It is nearing the end of the year and there are a number of retirement planning deadlines that people should know about to qualify for certain tax deductions and credits. People should make all last minute 401(k) contributions that are typically due by the end of the calendar year on December 31. Any person born before July 1, 1945 is going to have to take their required minimum distributions from their retirement accounts or else face a stiff penalty. Any person that wants to contribute up to $5,500 to an IRA and apply it to the 2015 tax year will have until April, 15, 2016, and workers over the age of 50 will be eligible to contribute an additional $1,000. It is also a good idea for tax payers to see if they qualify for savers credit. Finally, people should get a head start of preparing for the 2016 tax year.
See Emily Brandon, 5 Year-End Retirement Planning Tips, U.S. News and World Report, November 9, 2015.
