to IRA account holders. | |
| September 30, 2021 | Last day to designate beneficiaries of an IRA Plan if the owner passed away in 2020. | |
| October 15, 2021 | Deadline for (1) recharacterizing 2020 IRA contributions and, (2) completing a corrective distribution from an IRA for a contribution for 2020. | |
| December 31, 2021 | Last day to convert a Traditional or SEP IRA to a Roth IRA for 2021. | Typically, December 31st of each year is the deadline for (1) paying RMDs to Traditional IRA owners who attained age 70 1/2 in a previous tax year AND (2) for paying RMDs to beneficiaries who must take a death distribution before year-end. |
NOTE: The IRS is changing its interpretation of the One-Per-12 month rules following a recent U.S. Tax Court ruling. The court ruled that a taxpayer is limited to one rollover per 12-month period, regardless of the number of IRAs an individual owns.
