Save time with our cheat sheets, fact sheets, checklists & books!

October 1, 2012

Deadlines: October


Please mark your IRA calendar with the following deadlines

October 1

If you own your own business, and you are thinking of starting a SIMPLE IRA Plan for you and your employees, October 1 is the deadline for setting up the plan for 2012. Your SIMPLE IRA Plan agreement must be completed and signed by then.

October 15


Generally, the deadline for recharacterizing a Roth IRA conversion is your tax filing due date. However, if you filed your tax return or filed for an extension by your due date, you received an automatic 6-month extension to complete your recharacterization. This 6-month extension ends on October 15 for calendar year tax filers.

This deadline also applies if you made contributions to a Traditional IRA and want to change it to a Roth IRA contribution or vice versa.

Correcting Excess IRA Contributions

If you contribute more than is allowed to your Traditional IRA or Roth IRA for 2011, you will owe the IRS a 6 percent excise tax on the excess amount unless it is corrected by October 15.

October 31

Deadline to provide trust documentation to the IRA custodian, if the IRA owner died during 2011 and the beneficiary of the IRA is a qualified trust. Providing the trust documentation by this deadline is only one of the requirements that must be met in order for the life-expectancy of the oldest beneficiary of the trust to be used to calculate required minimum distributions (RMD) for the beneficiaries of the trust.



Keep Learning

Qualified Charitable Distribution (QCD)

Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

Key Employee

Definition An employee who, at any time during the plan year, is (i) an officer of the employer having an annual compensation greater than $180,000,

Be among the first to know when

IRA Rules