Personal Finance

2016 financial planning calendar

TNS

APRIL

April 1

▪ If you turned 70 ½ last year and haven’t taken your first-year required minimum distribution (RMD), the deadline is April 1.

April 18

▪ File your 2015 tax return. (If you’re requesting an automatic six-month extension, you still need to pay any taxes due by April 18.)

▪ Deadline for making 2015 traditional and Roth IRA contributions.

▪ Deadline for making 2015 contributions to your health savings account.

▪ Pay your first-quarter estimated tax payment if you’re self-employed, own a small business or freelance.

5 smart ways to use your tax refund

April 30

If you were born May 1, 1950, or earlier, you can take advantage of Social Security’s file-and-suspend strategy through April 30.

JUNE

June 15

▪ Pay your second-quarter estimated tax payment if you’re self-employed, own a small business or freelance.

SEPTEMBER

Sept. 15

▪ Pay your third-quarter tax bill if you’re self-employed, own a small business or freelance.

OCTOBER

Oct. 15

▪ Medicare open enrollment begins for 2017.

Oct. 17

▪ File your income tax return by Oct. 17 if you requested a six-month extension back in April.

▪  If you converted a traditional IRA to a Roth during 2015 and paid tax on the conversion with your 2015 return, Oct. 17 is the deadline for recharacterizing (undoing) the conversion. This could save you money if the IRA has lost money since the time of the original conversion.

NOVEMBER

Nov. 1

▪ Open enrollment for medical benefits under the Affordable Care Act opens.

DECEMBER

Dec. 7

▪ Medicare open enrollment ends for 2017.

Dec. 15

▪ Deadline for changing medical insurance plans under the Affordable Care Act.

Dec. 31

▪ Deadline to take the annual required minimum distribution, or RMD, from traditional IRAs and retirement accounts.

▪ Deadline to contribute to 401(k) and to make charitable donations.

Julie LaViolette

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