Monday, January 11, 2010

Important 2010 IRA Dates

Courtesy of "The Slott Report", published by Ed Slott, IRA expert:

Monday, January 11, 2010

Important IRA Dates to Remember in 2010
January 31: Deadline for issuing Form 1099-R to report IRA distributions for 2009

April 15: Deadline for making traditional IRA and Roth IRA contributions for 2009 (no extension allowed)

Deadline for calendar-year businesses to make SEP employer contributions and employee non-elective or matching SIMPLE IRA contributions for 2009 (can be up to October 15 with tax-filing extension).

May 31: Deadline for issuing Form 5498 to report year-end account balances and contributions received in 2009.

September 30: Date by which the "designated beneficiary(s)" must be identified for the IRAs of individuals who died in 2009

October 1: Standard deadline for establishing a SIMPLE IRA plan for 2010

October 15: Deadline for recharacterizing 2009 traditional IRA contributions, Roth IRA contributions, and Roth IRA conversions.

October 31: Deadline for providing either a copy of the trust agreement or a certified list of all trust beneficiaries and a description of their rights to benefits under the trust to the IRA trustee or custodian if the trust is the beneficiary of an IRA whose owner died in 2009.

November 1: Standard deadline for employers who are continuing to offer a SIMPLE IRA
plan to send 2011 elective deferral notification to eligible employees.

December 31: Deadline for taking 2010 RMDS; individuals attaining age 70 1/2 in 2010 may delay the RMD until no later than April 1, 2011.

Deadline for distributing or transferring traditional, SEP or SIMPLE IRA assets to a Roth IRA as a 2010 conversion. The income from a 2010 conversion will be reported in two equal installments for 2011 and 2012, unless the taxpayer elects to include all the income in 2010.

Deadline for establishing separate accounts for multiple beneficiaries of account owners who died in 2009. This will allow each beneficiary to use their own single life expectancy for required minimum distribution purposes instead of using the life expectancy of the oldest beneficiary.

While no specific date applies, it is always a good idea to review your IRA beneficiary form annually to make any necessary or desired changes or adjustments and to ensure you have a designation of beneficiary form on file with your IRA trustee or custodian.

By IRA Technical Consultant Marvin Rotenberg and Jared Trexler
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*Copyright 2010 Ed Slott and Company, LLC