A self directed IRA allows you to invest in non-traditional investments. There are a few things that you must do in order to take full advantage of your self directed IRA. One of the most important and easiest things you can do is to make sure you know the following dates and if they apply to you make sure to maximize the benefit before the date has passed or you are out of luck. Here are the important self directed IRA dates of 2014.
April 1st, April 15th, October 1st, October 15th and December 31 are the dates that you should be informed on. Now find out why each date is important to your IRA.
This is your final deadline for taking your required distribution for 2013. This is only available if you are taking your first required distribution. If you have already taken your first required distribution then you must always remember that you have to take your distribution by the end of the year. To learn more about required distributions for your IRA check out –> Required Minimum Distributions
Tax day!! Beyond it being tax day it is also the final day that your 2013 contributions are due. It is also the deadline for doing any re-characterization on your account and the deadline for removing any excess contributions from your IRA.
If you were wanting to invest in a simple IRA for 2014 then this is the date that you have to do it before. Contact us for more information on simple IRAs.
Tax day for anyone who has received an extension on their taxes. If you fall into this category then you have had a little extra time fix any issues related to excess contributions and re-characterization on your account. This is the extended deadline for removing any of those issues.
As stated earlier taking your unless you are taking your first required distribution then it has to be done by December 31 of that year. If you do not take it before this date then the amount amout that should have been distributed may be subject to a penalty. This is also the deadline for any conversion to another type of IRA, like a traditional to a Roth IRA.
Knowing these dates and getting getting everything done that applies to you before the date can really help maximize your self directed IRA.
If you need more help with maximizing your self directed IRA feel free to contact us for questions or your tax accountant.
Contact us or comment below with any questions or to learn more about self directed IRAs.
Author: Nick Barker