Let’s face it, you are probably the same person you were at 11:59pm on Saturday night. While your jeans still fit the same and you are still speaking the same language, there is something to be said for the motivation that comes with the dawn of a new year. If you’re like most Americans, you have secretly resolved to get more organized and be better about your finances in 2017. We’re going to help with both. Use the calendar below to help keep track of important financial dates in the year. Tip: Use your smart phone to add any relevant dates to your calendar.
If you’re also trying to “be a better person” in 2017, you can start by sharing us with your friends!
P.S. If you’re reading this on your phone, flip it horizontally so the chart is easier to read!
| If You…. | Then Think About… | By… | And… |
| Are saving to a retirement plan through your employer | Reviewing 401(k), 403(b), most 457 plans and Thrift Savings Contributions | January 3rd, 2017 | Ensure you are contributing enough to receive full match offered by your employer.
Contribution limit: $18,000 (unchanged from 2016). If you will be age 50 or older by the end of the year, don’t forget about the additional $6,000 catch-up contribution that can be made. |
| Make contributions to Traditional or Roth IRAs | Deadline to make contributions for year 2016
Deadline to correct contributions made in excess of limits |
April 15th, 2017
October 16th, 2017 |
2016 contribution limit (combined): $5,500, plus $1,000 age 50+.
Contributions cannot be delayed by filing an income tax extension. Filing extension is not required to complete a return of excess contribution in October. |
| Are reading this | Creating or updating your budget and your net worth statement
Reviewing home and auto insurance to ensure it is sufficient and shop for cost savings Requesting a free credit report and reviewing for accuracy Reviewing your budget to see if you’re still on track |
January 31st, 2017
March 1st, 2017 June 1st, 2017 June 30th, 2017 |
Because, why not?
Because, why not? Because, why not? Because, why not? |
| Are contributing to a Flexible Spending Account through your employer (FSA) | Possible deadline to use FSA funds not spent in 2016
Updating contribution amount during open enrollment |
March 15th, 2017
November-December 2017 |
Depending on your plan, one of two options will exist to help you use your funds:
If the 2017 contribution limit ($2,600) is increased for 2018, you will need to increase your paycheck withholdings during open enrollment, typically November – December. |
| Will be applying for Federal Student Aid | FAFSA deadline for July 1, 2016-June 30, 2017 school year
FAFSA filing begins for July 1, 2018-June 30, 2019 school year |
June 30th, 2017
October 1st, 2017 |
Submission window started January 1, 2016. |
| Pay taxes | 2016 Tax Filing Deadline and Deadline to file an extension
2016 Extended Tax Filing Deadline |
April 18th, 2017
October 16th, 2017 |
Taxes owed must be paid by April 18th, 2017, even if an extension is filed. |
| Make quarterly estimated tax payments | 4th Quarter 2016 Estimated Tax Payment Due Date
1st Quarter 2017 Estimated Tax Payment Due Date 2nd Quarter 2017 Estimated Tax Payment Due Date 3rd Quarter 2017 Estimated Tax Payment Due Date |
January 15th, 2017
April 15th, 2017 June 15th, 2017 September 15th, 2017 |
September 2016-December 2016 tax liability
January 2017-March 2017 April 2017-May 2017 June 2017-August 2017 |
| Are considering converting Traditional IRA funds to a Roth IRA | Deadline to convert | December 31st, 2017 | Ordinary income tax will apply to amount converted.
Consult with a CPA before converting. |
| Converted Traditional IRA funds to a Roth IRA in 2016 | Deadline to recharacterize converted funds back to Traditional IRA | October 16th, 2017 | A filing extension is not required to complete a recharacterization in October.
A recharacterization may make sense if the investments have had poor performance following the conversion. |
| Have individual health insurance (not through employer) and are considering a change in medical coverage in 2017 Are considering a change in medical coverage in 2018 |
Medical open enrollment ends
Medical open enrollment begins Medical open enrollment ends |
January 31st, 2017
November 1st, 2017 December 15th, 2017 |
Last day to secure or change medical insurance to be effective in 2017 (likely February 1st).
Last day to secure new coverage to be effective January 1st. |
| Are considering a change in Medicare coverage in 2018 | Medicare open enrollment begins
Medicare open enrollment ends |
October 15th, 2017
December 7th, 2017 |
General enrollment period to change existing coverage, only. Special enrollment periods apply for individuals just starting Medicare. |
| Will be age 70 ½ or older in 2017 and have retirement accounts | Deadline for taking Required Minimum Distribution (RMD) | December 31, 2017 | 50% federal tax penalty will apply to amount not withdrawn.
RMD’s do not apply to Roth IRA’s If you turn 70 ½ in 2017, you may delay your 1st RMD until April 1st of 2018. |
| Turned 70 ½ in 2016 and did not take your Required Minimum Distribution from your retirement accounts | Deadline for taking delayed Required Minimum Distribution (RMD) | April 1st, 2017 | If you turned 70 ½ in 2016 and elected to delay your 1st RMD, you must withdraw the funds by April 1st or face a tax penalty of 50% on the amount not withdrawn. |
| Plan to make charitable donations | Deadline for making donations | December 31st, 2017 | If you are 70 ½ or older, consider making a Qualified Charitable Donations (QCD). |
| Plan to make annual exclusion gifts | Target gift date | December 10th, 2017 | Tax-Free Gift Amount: $14,000, per recipient (unchanged from 2016)
Gifts must be completed (checks cashed) by December 31st so gift funds no later than the 10th to ensure checks are cashed in time. |
