Every year has deadlines and other dates that are important. Some of the dates (e.g., the due date for your tax return, etc.) are important to almost everyone and other dates (e.g., estimated tax due dates, etc.) are important to far fewer people. The dates that follow (and we’ve already passed one) are the important dates for 2022.
January 18 – The due date for estimated tax payments for the fourth quarter of CY21. A note about estimated tax payments. If you are having enough withheld from your recurring payments to cover your tax liability, you shouldn’t need to make these payments. It’s far easier to withhold than to remember to write checks four times a year.
April 1 – This date only applies to those who turned age 72 in 2021. It is the required beginning date for required minimum distributions (RMDs) from traditional IRAs. It also applies to RMDs from the TSP (both Roth and traditional) unless you are still working at your federal job. In subsequent years, RMDs must be taken by December 31.
April 18 – The due date for your federal income tax return (Friday the 15th is a holiday in Washington, DC). Even if you file for an extension, the amount you owe (or expect to owe) is due this date. Also, estimated tax payments for the first quarter of CY22 are due and this is the last chance you have to contribute to an IRA for 2021.
June 15 – Estimated tax payments for the second quarter of CY22 are due.
July 1 – Nothing is due on this date, but, because it is the halfway point of the year, you should stop and take a look at your finances. If things need adjusting – adjust them.
September 15 – Estimated tax payments for the third quarter of CY22 are due.
November 14 through December 12 – The dates of the FEHB open season. They also apply to the open seasons for flexible spending accounts (FSAs) and for supplemental dental and vision coverage (FEDVIP). OPM schedules the annual open season from the Monday of the second full week in November through the Monday of the second full week in December.
There is no annual open season for federal life insurance (FEGLI) or for long-term care insurance (FLTCIP).
December 31 is generally the day where last-minute tax moves are made; things like making charitable gifts, contributing to 404(k) type plans, converting all or part of a traditional IRA to a Roth IRA, etc. But this year, the 31st falls on a Saturday, so you will want to complete your year end tasks earlier. Financial firms often find there is a year-end rush of customers wanting to make tax related moves, so it’s probably best to start making your year-end moves in mid-December. You also want to be sure you take your RMD by December 31, unless it is your first RMD (i.e., you turned 72 in 2022) in which case, you will have until April 1 of the next year.
Pay attention to the calendar – don’t snooze and lose.