Image Description

Mark Your Calendar! Important Deadlines to Remember in 2022

Whether you are planning your retirement or enjoying your retirement years, you will want to remember about specific dates and changes in 2022 that could affect your life such as taxes or required minimum distributions (RMDs). In a recent Kiplinger article, the upcoming dates should be marked in your calendar for reference.

  • April 1st: It’s no April Fool’s joke. If you turned 72 in 2021 and didn’t take an RMD, you are required to take an RMD by this date. The traditional date is December 31st. According to the article, the ramifications in delaying an RMD could involve taking two RMDs in the same year and affecting your tax bracket.
  • April 18th: This date marks the official tax filing deadline for 2021 taxes, the last day to make a 2021 contributions to an IRA, and the first estimated tax payment for 2022 if paying quarterly.
  • June 15th: Your second quarter tax payment is due.
  • September 15th: Your third quarter tax payment is due.
  • October 15th: If you filed an extension for your 2021 taxes, you need to file the return this day. For eligible consumers, Medicare open enrollment starts through December 7th to make changes to your coverage options.
  • December 1st: Looking to support a local charity? This date is your deadline to make a qualified charitable distribution (QCD) from your IRA, so the charity receives the funds before 2022 ends. You should talk to your tax advisor for more information on what qualifies.
  • December 7th: This date marks the last day to make changes through the Medicare Annual Election Period (open enrollment).
  • December 15th: While you have until December 31st, the article recommends taking your RMD by this date to avoid any delays or potential issues/errors.

The article also has a few reminders for 2022 overall.

  • The maximum amount contributed to an employer's retirement savings plan jumps to $20,500, up from $19,500 for the past two years. People aged 50 and older also can contribute an additional $6,500.
  • The contribution limits for IRAs remain unchanged at $6,000, with an additional $1,000 allowed for someone 50 or older.

Annuity Alliance recommends checking out this informative article, which is provided for educational use and informational purposes only. You should consult with your tax advisor regarding any RMDs.