Important Financial Dates for 2020

Dec 31, 2019

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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 1st –  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 20th – 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 20th.

March 15th – 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 1st – 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 15th – The deadline to pay your taxes from the previous year is probably the most important financial date to remember on the calendar, but April 15th 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 30th – If you or your child is planning to attend college in 2020, then June 30th 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 1st – This is the first day you can file for FAFSA federal college financial aid for the period between July 2021 and June 2022.

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

December 31st – 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

NASB does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisers before engaging in any transaction.