Tax filing season will soon be here, and as investors, it’s important to be aware of the many annual deadlines and tax documentation release dates that could affect how and when you file your taxes.
While tax season is often thought of as stressful, annoying, and time-consuming, the reality is that this is a part of the year when the choices and plans you make can greatly affect your future financial outcomes. In general, it’s safest to file your taxes as soon as your forms are available, and to review your financial plan after you’ve filed to make sure you’re planning as tax-efficiently as possible.
Before you start preparing to file your 2017 taxes, take a look at our 2018 tax season calendar to make sure you’re aware of some important tax deadlines. If you don’t find what you’re looking for here, you can also check out IRS.gov—the final source for all taxes-related dates, rules, and regulations.
2018 Tax Season Calendar
|Deadline||Why It’s Important|
|Dec. 28, 2017
11:59 p.m. EST
|Last chance to request an IRA distribution, do a Roth conversion, or make a charitable contribution through Betterment and have it count for 2017 tax year. If you have a Required Minimum Distribution (RMD) that must be taken in 2017, you must submit the request by 11:59 p.m. deadline on Dec. 28.|
|Jan. 31, 2018||Form 1099-R available from Betterment. You will only receive a 1099-R if you have taken distributions of $10 or more from your IRA or 401(k) accounts in 2017. If you did an IRA to IRA direct transfer, you will not receive a 1099-R. We’ll notify you by Jan. 31 if you are receiving a 1099-R. Tax software integration for 1099-R will not be available until Feb. 15, 2018.|
|Feb. 15, 2018||Forms 1099-B available from Betterment. These are applicable if you have a Betterment taxable account (e.g., a Build Wealth or Safety Net goal) and trades occurred in 2017. The Forms 1099-B are issued only if there were sales of $20 or more or any withholding was applied to the sales.|
|Form 1099-DIV available from Betterment. Generally, you will only receive Form 1099-DIV if you received $10 or more in dividends. You can read more about why certain forms are required or not here.|
|Tax software integrations for 1099-B, 1099-DIV, and 1099-R information open for TurboTax, TaxACT, and H&R Block tax software.|
|Mar. 15, 2018||Last day to “use it or lose it” for many health FSA plans. Check with your provider for the specifics of your plan. Read more on IRS.gov.|
|Apr. 16, 2018
10 p.m. EST
|Last chance to make a Betterment deposit into your IRA in order for it to trade in time to count as a 2017 contribution.|
|First deadline to conduct a recharacterization. Read more.|
|Apr. 17, 2018||Tax Day. This is the deadline to file your taxes. Some states, such as Maine or Massachusetts, have state-specific holidays that may impact your tax deadline. Be sure to check with your state’s official website for the most accurate deadline information.|
|May 31, 2018||Form 5498 is available. Your Form 5498 reflects your IRA contributions, conversions, and rollovers. While this form is important to support IRA basis and rollovers if ever audited, it is not needed to file a tax return by April 17.|
|Oct. 15, 2018||Last day for extension filers to file their tax returns. Second deadline to conduct a recharacterization. See the IRS website for more details.|
Visit our Tax Support Center for more information about preparing for tax time at Betterment, and visit IRS.gov for more tax information. This tax calendar is by no means exhaustive, but we hope having important dates in one place will be helpful.
Of course, even if you’re aware of these dates and get your tax forms in order, it might still be useful to consult a tax advisor to get personalized help. While Betterment is a financial advisor, we are not a tax advisor, so this tax calendar and article should not be considered tax advice—it’s just informational.
Betterment is the largest independent online financial advisor with more than $10 billion in assets under management. The service is designed to help increase customers’ long-term returns and lower taxes for retirement planning, building wealth, and other financial goals. Betterment takes advanced investment strategies and uses technology to deliver them to more than 270,000 customers across its three business lines: direct-to-consumer, Betterment for Advisors, and Betterment for Business. Learn more.