![\"IRA](\"https:\/\/intelliserver.net\/wordpress\/wp-content\/uploads\/2018\/11\/wardrobe-dos-donts-300x206.jpg\" "\\"IRA")
The end of the year will be here before you know it. Consider making the following IRA tips into New Year’s resolutions and start 2019 on the right foot.<\/p>\nThe end of the year will be here before you know it. Consider making the following IRA tips into New Year’s resolutions and start 2019 on the right foot.<\/p>\n
NOTE: If you’re interested in starting a traditional 401(k), profit-sharing, or pension plan for year 2018, Azzad’s deadline is December 1).<\/em><\/p>\n Check IRA and employer plan beneficiary forms.<\/strong><\/p>\n If you got married or had a birth, adoption, or death in the family in 2018, your retirement plan beneficiary forms may need to be updated. Take the new year as a reminder\u00a0 to look at the beneficiaries on your plans and make sure they’re the ones you intend.<\/p>\n Don\u2019t forget contingent beneficiaries.<\/strong><\/p>\n Although they’re often overlooked, contingent beneficiaries are critical. They generally inherit the retirement\u00a0plan if the primary beneficiary passes away before the\u00a0retirement account owner. You should always have\u00a0both a primary and contingent beneficiary named on your retirement accounts.<\/p>\n Review 2018 distribution reporting.<\/strong><\/p>\n Most IRS reporting will be done in January 2019 for 2018.\u00a0Check all Forms 1099-R for accuracy. Mistakes are\u00a0not uncommon. There still may be time to correct\u00a0these forms if the mistakes are caught early enough.<\/p>\n Make sure you receive your notification about RMDs for\u00a0the upcoming year.<\/p>\n If you’re 70\u00bd or older in 2019, you’ll need to confirm that your required minimum distribution calculation\u00a0has been done correctly and that the 2018 year-end\u00a0account balance is correct.<\/p>\n Make a prior-year IRA contribution for 2018.<\/strong><\/p>\n If you’re panicked about the end of the year, don’t worry. You have some breathing room when it comes to 2018\u00a0IRA contributions. Prior-year IRA contributions are\u00a0allowed. 2018 IRA and Roth IRA contributions can be\u00a0made up until the tax-filing deadline, not including\u00a0extensions.<\/p>\n Make an early IRA contribution for 2019.<\/strong><\/p>\n Contributing on the earliest date possible\u00a0for a year, January 1, rather than on the last date possible, April 15, generates 15\u00bd months of extra investment returns\u00a0on the contribution for the year. That higher balance\u00a0then compounds over all future years until funds\u00a0are withdrawn from the IRA. Doing this every year\u00a0multiplies the effect. Making contributions as early in\u00a0the year as possible instead of at the last minute can\u00a0significantly increase an IRA\u2019s value by the time you retire.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The end of the year will be here before you know it. Consider making the following IRA tips into New Year’s resolutions and start 2019 on the right foot. NOTE: If you’re interested in starting a traditional 401(k), profit-sharing, or pension plan for year 2018, Azzad’s deadline is December 1). Check IRA and employer plan […]<\/p>\n","protected":false},"author":1,"featured_media":8127,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[248,98,13,578,110],"tags":[577,192,186,541,195,76,393],"class_list":["post-8125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ira","category-personal-finance","category-retirement","category-rmds","category-tax","tag-dos-and-donts","tag-ira","tag-retirement","tag-tax","tag-traditional-ira","tag-year-end-planning","tag-year-end-tax-tips"],"yoast_head":"\n\n