April 2018 Note from the Principals

April showers bring May flowers, but they also bring one of the most important deadlines on the financial calendar: tax day. By virtue of April 15 falling on a Sunday and the subsequent Emancipation Day holiday in Washington D.C., this year’s tax filing deadline is April 17. It’s also the official conclusion (barring extensions) of the 2017 tax year, meaning it’s the final day to make an IRA contribution for last year if you haven’t already. The period between January 1 and tax day therefore presents a unique opportunity to submit contributions for two years, so you still have a few weeks to take advantage if you so choose.

Here are few matters to bear in mind as the 2017 contribution deadline approaches:

  • Contributions received through the mail, in person, or online via myDirection® on April 17 before our office closes at 5:00pm Mountain Time will be deposited and reported for 2017 if designated as such by you. This will be the case even if the funds don’t settle until a later date (the following business day for wires, five business days for checks or ACHs).
  • Your Form 5498, which describes contribution activities from the previous year, will be issued after April 17 (most likely mid-May) to account for any last-minute IRA deposits. These official tax documents will be sent directly to you and to the IRS. In the meantime, please reference your end-of-year statement to account for contributions—especially rollover contributions for which you received a corresponding Form 1099 from your resigning administrator—when filing your taxes.
  • If you have a Traditional IRA and a Roth IRA, or multiple accounts of each type, remember that your $5,500 (under the age of 50) or $6,500 (age 50 and above) contribution limits apply cumulatively to all such accounts. For example, if you’re 60 years old and have two Roth IRAs, you may contribute up to $6,500 total between the two of them ($6,500 into one and $0 into the other; $3,500 into one and $3,000 into the other; etc.).

If you have friends or family who have contemplated the idea of self-directed IRA investing, now may be the perfect time to get started! Accounts opened between now and tax day can accept 2017 and 2018 contributions, giving new clients twice the purchasing power to fund their alternative IRA investments. Our online application can be completed in 10 minutes and the new account can be opened within one business day. Current account holders, don’t forget to have your fellow investors submit our referral coupon along with their applications to receive a $50.00 discount on your future fees and a $10.00 discount for them!

Please don’t hesitate to contact our office with any questions about your alternative investment options or getting started with a self-directed IRA.

Add a comment