Reminder: Year End Deadline for Tax Reporting

Reminder: Year End Deadline for Tax Reporting

December 01, 2017

We want to make you aware of several approaching year-end activities with potential tax implications for 2017, and the dates by which action must be taken in order to meet the December 29 deadline. (December 31 falls on a Sunday this year.)

Deadline for Required Minimum Distributions (RMDs):

Clients who are 70½ or older must take an RMD from their IRA and/or their QRP for the 2017 tax year. All RMDs must be withdrawn by December 29, 2017, with the exception of RMDs for clients who turned or will turn 70½ during this calendar year; these clients may defer their first distribution until April 1, 2018. 

If you have already taken the required distribution for 2017, no other action is required.  If not, please call our office by December 26th to request your distribution (if you are gifting your RMD you must contact our office as soon as possible as it requires a signed form). This is necessary to ensure that the December 29 deadline is met and the RMD is reported in tax 2017. Distribution forms received after December 21 will be processed on a best-efforts basis. Additional information and instructions for taking an IRA or QRP distribution can be accessed on Veo. 

For 2018: If you have not already done so you can establish a systematic payment to ensure the annual RMD is satisfied every year. If you would like to set this up please reach out to our office after January 2, 2018 (once the 2018 RMD’s have been calculated).

Deadline for Roth IRA Conversions:

Clients must submit a Roth Conversion Form in good order by December 21, 2017. Forms received after that date will be processed on a best-efforts basis.


Charitable Gift Deadlines:*

December 18, 2017: Gift requests of mutual funds*

December 21, 2017: Gift requests between accounts custodied at TD Ameritrade

December 21, 2017: Gift requests of cash delivered via check and/or federal funds wire

*Important Information on Charity Gifting: Please notify the charity that these assets are on their way, and also indicate, in the request to us, whether we are permitted to share donor information with the receiver.


Indiana College Choice 529 Deadline

Indiana taxpayers who invest in the Indiana College Choice 529 Plan must make their contribution to the plan by 12/30/2017 to receive a tax credit for 2017.


Mailing Deadline Dates

College Choice must RECEIVE the check by 12/30/2017 in order for you to receive the tax credit. This means you must account for mail time and processing.

**To be safe you should mail any checks by Saturday, 12/23/2017**


For those who would like to establish a new Indiana College Choice 529 Plan = 12/18/2017

The maximum tax credit is 20%. On a $5,000 investment, this would result in a $1,000 credit on your Indiana state return (note: your credit cannot exceed what you owe in state tax).

You must contact our office by December 18th.  Please ask to speak with Amber or Angie. This will allow time for our office to obtain your information, prepare the forms, obtain your signature and contribution check to establish the account by the December 30th deadline.