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Optimism, Planning

As we bid farewell to January, we hope your month was filled with positivity, productivity, and perhaps a few moments of well-deserved relaxation. As part of our commitment to providing proactive service, we want to take this opportunity to give you an update on the timeline for tax documents, deadlines for retirement contributions, and RMDs in 2024.

Tax Documents. For the current tax year, Schwab expects to deliver the initial batch of 1099s by the end of February, followed by additional corrected 1099s posted in March and April. To ensure accuracy and reduce the chances of needing to file amendments due to potential updates or corrections, we advise waiting until April 15th before filing your taxes. If you receive a notification about a corrected 1099 after filing your 2023 taxes, we recommend consulting with your tax professional to determine whether filing an amendment is necessary.

Retirement Plan Contributions. As a friendly reminder, certain retirement plans allow contributions until the tax filing deadline for the previous year (2023).

  • Traditional or Roth IRA ($6,500 and the $1,000 catch-up contribution if you are 50 or older)
  • SEP IRA (25% of compensation or $66,000, whichever is less)
  • 401k employer contributions

If you have one of these accounts and would like to make a contribution before filing taxes, please ensure to reach out well in advance of the deadline.

Required Minimum Distributions (RMDs). With the passing of the Secure Act 2.0, the starting age for RMDs jumped up to age 73, effective January 1, 2023. This means anyone who turns 73 in 2024 will be required to satisfy RMD requirements. If you have any specific concerns or preferences regarding your RMD strategy, please do not hesitate to reach out.

Thank you for entrusting us as your financial partners. We are committed to being proactive on your behalf, and you can expect ongoing communication throughout the year. If you or someone you know has questions or wishes to review your plan for 2024, we’re here as a valuable resource. It is a privilege to navigate life and money with you!

With rooted optimism,

The Tschetter Group Team