Happy Thanksgiving! I hope you are able to spend some time with your loved ones over the next few days. I, for one, cannot wait for the delicious day to come.
Required Minimum Distributions must be taken no later than December 31st. Unless this is your first year you have to take RMDs then be sure to have your requests in as soon as possible to avoid any problems. Again, if you're 70 1/2 years-old or older (or helping with an older relative's financials) and still need to fulfill your RMD for the year it is better to get your request in early to avoid delays and possible problems as we round out the year.
It is also a good idea to start thinking about Fair Market Valuations for the year. If you are new to the concept of Fair Market Valuations you can watch the first video for an explanation on exactly what the custodian needs from you. You can download a Fair Market Valuation Sheet below.
Contributions can be made until April 15th for 2017. Speak with your CPA about contribution limits and the advantages, or possible disadvantages, of contributing to your IRA in 2016 or 2017. The advantages and disadvantages are different for each IRA so don't take the easy way out and skip on doing your due diligence. Do yourself a favor and seek professional advice when you can.
Lastly, we would like to remind you that a full list of our all of our videos are on our Youtube channel at https://www.Youtube.com/SunwestIRA.com. If there are any specific topics you would like us to address please email Terry at tlw@sunwesttrust.com or me, Chad, at chad@sunwestturst.com. We'd love to hear from you.
How to Conduct a Fair Market Valuation for a Self Directed IRA
The time for Fair Market Valuations is back. Now is the time to start thinking about the end-of-the-year IRA requirements. This video gives you a better idea of how the valuations are performed.
Here is a link for the Valuation Worksheet.
Contributing to your Self Directed IRA Before Tax time
Contributions to your IRA can be made until April 15th of next year. Again, speak with a CPA or tax professional to ensure you are receiving the greatest benefits from your contributions. For current contribution limits
click here.
