There's still time to contribute to your traditional IRA, Roth IRA or SEP IRA until the tax filing deadline of April 15th.
To access your tax documents please login to Fidelity.com, click on Documents and then select Tax Forms and your tax documents will be listed under your account. If you have another custodian, please login to your account to access your tax documents.
Below are some quick notes to keep in mind regarding retirement contributions and QCDs.
Tax Reminders
• IRA contributions (Traditional/Roth/SEP) can be made for the 2024 year up until the tax filing deadline of Tuesday, April 15th (or the date you file your return if earlier).
• Health Savings Account (HSA) contributions may be made until the same April 15th deadline, providing you meet the requirements to qualify for a contribution.
• Solo 401(k) employee contributions needed to be made by December 31st, 2024. That said, depending on your plan the employer profit-sharing portion can be made up until the tax filing deadline.
Did You Make a QCD to Charity Last Year?
Qualified Charitable Distributions (QCDs) are a strategy that can have tax benefits for individuals over the age of 70 ½. QCDs can help satisfy your required minimum distributions and are also deductible from your income without having to itemize deductions.
Remember to Tell Your Accountant!
If you made a QCD last year, it is crucial to make your tap preparer aware so it is correctly reported on your income tax returns.
Providing Form 1099-R to your tax preparer is unfortunately not enough.
You will need to explicitly make your accountant aware that you made a QCD and the amount, otherwise you risk overstating your taxable income and paying more tax than necessary.
If you regularly make QCDs and need someone to handle your taxes, talk to us about our affiliate Tax company HIPPO Tax Services. Manage your wealth in one place.
Sincerely,
The Curran Wealth Management Team
At Curran we value service over sales and believe quality service yields happy clients. Below is our 4-step process (the first three steps at no cost to you).
A short introductory call for us to get to know one other. During this call we will discuss your financial goals, concerns and hopes for the future.
In this meeting we will go over your current financial situation, take a deeper look at your goals, discuss your risk tolerances, and collect the data necessary to build a formal proposal.
Based on our data gathering session, our Private Wealth Managers will present you with a custom proposal tailored to your needs. We encourage individuals to take the time to evaluate this proposal.
If you are comfortable with the proposal and choose to invest with Curran, our team will be there every step of the way assisting in opening the recommended accounts and facilitating all necessary parts of your onboarding process.
