Mark Your Calendar

Mark Your Calendar

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:

  • 1.Carry over up to $500 of unused funds contributed in 2016 to cover expenses in 2017, OR
  • 2.Use balance in account by March 15th, 2017 or they will be forfeited

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.