October 15 Deadlines are Rapidly Approaching

Now that October has officially arrived, clients should be reminded that October 15 is a key deadline for many retirement and tax-related matters. First, October 15 is the extended filing deadline for taxpayers who are unable to complete and file their tax returns by April 15 (note that the extension only applies to filing, not to payment of taxes owed). October 15 is also the last date that taxpayers can fix excess contributions to IRAs and Roth IRAs without incurring the 6% penalty for excess contributions. October 15 is the deadline for recharacterizing an IRA contribution (for example, if the client changes their mind about the type of contribution they want to make, in terms of traditional or Roth contributions made in the prior year). Employers also have until their tax filing deadline to make contributions to SEP IRAs for the prior year (for some employers, that deadline is October 15). For more information on the penalties for making excess contributions to IRAs, visit Tax Facts Online. Read More: Link to Q3669.