Reminders (2017.11)

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.Reminders

At Thanksgiving, I went in for a hug with a relative that I do not see that often.  That person said, ‘Raincheck!’ and before explaining, we were interrupted by someone else coming in.   My relative was either sick, or I offended them by eating the last brownie at the previous Thanksgiving.  They did not look sick.

The closest items due in the list below are:

1)  December 31, 2017 – FSA spending deadline

2)  December 31, 2017 – deadline to defer income to most employer sponsored retirement plans (i.e. 401(k), 403(b))

3)  December 31, 2017 – deadline to convert traditional IRA to Roth IRA

4)  January 15, 2018 – the estimated payment deadline for September 1 – December 31 income.

5)  January 31, 2018 – the payment deadline for 2017 property taxes.

 

Federal Income Tax Filing Deadlines (1)               

Tax Filing                              Original Date                      Extension Date (1)

Individual                            April 17, 2018                     October 15, 2018

Partnership (2)                  March 15, 2018                  September 17, 2018

C Corporation (2)             April 17, 2018                     October 15, 2018

S Corporation (2)              March 15, 2018                  September 17, 2018

 

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.

Fall

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 17, 2018 (2017)

 

Single Contribution Limit:

$3,400 (2017) / $3,450 (2018)

 

Family Contribution Limit:

$6,750 (2017) / $6,900 (2018)

 

Catch-Up Contribution:

$1,000 for those aged 55 and older (2017, 2018)

 

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) / $2,650 (2018)

 

Optional Carryover:

$500 may be carried over to following year, but only if allowed by your employer (2017, 2018)

 

Traditional Individual Retirement Accounts (IRAs)

Contribution Deadline:

April 17, 2018 (2017)

 

Maximum Contribution:

$5,500 (2017, 2018)

 

Catch-Up Contribution:

$1,000 for those aged 50 and older (2017, 2018)

 

Contribution Limits:

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

 

Deduction Limits (2017):

If you are covered by a retirement plan at work, deduction starts phasing out if –

Single and modified AGI is $62,000 or more (fully phased out at $72,000)

Married and modified AGI is $99,000 or more (fully phased out at $119,000)

 

If you are not covered by a retirement plan at work, but your spouse is covered by a retirement plan at work, deduction starts phasing out if –

Married and modified AGI is $186,000 or more (fully phased out at $196,000)

 

Deduction Limits (2018):

If you are covered by a retirement plan at work, deduction starts phasing out if –

Single and modified AGI is $63,000 or more (fully phased out at $73,000)

Married and modified AGI is $101,000 or more (fully phased out at $121,000)

 

If you are not covered by a retirement plan at work, but your spouse is covered by a retirement plan at work, deduction starts phasing out if –

Married and modified AGI is $189,000 or more (fully phased out at $199,000)

 

Roth Individual Retirement Accounts (IRAs)

Conversion Deadline:

December 31, 2017 (2017)

 

Contribution Deadline:

April 17, 2018 (2017)

 

Maximum Contribution:

$5,500 (2017, 2018)

 

Catch-Up Contribution:

$1,000 for those aged 50 and older (2017, 2018)

 

Contribution Limits (2017):

Contributions are reduced if –

Single and modified AGI is $118,000 or more (fully phased out at $133,000)

Married and modified AGI is $186,000 or more (fully phased out at $196,000)

 

Contribution Limits (2018):

Contributions are reduced if –

Single and modified AGI is $120,000 or more (fully phased out at $135,000)

Married and modified AGI is $189,000 or more (fully phased out at $199,000)

 

Deduction Limits:

Roth contributions are not deductible

 

401(k) Retirement Plan

Salary Deferrals:

$18,000 (2017) / $18,500 (2018)

 

Catch-Up Deferral:

$6,000 for those aged 50 and older (2017, 2018)

 

Deferral Deadline:

December 31, 2017 (2017)

 

Excess Deferral Correction:

April 17, 2018 (2017)

 

Employer + Employee Contributions:

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

The lesser of 100% of employee compensation or $55,000, not including catch up deferrals (2018)

 

Annual Compensation Limit:

$270,000 (2017) / $275,000 (2018)

 

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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