The new year is here, which usually means watching bowl games and thinking about starting a fitness regime. You may want to add to your to-do list marking down financial dates and deadlines happening over the next 12 months. Forgetting these important dates may cause you undue stress, financial loss, or missing out on money-saving opportunities. Thankfully, we’ve done the heavy lifting and compiled a list of those key dates to put on your calendar:

January 1^st –  The first day of the year is a good time to make sure you have the proper amount budgeted to fund your traditional IRAs, Roth IRAs and your 401(k)s throughout 2020.

January 20^th – Your employer must have your W-2 postmarked by January 31, but if you receive it before that time, you can file your taxes starting on January 20^th.

March 15^th – This is commonly the deadline for people who are offered an extended period beyond the year-end for “using-or-losing” the balance on their Flexible Spending Account (FSA).  All medical claims must be submitted by this date or you risk losing any remaining balance.

April 1^st – If you have reached the age of 70.5 by this date, you are required to begin taking the minimum deductions from your 401(k), 403(b), and most retirement savings plans.

April 15^th – The deadline to pay your taxes from the previous year is probably the most important financial date to remember on the calendar, but April 15^th is also the last day small business owners can fund the previous years’ contributions to IRAs and Roth IRAs, as well as the deadline to fund an HSA account and get credit for the prior year.

June 30^th – If you or your child is planning to attend college in 2020, then June 30^th is the deadline to file the free application for federal student aid (FAFSA). If you do not fill out this form, the student will not have access to any federal loans or grants from July 2020 to June 2021.

October 1^st – This is the first day you can file for FAFSA federal college financial aid for the period between July 2021 and June 2022.

October 1^st through November 1^st – This is typically the time when employees are told their open enrollment period begins. Leading up to this time, you should be thinking about what benefits and enrollment options you want to pursue or change.

November 1^st through December 15^th – Unless something changes, this is the annual filing period to enroll for health insurance through healthcare.gov.

December 31^st – The last day of the year is also the last day to make charitable contributions that you can deduct from your 2020 income tax return.  Another way to reduce your taxable income is to increase contributions to your 401(k) by the end of the year.

These are specific financial dates in 2020 we’ve identified to mark on your calendar, but you should also make a note to check your credit report for free up to three times per year at annualcreditreport.com. 

This is not intended to and does not constitute legal advice or financial / investment / tax advice. North American Savings Bank does not make any guarantee or other promise as to the results obtained. The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.