Some Last-minute Tax Reminders for Investors

With April approaching, many investors find themselves racing to meet tax deadlines. If you’re one of them, there are some important details to remember.

Tax Deadline: While the Internal Revenue Service began accepting electronically filed tax returns on January 17, there’s plenty more to remember, as many people will be waiting for the April 17 deadline to file individual tax returns (using Form 1040, 1040A or 1040EZ).

Extensions: Individuals can request an automatic extension using Form 4868. An extension provides an extra six months to file a return, but payment of the tax is still due by April 17.

Retirement-plan Contributions: April 17 is the last day to make a retroactive contribution to a traditional individual retirement account (IRA), Roth IRA, Health savings account, SEP-IRA or 401(k) for the 2011 tax year.

2008 Reminders: April 17 of this year is also the final deadline to file an original tax return (using Form 1040) or amended tax return (using Form 1040X) for tax year 2008 and still claim a tax refund.

Estates and Trusts: April 17 is also the deadline to file estate income tax or trust income tax returns (using Form 1041) or to request a five-month filing extension (using Form 7004). It’s also the deadline for estates and trusts to file an amended tax return and still claim a tax refund for the year 2008.

The tax and legal information in this article is a summary of our understanding and interpretation of some of the current laws and regulations and is not exhaustive. Investors should consult their legal or tax advisor for advice and information concerning their particular circumstances.