Financial Matters: Retirement deadlines


PORTSMOUTH, Va. (WAVY) – This time of year most of us are caught up in the hustle and bustle of the holidays, but it’s also a time when a lot of us are looking over our financials for the year and maybe thinking about a spending and savings plan for the new year.

Deadlines IRA
RMD: 12/31/13 or by 4/1/14 (year following turning age 70.5)
o age 70.5=12/31/12 balance divided by factor 27.4
o age 71=12/31/12 balance divided by factor 26.5
o factor changes every year

IRA contributions: 4/15/2014

Conversion(Traditional IRA to Roth) : 12/31/2013

Re-characterization (Undo conversion or rollover to Roth):10/15/2014


Trades for tax harvesting: 12/31/2013
o Selling securities at a loss to offset other income such as wages, investment interest, and stock and mutual-fund dividends; strategy may help lessen tax burden.
o Limited to $3,000.

Consult competent tax advisor

Contact BayPort Financial for more information by stopping by any of the 16 BayPort Credit Union locations across Hampton Roads or visit their website.

This segment of The Hampton Roads Show is sponsored by BayPort Credit Union.

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