By Beverly DeVeny, IRA Technical Expert Follow Me on Twitter: @BevIRAEdSlott
October is almost here, and with the turning of the page comes some important IRA deadlines you should add to the calendar.
October 15, 2011 This deadline is actually October 17th since the 15th is on a Saturday this year. It is… • the last day to complete a Roth recharacterization for a 2010 Roth conversion • the last day to recharacterize a 2010 contribution • the last day to remove an excess or unwanted 2010 contribution to avoid the 6% penalty for 2010 The deadline has been extended to October 31st for those taxpayers in federally declared disaster areas for Hurricanes Irene and Lee and for the Texas wildfires.
October 31, 2011 This deadline applies to trust beneficiaries of both IRAs and employer plans. It is the last day to provide an IRA custodian or plan administrator with a copy of the trust document or a listing of the beneficiaries and their entitlements. If this deadline is missed, the trust cannot be treated as a see-through trust.
These are deadlines you do NOT want to miss as they all have serious tax implications for IRA account owners and beneficiaries.
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