There's still time to contribute to your traditional IRA, Roth IRA or SEP IRA until the tax filing deadline of April 15th.
To access your tax documents, please log in to Fidelity.com, click on Documents, and then select Tax Forms. Your tax documents will be listed under your account. If you have another custodian, please log in to that account directly to access your tax documents.
Please note that in some cases, preliminary tax statements may be made available prior to the final version. We recommend confirming that your tax form is marked as “Final” before providing it to your tax preparer, as corrected forms can occasionally be issued.
Below are some quick notes to keep in mind regarding retirement contributions and QCDs.
· IRA contributions (Traditional/Roth) can be made for the 2025 year up until the tax filing deadline of Wednesday, April 15th.
· SEP IRA contributions are generally due by the employer’s tax filing deadline, including extensions.
· Health Savings Account (HSA) contributions maybe made until the same April 15th deadline, providing you meet the requirements to qualify for a contribution.
· Solo 401(k) employee contributions generally need to be made by December 31st, 2025. That said, depending on your plan the employer profit-sharing portion can be made up until the employer’s tax filing deadline, including extensions.
· Under age 50: up to $7,000 total to all IRAs combined (Traditional + Roth).
· Age 50 or older: up to $8,000 total (includes $1,000 catch-up).
Please note that income levels can limit your ability to contribute directly to a Roth IRA and may also affect whether a Traditional IRA contribution is tax-deductible if you are covered by a workplace retirement plan.
Qualified Charitable Distributions (QCDs) are a strategy that can have tax benefits for individuals over the age of 70 ½. QCDs can help satisfy your required minimum distributions and are excluded from taxable income without having to itemize deductions.
If you made a QCD last year, it is crucial to make your tax preparer aware so it is correctly reported on your income tax returns.
Providing Form 1099-R to your tax preparer is unfortunately not enough.
You will need to explicitly make your accountant aware that you made a QCD and the amount, otherwise you risk overstating your taxable income and paying more tax than necessary.
If you regularly make QCDs and need someone to handle your taxes, talk to us about our affiliate Tax company HIPPO Tax Services. Manage your wealth in one place.
Sincerely,
Curran Wealth Management
At Curran we value service over sales and believe quality service yields happy clients. Below is our 4-step process (the first three steps at no cost to you).
A short introductory call for us to get to know one other. During this call we will discuss your financial goals, concerns and hopes for the future.
In this meeting we will go over your current financial situation, take a deeper look at your goals, discuss your risk tolerances, and collect the data necessary to build a formal proposal.
Based on our data gathering session, our Private Wealth Managers will present you with a custom proposal tailored to your needs. We encourage individuals to take the time to evaluate this proposal.
If you are comfortable with the proposal and choose to invest with Curran, our team will be there every step of the way assisting in opening the recommended accounts and facilitating all necessary parts of your onboarding process.
