To help ensure year-end strategies and appropriate paperwork are processed in time, please note the upcoming Charles Schwab & Co., Inc. deadlines below.
- Required Minimum Distributions:
- Distributions requiring signed paperwork should be submitted by November 15 to allow time for processing before year-end.
- Distributions to a new checking or savings account should be submitted by November 15 to allow time for processing before year-end.
- All distributions must be cleared/posted to accounts by December 31.
- Roth IRA Conversions: December 1
- Establishing a 2024 Qualified Retirement Plan (QRP): Plan sponsor’s tax filing deadline, plus extensions.
- Qualified Charitable Distribution (QCD):
- Checks issued from an IRA account for a QCD must be cashed by the recipient by December 31 to be reported on the 1099-R tax form for 2024.
- Many organizations are closed for the latter part of December; submit checks in early December to avoid delay or checks not clearing your IRA account until January of the new year.
For those who have an American Endowment Foundation (AEF) donor advised fund:
- Opening a new donor advised account: December 16
- Funding an existing account:
- Using cash:
- Via Check: must be postmarked via USPS by December 31
- Via Wire or ACH: must be received by December 31
- Additions of public securities: must post to account prior to December 31
- Additions using alternative assets: Please consult with your JNBA Advisory Team
- Using cash:
- Grant Requests: December 18
For those who have a Schwab Charitable donor advised fund:
- Opening a new donor advised account: December 15
- Funding an existing account:
- Using cash:
- Via Check: must be postmarked via USPS by December 31
- Via Wire or ACH: must be received by December 31 at 3:00 p.m. CT (4:00 p.m. ET)
- Additions of public securities held at Charles Schwab: must post to account prior to December 31
- Additions of public securities held at custodian’s other than Charles Schwab: Initiate transfer by November 15
- Additions using alternative assets: Please consult with your JNBA Advisory Team
- Using cash:
- Grant Requests:
- For grants to be processed by year-end, grant recommendations should be received by December 3. For efficient grantmaking, consider scheduling online now as a one-time or recurring grant.
If you have any questions on these upcoming deadlines, including how they may affect your specific tax planning or gifting planning strategies, please reach out to your JNBA Advisory Team at your earliest convenience.
JNBA is not an accountant and no portion of the above should be construed as accounting advice. All accounting issues should be addressed with an accounting professional of your choosing.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.
Please see important disclosure information at jnba.com/disclosure.
