Maximize Your Retirement Resolutions with Our IRA Calendar

As the new year approaches, it's the perfect time to set meaningful resolutions, especially when it comes to securing your financial future. If you're on the lookout for a New Year's resolution that directly benefits your retirement portfolio, Preferred Trust has you covered with our insightful 2024 IRA Calendar. This calendar is designed to guide you through a year of strategic planning, helping you achieve one goal or task for your Self-Directed IRA each month.

Commit to Success Month by Month

• Maintaining Tax-Protected Status: Some months are dedicated to ensuring the tax-protected status of your IRA. By taking proactive steps during these months, you safeguard your retirement savings from unnecessary tax implications.
• Managing Administrative Tasks: Other months focus on managing administrative tasks, allowing you to streamline processes and stay organized. By efficiently handling administrative aspects, you create a foundation for achieving your investment and saving goals.
• Efficient Deadline Management: Organizing tasks throughout the year helps you meet deadlines efficiently and effectively. The calendar acts as a visual aid, prompting you to stay focused on your retirement objectives. Whether it's contribution deadlines, required minimum distributions, or other key milestones, the calendar serves as your guide to timely and strategic decision-making.

To make the most of this comprehensive planning tool, be sure to download Preferred Trust's 2024 IRA Calendar. Having this resource at your fingertips will empower you to stay committed and focused on your retirement resolutions throughout the year.

January: Tax Documents

• Begin the year by tackling financial responsibilities and devising a financial plan.
• Jan 31: 2023 Tax Documents are uploaded to the client portal.

February: No IRS Requirements

• Don't worry if you haven't made your 2023 IRA contribution yet – there's still time! Take advantage of the opportunity to contribute and strengthen your retirement savings.

March: 1099-R Submitted

• March 31: 2023 1099-R’s are submitted to the IRS by Preferred Trust.
  • A 1099-R is issued if a taxpayer received a distribution or payout from a pension, retirement plan, or individual retirement account (IRA).
  • In addition, rollover transfers from one retirement account to another will also be recorded on form 1099-R.
  • Not all retirement distributions are taxable, and a tax professional should be consulted if you're unsure whether you should pay taxes on a distribution.
• March 31: Access your 2023 Account Statements on the client portal.
  • Annual account statements provide information for the previous tax year. For example, when you receive your statement in March 2024, the information reported is for 2023.

April: RMD by April 1, File Your Taxes by April 15

• April 1: RMD Deadline if you turned 72 in 2023 and delayed your first RMD until 2024.
  • Ensure compliance with RMD requirements if applicable.
• April 15: Deadline to file your 2023 tax returns.
  • Gather all relevant documentation and consult with a tax professional if needed.
• April 15: Last Day Investors can max out contributions for the previous year (2023). Don't miss this opportunity to make the most of your financial planning and investment strategies.

May: IRS Form 5498’s are submitted

• May 31: Preferred Trust submits Form 5498 to the IRS.
  • Form 5498 reports IRA contributions, rollovers, Roth IRA conversions, and required minimum distributions to the IRS.
  • You don’t have to do anything with the form itself, but it should be kept with your tax records.

June: No IRS Requirements

• Have you made your annual Required Minimum Distribution?
  • Current RMD Ages:
    • If you were born on or before 6/30/1949- your RMD age is 70 ½
    • If you were born between 7/1/1949 – 12/31/1950 – your RMD age is 72
    • If you were born between 1/1/1951 – 12/31/1959 – your RMD age is 73
    • On or after 1/1/1960 – your RMD age is 75

July: No IRS Requirements

• Conduct a Mid-Year Review of Your Investments.
  • Assess the performance of your investments in the first half of the year.
  • Consider adjustments to your portfolio based on market conditions and your financial goals.
  • Consult with a financial advisor for personalized insights.

August: No IRS Requirements

• Have you made your annual IRA contribution yet?
  • Annual Contribution limits for 2024:
    • Traditional IRA: $7,000 ($8,000 if 50 or older)
    • Roth IRA: $7,000 ($8,000 if 50 or older)
    • SEP IRA: the lessor of 25% of compensation or $69,000
    • SIMPLE IRA: $16,000 ($19,500 if 50 or older)

September: No IRS Requirements

• Review and update account information
  • Revisit Your Beneficiary Information
  • Review and Update Account information: phone, email, address etc.

October: Precious Metals Invoicing Starts

• Clients with investments in Precious Metals can anticipate receiving invoices for associated fees.
  • Take a moment to carefully review the details and confirm the accuracy of the invoicing.

November: No IRS Requirements

• Utilize this time to engage in a conversation with a Financial Advisor and strategize for your retirement in 2025. Taking proactive steps and seeking professional advice can help refine your financial plans for the future.

December: Final Precious Metal Invoice

• Dec 1: Clients will receive a final reminder for the precious metal invoice of the year.
  • Confirm any outstanding details and take necessary actions.
• Consider scheduling Required Minimum Distributions for the following year if applicable.

By following this comprehensive monthly guide, you can proactively manage your retirement accounts, investments, and important financial tasks throughout the year, ensuring a well-rounded approach to your financial success.

Download our 2024 IRA Calendar HERE!

For More Information: Have any questions or need help from our team of IRA experts? Call us at 888.990.7892 or email ClientService@ptcemail.com