If you are a Self-Directed IRA investor – or you own any kind of retirement account, for that matter, now’s a critical time of year. A number of important deadlines are coming up, and it pays to stay on top of them.

Contributions

For most of us, the deadline for making contributions to a Self-Directed IRA for tax year 2015 is April 15^th. If you miss this deadline, you can’t extend it just by filing a Form 1040x with the IRS. You have to actually complete your contribution by this date. Otherwise you lose the opportunity forever.

Required Minimum Distributions

Those who are just now becoming subject to required minimum distributions for this calendar year have until April 1^st to make them. Some people wait until they file taxes, but that’s a bad idea if they tend to file close to the deadline.

Generally, required minimum distributions must commence not later than 1 April of the year following the year after an IRA, 401(k), SEP or SIMPLE owner turns age 70½.

Your Individual Tax Return

You already know this, but we can’t write a calendar piece without mentioning it. Your individual tax return is due on April 15^th.  But many folks reading this will get a brief reprieve of a couple of days. Here’s why:

Emancipation day – an official Washington, D.C. holiday that normally on April 16^th every year, got bumped up to April 15^th this year, since the 16^th falls on a Saturday.

According to IRS Revenue Ruling 2015-13, “Section 7503 of the Code provides that, when April 15 falls on a Saturday, Sunday, or legal holiday, a return is considered timely filed if it is filed on the next succeeding day that is not a Saturday, Sunday, or legal holiday.”

This also means that taxpayers have until April 18^th, the following Monday, to file their returns with the IRS. The deadline shift also affects the required estimated tax payments for those affected.

But wait – there’s more!

Maine and Massachusetts Residents

Patriots’ Day falls on April 18^th. That’s an official state holiday in Maine and Massachusetts. IRS Revenue Ruling 2015-13 also allows residents in those states to extend their filing date another day, to April 19^th, whether they e-file, snail-mail or hand-deliver their return. However, estimated tax payments and IRS Form 1040-ES is still due by 18 April, even for residents of these states.

Contributions

For most of us, the deadline for making contributions to a Self-Directed IRA for tax year 2015 is April 15^th. If you miss this deadline, you can’t extend it just by filing a Form 1040x with the IRS. You have to actually complete your contribution by this date. Otherwise you lose the opportunity forever.

Partnership Tax Returns

If you are filing a Form 1065, it’s due on the 15^th Day of the 4^th month after the end of the partnership’s tax year. That’s April 15^th for those on a calendar tax year. Need an extension? File Form 7004 for an automatic six-month filing extension. You must file a return on partnerships even if they are held within an IRA. However, consult with your tax advisor for details about how this affects your individual situation.

Corporations

If you own a corporation within a Self-Directed IRA, you must file corporate income tax returns. After all, even if your own taxes on dividends and investment gains within the corporation are tax deferred, the corporations’ taxes at the corporate level are not.

Form 1120 and 1120 S corporate ta returns are due on the 15^th day of the third month after the end of the corporations’ tax year. If the corporation is on a calendar tax year, that’s March 15^th.

Corporate tax payments are due on the 15^th day of the 4^th, 6^th, 9^th and 12^th months of the tax year. For those on a calendar tax year that means April 15^th is the next such deadline (subject to IRS Revenue Ruling 2015-13).

For more information and details, see IRS Publication 509.

American IRA specializes in serving Self-Directed IRA holders, self-directed 401(k) plan sponsors and other self-directed retirement fund owners who frequently have direct ownership of C corporations, partnerships and LLCs within their IRAs.

If that describes you, we want to work with you. Visit our excellent research and information library and archives at www.americanIRA.com, or call us at 866-7500-IRA(472).

We look forward to working with you.