Reminders (2017.04)

Some big deadlines approaching!  In an effort to lighten up these quarterly reminder emails, I have decided to include the funniest event I witnessed in the past three months.   Sadly, I’m finding that these stories are usually at my expense.

Football

I was picking up Lillian at day care last week and I thought I was having a good day thus far.  She was outside and there is a small gate separating the big kids from the toddlers.  A football was thrown over the barrier on accident and I went to pick it up and throw it back.   It was of course a weak throw and you would think that the 8 or 10 year old kid I was returning it to would make fun of me for that.  Instead he caught the ball and looked at me for a second.  Then he mockingly said ‘nice hair’, laughed, and ran back to his friends.

 

The closest items due in the list below are:

1)  April 18, 2017 – Federal 2016 income tax payment deadline, regardless if filing for an extension.

 

Reminders2)  April 18, 2017 – Federal 2016 income tax filing deadline for individuals if not filing for an extension.

 

3)  April 18, 2017 – the estimated payment deadline for Q1 2017 income.

 

4)  April 18, 2017 – traditional and Roth IRA contribution and correction deadline for 2016

 

5)  April 18, 2017 – HSA contribution deadline for 2016.

 

6)  April 18, 2017 – 401(k) excess deferral correction deadline for 2016.

 

7)  May 31, 2017 – In most Texas counties, you must protest your property taxes by May 31.

 

Federal Income Tax Filing Deadlines (1)               

Tax Filing                              Original Date                      Extension Date (1)

Individual                            April 18, 2017                     October 16, 2017

Partnership (2, 3)             March 15, 2017                  September 15, 2017

C Corporation (2, 3)         April 18, 2017                     October 16, 2017

S Corporation (2)              March 15, 2017                  September 15, 2017

 

1  –  Please note these extension dates are for filings ONLY.  Payments are still due by the original date.

2  –  For calendar-year partnerships and corporations.

3  –  The dates for the calendar-year partnership and corporation have changed in 2017 (2016 tax year) due to the recent H.R. 3236 bill passed.

 

Property Tax Filing Deadlines

In most Texas counties, you must protest your property taxes by May 31.  The payment deadline is January 31.  Check with your specific county for more information.

 

IRS Quarterly Estimated Income Tax Payments

If the due dates below for making an estimated tax payment fall on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday.

 

Due Date                             Payment Period

April 15                                 January 1 – March 31

June 15                                 April 1 – May 31

September 15                   June 1 – August 31

January 15                           September 1 – December 31

 

Health Savings Accounts (HSA)

Contribution Deadline:

April 18, 2017 (2016)

 

Single Contribution Limit:

$3,350 (2016) / $3,400 (2017)

 

Family Contribution Limit:

$6,750 (2016, 2017)

 

Catch-Up Contribution:

$1,000 for those aged 55 and older (2016, 2017)

 

Flexible Savings Accounts (FSA)

Spending Deadline:

December 31, 2017 (2017)

 

Optional Grace Period:

March 15, 2018 but only if allowed by your employer

 

Contribution Limit:

$2,600 (2017)

 

Optional Carryover:

$500 may be carried over to following year, but only if allowed by your employer (2017)

 

Traditional Individual Retirement Accounts (IRAs)

Contribution Deadline:

April 18, 2017 (2016)

 

Maximum Contribution:

$5,500 (2016, 2017)

 

Catch-Up Contribution:

$1,000 for those aged 50 and older (2016, 2017)

 

Contribution Limits:

Contributions not allowed in the year you reach 70 ½ and older

 

Deduction Limits (2016):

If you are covered by a retirement plan at work, no deduction is allowed if –

Single and modified AGI is $71,000 or more

Married and modified AGI is $118,000 or more

Married Filing Separately and modified AGI is $10,000 or more

 

If you are not covered by a retirement plan at work, but your spouse is covered by a retirement plan at work, no deduction is allowed if –

Married and modified AGI is $194,000 or more

Married Filing Separately and modified AGI is $10,000 or more

 

Deduction Limits (2017):

If you are covered by a retirement plan at work, no deduction is allowed if –

Single and modified AGI is $72,000 or more

Married and modified AGI is $119,000 or more

Married Filing Separately and modified AGI is $10,000 or more

 

If you are not covered by a retirement plan at work, but your spouse is covered by a retirement plan at work, no deduction is allowed if –

Married and modified AGI is $194,000 or more

Married Filing Separately and modified AGI is $10,000 or more

 

Roth Individual Retirement Accounts (IRAs)

Conversion Deadline:

December 31, 2017 (2017)

 

Contribution Deadline:

April 18, 2017 (2016)

 

Maximum Contribution:

$5,500 (2016, 2017)

 

Catch-Up Contribution:

$1,000 for those aged 50 and older (2016, 2017)

 

Contribution Limits (2016):

Contributions are not allowed if –

Single and modified AGI is $132,000 or more

Married and modified AGI is $194,000 or more

Married Filing Separately and modified AGI is $10,000 or more

 

Contribution Limits (2017):

Contributions are not allowed if –

Single and modified AGI is $133,000 or more

Married and modified AGI is $196,000 or more

Married Filing Separately and modified AGI is $10,000 or more

 

Deduction Limits:

Roth contributions are not deductible

 

401(k) Retirement Plan

Salary Deferrals:

$18,000 (2016, 2017)

 

Catch-Up Deferral:

$6,000 for those aged 50 and older (2016, 2017)

 

Deferral Deadline:

December 31, 2016 (2016)

 

Excess Deferral Correction:

April 18, 2017 (2016)

 

Employer + Employee Contributions:

The lesser of 100% of employee compensation or $53,000, not including catch up deferrals (2016)

The lesser of 100% of employee compensation or $54,000, not including catch up deferrals (2017)

 

Annual Compensation Limit:

$265,000 (2016) / $270,000 (2017)

 

Disclosures:  

Composed Financial Management, PLLC does not provide tax advice.  The material presented above is for informational purposes only.  The information listed above is not all-inclusive or exhaustive.  There may be other deadlines that apply to you or other responsibilities you may have with various taxing authorities.  Please consult your tax adviser for more information.

 None of the information or data presented herein constitutes a recommendation by Composed Financial Management, LLC (“the Firm”) or a solicitation of any offer to buy or sell any securities. Information presented is general information that does not take into account your individual circumstances, financial situation or needs, nor does it present a personalized recommendation to you. Although information has been obtained from and is based upon sources the Firm believes to be reliable, we do not guarantee its accuracy and the information may be incomplete or condensed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.  Past performance is no guarantee of future results.

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