Tax Center
Key Dates
| December 29 |
Last day for conversions and required minimum distributions to qualify for current tax year Last trade date to establish capital gain or loss for 2006 (settlement date not used for tax purposes) |
|---|---|
| January 31 | IRS deadline for mailing 1099 forms (1099-DIV, 1099-INT, 1099-B, 1099-MISC, and 1099-OID) |
| March 15 | REMIC statements and Form 1042-S (non-resident aliens only) |
| March 30 | Form 2439 (for RIC and REIT reporting) |
| April 17 |
IRS filing deadline for individual tax returns and extensions (form 4868) Last date to make 2006 IRA contributions |
| April 30 | Form 5498-ESA (reports contributions to Coverdell accounts only) |
| May 31 | Form 5498 (Traditional/Roth IRAs, SEP/Simple IRAs) |
| October 15 | IRS filing deadline for Individual taxpayers who filed for an automatic six-month extension |
Contribution Limits
| Annual Contribution Limit for Traditional and Roth IRA (including custodial IRAs) | ||
|---|---|---|
| Year | Age 49 and Below | Age 50 and Above |
| 2005 | $4,000 | $4,500 |
| 2006 | $4,000 | $5,000 |
| 2007 | $4,000 | $5,000 |
| 2008 | $5,000 | $6,000 |
| 2009 & Beyond | *$5,000 | $6,000 |
| *Beginning 2009, IRA contribution limits (Age 49 and below) will be increased for Cost of Living Adjustments (COLA) in $500 increments. Catch-up contributions will not be increased for inflation. | ||
SEP IRAs—for self employed individuals or business owners
A SEP IRA owner may contribute up to 25% of compensation, as much as $44,000 for 2006. The maximum compensation (earned income) that SEP contributions can be based on is $220,000 for 2006.
| Simple IRAs—for small business owners with less than 100 employees | ||
|---|---|---|
| Year | Age 49 and Below | Age 50 and Above |
| 2005 | $10,000 | $12,000 |
| 2006 | $10,000 | $12,500 |
| Beginning 2007, Simple IRA contribution limits will increase by Cost of Living Adjustments (COLA). | ||
Coverdell Education Savings Account (ESA)
| Annual Contribution Limit for Coverdell Education Savings Accounts | |
|---|---|
| Year | Per beneficiary under the age of 18 or special needs |
| 2006 | $2,000 (based on Modified Adjusted Gross Income) |
Download Account Activity
Take advantage of brokersXpress's easy-to-use data download tool. This process will let you transfer all trading activity into your preferred financial software to optimize your personal finances and manage your tax accounting.
Note: Online account activity information is not an official tax record. Always refer to your official, postal or electronically delivered statements for a complete record of your activity for tax purposes. Official tax records, including any 1099s, are separately prepared by our clearing agent and delivered to account holders by postal mail. Special terms and conditions apply.
Works With Your Software
Transfer your account trading data into the following software applications:
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brokersXpress, Inc. offers no investment, tax or legal advice. Investors should discuss tax treatment of their transactions with a qualified tax advisor. Online account activity information is not an official tax record, please refer to your official, postal or electronically delivered statements for a record of your activity for tax purposes. Official tax records, including any 1099s, are separately prepared by our clearing agent and delivered to account holders by postal mail; special terms and conditions apply.
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