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Important dates for IRAs and ESAs

For your convenience, here is a list of important dates and events.

Deadline*

Action to Take/Forms to Use

February 1

PENSCO Trust Company (“PENSCO”) will mail your prior year Form 1099-R if you received a plan distribution in the prior year.

April 1

If you are the account owner and you turned 70½ last year, but you elected to defer taking your first required minimum distribution (RMD), you are required to take your first RMD payment by April 1 of the current year. (You are also required to take the current year RMD by 12/31).  For more information about RMDs, visit the FAQ page or our blog.

April 15

April 15th is an important date due to the following deadlines:

  • Establish an IRA for a prior tax-year contribution

  • Postmark prior tax-year IRA contributions to PENSCO

  • Postmark prior year Form 990-T (exempt organization business income tax return) and any applicable tax payment to the IRS. Note: Form 990-T must be signed by your plan’s trustee or custodian (i.e., PENSCO)

  • Remove prior year excess IRA contributions  (extensions allowed)

  • Recharacterize prior year IRA contributions (extensions allowed)

April 30

PENSCO will mail your Form 5498-ESA if you made contributions to a Coverdell ESA for the prior tax year.

May 31

PENSCO will mail your Form 5498 if you made IRA contributions for the prior tax year.

September 1

PENSCO must receive your completed paperwork to re-register non-standard assets (e.g., offshore funds, private REITs) to satisfy RMD and Roth conversion requirements.

October 15

Your last day to:

  • Remove excess IRA contributions for the prior year

  • Recharacterize IRA contributions for the prior year

November 26

PENSCO must receive your completed paperwork to re-register standard assets (e.g., mutual funds, publicly traded stock) to satisfy RMD and Roth conversion requirements.

December 31

Your last day to:

  • Take your entire current year RMD amount to avoid a 50% penalty (account owners turning 70½ in the current year have until April 1 of the next year to take their first RMD payment)

  • Convert a traditional IRA to a Roth IRA

*Certain deadlines may vary if they fall on a weekend or holiday. Please consult with a tax professional for specific details.