Do you currently have an IRA? Are you looking to open one? If so, you will want to get the facts and be
mindful about when and how much you can contribute and convert throughout the year. Contribution and
conversion timing will affect your taxes and which year you pay taxes
on your IRAs.
We’ve made it easy for you to find all of this information in one place, and now we’re making it even
easier for you to remember the key contribution and conversion dates with our automated
e-mail reminders.
Contribution Limits
This is the maximum dollar amount you can contribute to your IRA in a given year. (If you are 50
and over you can contribute an additional $1.000 to your IRA.)
If age 50+ by 12/31/2009
Add $1,000 (catch-up contribution)
Important Dates
January 1, 2010
First day to contribute money to your Traditional IRA or Roth IRA for 2010.
January 31, 2010
Deadline for reporting IRA distributions for 2009.
April 15, 2010
Deadline for making Traditional IRA and Roth IRA contributions for 2009.
September 30, 2010
Last day to designate beneficiaries of an IRA plan if the owner passed away in 2009. (Beneficiaries can be removed either by a valid disclaimer or by receiving a full distribution of their inherited funds, but cannot be added).
October 15, 2010
Deadline for re-characterizing 2009 Traditional IRA contributions, Roth IRA contributions and Roth IRA conversions.
December 31, 2010
Deadline for taking 2010 Required Minimum Distributions (RMDs). (Individuals attaining age 70 ½ in 2010 may delay taking the RMD until April 1, 2011).
Deadline for distributing or transferring Traditional IRA or SIMPLE IRA assets to a Roth IRA as a 2010 conversion. (Income from a 2010 conversion will be reported in two equal installments for 2011 and 2012, unless you elect to include the entire income for 2010).
Deadline for establishing separate accounts for multiple beneficiaries of account owners who passed away in 2009. (This enables each beneficiary to use their own single life expectancy for RMD purposes rather than the life expectancy of the oldest beneficiary).
For more information, visit www.irs.gov.
