The new year is almost here, which usually means watching bowl games and thinking about starting a fitness regime. You may want to add marking financial dates and deadlines to your to-do list over the next 12 months. Forgetting these important dates may cause you undue stress, financial loss, or missing out on money-saving opportunities. Thankfully, we’ve done the heavy lifting and compiled a list of those key dates to put on your calendar:
January 1st – The first day of the year is an excellent time to ensure you have the proper amount budgeted to fund your traditional IRAs, Roth IRAs, and 401(k)s throughout 2024.
January 23rd – Your employer must have your W-2 postmarked by January 31, but if you receive it before that time, you can file your taxes starting on January 23rd.
March 15th – This is commonly the deadline for people offered an extended period beyond the year-end for “using or losing” the balance on their Flexible Spending Account (FSA). All medical claims must be submitted by this date, or you risk losing any remaining balance.
April 1st – If you have reached the age of 73 by this date, you must begin taking the minimum deductions from your 401(k), 403(b), and most retirement savings plans.
April 15th – The deadline to pay your taxes from the previous year is probably the most important financial date to remember on the calendar, but April 15th is also the last day small business owners can fund the previous years’ contributions to IRAs and Roth IRAs, as well as the deadline to fund an HSA account and get credit for the prior year.
June 30th – If you or your child is planning to attend college in 2024, then June 30th is the deadline to file the free application for federal student aid (FAFSA). If you do not fill out this form, the student will not have access to federal loans or grants from July 2024 to June 2025.
October 1st – This is the first day you can file for FAFSA federal college financial aid between July 2025 and June 2026.
October 1st through November 1st – This is typically when employees are told their open enrollment period begins. Leading up to this time, you should consider what benefits and enrollment options you want to pursue or change.
November 1st through January 16th – Unless something changes, this is the annual filing period to enroll for health insurance through healthcare.gov.
December 31st – The last day of the year is also the last day to make charitable contributions that you can deduct from your 2024 income tax return. Another way to reduce your taxable income is to increase contributions to your 401(k) by the end of the year.
These are specific financial dates in 2024 we’ve identified to mark on your calendar, but you should also make a note to check your credit report for free up to three times per year at annualcreditreport.com.
This is not intended to and does not constitute legal or financial / investment/tax advice. North American Savings Bank does not guarantee or promise the results obtained. The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.
