Mark Your Calendar for These 2020 Financial DeadlinesSubmitted by JMB Financial Managers on June 30th, 2020
It’s normally easy to keep track of your numerous financial deadlines, but this year got off to a rocky start, and consequently some financial deadlines were pushed back by the Federal Government. I suggest reviewing the list below and updating your calendar as needed so you don’t miss these important deadlines!
June 30, 2020 – FAFSA Filing Deadline
Do you have a recent graduate headed for higher education? Although campus life might look a little different this school year, the FAFSA deadline hasn’t changed, June 30th is the last day you can submit your FAFSA forms. Please note that each state and university can have different deadlines, learn more here.
July 15, 2020 – Tax Day
- Due to the Coronavirus pandemic, the final deadline to submit taxes was pushed back to July 15th. If you haven’t filed for an extension your taxes should be postmarked or e-filed by this date.
- July 15th also signifies the last day that you can make a 2019 IRA contribution. Work with your financial advisor to plan accordingly for these types of contributions.
October 1, 2020. The first day to file FAFSA. Consider filing early to maximize your time to plan for how to pay for college.
October 1 – November 1, 2020. Open enrollment period for employee benefits.
- For employer: This is a great time for employers to review if their benefit packages are meeting their needs or if it’s time to re-evaluate. Check out the Total Benefit Solutions guide to learn more about the benefit options available.
- For employees: Check with you employer if you need to enroll in any additional benefits offered through your company. If you’re turning 26 this year, now is the time to look at your organization’s health insurance plan.
October 15, 2020. The tax filing deadline for those that filed an extension on their taxes in April. Are you looking for ways to maximize your income and reduce your taxes? Review the 3 Tax Savings Solutions brochure for tips.
November 1, 2020 – Federal Health Insurance Enrollment Period
Starting November 1st, you can:
- Apply for new 2021 health insurance.
- Renew, change, or update your existing plan for the year ahead.
Open enrollment runs through December 15th. Learn more at HealthCare.gov.
December 31st – Year End Reminders
- RMDs: Under the CARES Act, required minimum distributions (RMDs) have been delayed meaning you can choose not to withdraw them this year. Some additional rules apply, get all your RMD questions answered here.
- Charitable Contribution Deadline: Get in the spirit of giving and make sure all your charitable contributions have been made before December 31st to receive maximum impact on your 2020 taxes.
Have Questions? Our Team is Here to Help.
Don’t miss an important deadline or open enrollment period because you were unsure about what you needed to do. Our team is here as a resource for you. We’re happy to answer any questions you may have about the financial deadlines mentioned above. Reach out to us at (949) 251-3544 or request an appointment.
About the Author
Jack Brkich III, is the president and founder of JMB Financial Managers. A Certified Financial Planner, Jack is a trusted advisor and resource for business owners, individuals, and families. His advice about wealth creation and preservation techniques have appeared in publications including The Los Angeles Times, NASDAQ, Investopedia, and The Wall Street Journal. To learn more visit https://www.jmbfinmgrs.com/.
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