Two weeks ago we talked about the quiet season, that stretch of late summer when nothing on your IRA is urgent and everything is easy to handle. Today’s article is the companion piece: a look at what’s coming, so the quiet season can do its job.
Because here’s the truth about fall in the retirement account world: the deadlines aren’t secrets, and they aren’t surprises. They arrive on schedule every single year. The only thing that varies is whether account holders meet them calmly or in a December scramble. Consider this your calm version.
Here’s the season ahead, in order of arrival.
October 1: The Doorway for New SIMPLE IRA Plans
If you’re a small business owner thinking about starting a SIMPLE IRA plan for this year, October 1 is generally the date it needs to be established for existing businesses. This one only applies to a slice of readers, but for that slice it’s a hard stop: miss it, and the plan typically waits until next year. If a workplace plan has been on your someday list, September is the month to move it to the now list, ideally with your tax advisor in the loop.
October 15: The Extended Filing Deadline
For everyone who filed a tax extension back in the spring, October 15 is when the runway ends. Two reasons this date matters to retirement account holders in particular:
First, for self-employed investors with SEP IRAs, the extended filing deadline is generally also the final deadline to make employer contributions for the prior year. If you extended your return and haven’t finished funding your SEP, those two tasks are due together.
Second, October 15 is also the general deadline to correct certain issues from the prior year, such as removing an excess IRA contribution under the extended timeline. If your tax preparer flagged anything account-related on your extended return, this is the date it resolves by.
If none of that applies to you, October 15 passes quietly. If any of it does, it’s the most important date on this list.
November: Valuation Season Begins in Earnest
No IRS deadline lands in November, which is exactly why it’s the month smart self-directed investors use. Every IRA reports its fair market value as of December 31, and for accounts holding alternative assets, that number has to come from somewhere: a valuation for real estate, a statement from a fund or LLC manager, a calculation for notes based on their terms and status.
The December problem is simple math. Every sponsor, manager, and valuation professional gets flooded with requests at the same time. Starting in November means your documentation arrives without a rush fee or a deadline sweat. If you did the quiet season checkup, you’ve already identified which assets need valuations; November is when you send the requests.
We’ll be going deeper on valuations in our upcoming fall programming, including what a defensible valuation looks like for different asset types. Watch your inbox for details.
December 31: The Date That Doesn’t Move
The last day of the year is the immovable object on the retirement calendar, and it carries the season’s most important obligation: required minimum distributions. For those subject to RMDs, the distribution generally must be completed by December 31, and completed means out of the account, not requested, not in process.
For accounts holding alternative assets, this is where planning ahead pays off most. A distribution from an account whose value is tied up in property or notes takes coordination: confirming available cash, timing rental income, or in some cases planning around the assets themselves. None of that is difficult in October. All of it is stressful on December 28.
December 31 is also the deadline for certain year-end moves people sometimes consider with their advisors, such as Roth conversions for the current tax year. Those are strategy conversations for your own tax professional, but the calendar math is universal: decisions that must land in this tax year must land by this date, and the professionals who help with them get very busy in December.
Your Fall, at a Glance
Put simply, here’s the rhythm: September is for decisions (new plans, extended-return items, getting RMD plans in motion). October is for deadlines (the 1st for SIMPLE plans, the 15th for extended filers and SEP funding). November is for valuations. December is for completing what you set in motion, ideally with time to spare.
Investors who follow that rhythm tend to end the year the same way they spent the summer: calm. And their January selves thank them for it.
One housekeeping note as you look at these dates: deadlines can shift in individual situations, and some carry exceptions and details we’ve deliberately kept general here. Before acting on any of them, confirm the specifics for your situation with your tax advisor.
If a fall deadline has you unsure what applies to your account, or you want help getting a valuation request or distribution in motion early, reach out and we’ll help you get ahead of it. And if you’re reading this on publication day, our Roth vs. Traditional for Alternative Assets strategy call is tomorrow night, a perfect fit if year-end account strategy is on your mind.
MidAtlantic IRA, LLC does not review the merits or legitimacy of any investment and does not endorse or recommend any companies, products, services, or investments. MidAtlantic IRA does not provide financial, legal, or investment advice. All information provided is for educational purposes only. Please consult with your professional advisors prior to making any investment decisions.