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October 1, 2012

Deadlines: October


Please mark your IRA calendar with the following deadlines

October 1

If you own your own business, and you are thinking of starting a SIMPLE IRA Plan for you and your employees, October 1 is the deadline for setting up the plan for 2012. Your SIMPLE IRA Plan agreement must be completed and signed by then.

October 15


Generally, the deadline for recharacterizing a Roth IRA conversion is your tax filing due date. However, if you filed your tax return or filed for an extension by your due date, you received an automatic 6-month extension to complete your recharacterization. This 6-month extension ends on October 15 for calendar year tax filers.

This deadline also applies if you made contributions to a Traditional IRA and want to change it to a Roth IRA contribution or vice versa.

Correcting Excess IRA Contributions

If you contribute more than is allowed to your Traditional IRA or Roth IRA for 2011, you will owe the IRS a 6 percent excise tax on the excess amount unless it is corrected by October 15.

October 31

Deadline to provide trust documentation to the IRA custodian, if the IRA owner died during 2011 and the beneficiary of the IRA is a qualified trust. Providing the trust documentation by this deadline is only one of the requirements that must be met in order for the life-expectancy of the oldest beneficiary of the trust to be used to calculate required minimum distributions (RMD) for the beneficiaries of the trust.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.


Keep Learning


Definition A deduction is a Tax write-off which is allowed for contributions to traditional IRAs or employer sponsored plans. Individuals who are active participants are

Annual Addition Limit

Definition The annual Addition limit is the maximum amount that may be added to a defined contribution plan on behalf of a participant for any

SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan  established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

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