As we approach the end of the year, it’s crucial to ensure your financial planning is in top shape. To help you navigate this busy period and avoid any last-minute issues or fees, we want to remind you of some important deadlines and tasks to complete.

Required Form(s) to Finalize:

1. Required Minimum Distributions (RMDs) and Other Distributions: To meet this year’s tax requirements be sure to submit your Distribution Form for any Required Minimum Distributions (RMDs) and other distributions by November 15, 2024, at 11:59 PM EST. This ensures that they will be processed in this tax year, avoiding any delays or complications.
2. ROTH Conversions: If you are considering converting traditional assets to a ROTH IRA, remember to complete this process before the end of the year. This move could impact your tax situation, so plan accordingly.
3. Transactions and Transfers: Complete any necessary transactions or transfers before the year’s end to ensure they are reflected in this year’s financial statements. Timely action will help in smooth processing and accurate reporting.
4. Fair Market Valuation (FMV) Submissions: An accurate FMV of your self-directed retirement account is required by the IRS. For American IRA, LLC, please submit your FMV by January 31, 2025, to avoid additional feeds and ensure that asset’s value is correctly reported on IRS Form 5498 for 2024.

How to Submit Your FMV: 2024 FMV Form Link

1. 1. Gather Information: Collect all relevant financial data and updated asset valuations.
   2. Get Expert Help: Engage a certified valuation expert to ensure a thorough and accurate FMV analysis.
   3. Complete the Report: Utilize valid documentation such as real estate appraisals, broker opinions, or comparative market analyses.
   4. Review: Double-check for accuracy and compliance with current guidelines.
   5. Submit: Send your completed FMV report by January 31, 2025, to:
      o Mail: American IRA, LLC, 135 Broad St., Asheville, NC 28801
      o Email: [email protected]
      o Fax: 828-257-4948

To avoid a Special Services Fee, make sure your FMV is submitted on time. Late submissions past January 31, 2025, will incur a $75 Special Services Fee. Any FMV submissions received after April 15, 2025, will incur a $300 Special Services Fee due to the need for refiled 5498 tax forms.

Need an Introductory Course?

Year-End Investment Planning: Boost Your Success in the New Year | American IRA

American IRA provides an insightful introductory video to help clients navigate the key aspects of year-end financial planning with a self-directed IRA. Led by our Business Development Manager, Kyle Moody, the video covers all the essential information for effective year-end investment planning.

Should you have any questions or need assistance, please do not hesitate to contact our Client Services team at [email protected]. We are here to help ensure that your year-end financial planning is as smooth and efficient as possible.