Make a Payment Rates About Careers Contact Locations

IRA Deadlines Are Approaching

January 22, 2022 Provided by

Here is what you need to know

Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2021, will see a few changes and distinctions.December 31, 2022, is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.April 18, 2022, is the deadline for making 2021 annual contributions to a traditional IRA, Roth IRA, and certain other retirement accounts. This extension from the traditional April 15 deadline follows an extension of the traditional tax deadlines.1Some people may not realize when they can make their IRA contribution. You can make a yearly IRA contribution between January 1 of the current year and April 15 of the next year. Accordingly, you can make your IRA contribution for 2022 any time from January 1, 2022 to April 15, 2023.1A person can open or contribute to a Traditional IRA past age 70½ as long as they have taxable income.   If you are making a 2021 IRA contribution in early 2022, you must tell the investment company hosting the IRA account for which year you are contributing. If you fail to indicate the tax year that the contribution applies to, the custodian firm may make a default assumption that the contribution is for the current year (and note exactly that to the I.R.S.).So, write “2021 IRA contribution” or “2022 IRA contribution,” as applicable, in the memo area of your check, plainly and simply. Be sure to write your account number on the check. If you make your contribution electronically, double-check that these details are communicated.To schedule time with a Summit Financial Advisor for help, call 800-236-5560, Ext. 4012 or .Citations
1 irs.gov, November 5, 2021      
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member / ). Insurance products are offered through LPL or its licensed affiliates. Summit Credit Union and Summit Financial Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Summit Financial Advisors and may also be employees of Summit Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Summit Credit Union or Summit Financial Advisors. Securities and insurance offered through LPL, or its affiliates are:  Not Insured by NCUA or Any Other Government Agency Not Credit Union Guaranteed Not Credit Union Deposits or Obligations May Lose Value The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. You might also be interested in Provided by Looking back, 2024 clearly echoed many of the themes from 2023. By and large, the economy continued to defy expectations and surprised once... Planning for marriage should involve more than just picking out invitations and deciding whether you should serve chicken or fish at the reception. More... September didn’t live up to its reputation as a scary month for stocks. As the calendar now turns to October, we examine seasonality data to assess whether... How many short-term financial decisions do you make each week? You probably make more than a few, and they may feel routine. Yet, in managing these day-to-day... Some retirees succeed at realizing the life they want; others don’t. Fate aside, it isn’t merely a matter of investment decisions that makes the difference... Provided by Summit Financial Advisors Financially, many of us associate spring with taxes – but we should also associate December with important IRA deadlines...
Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch
Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site.
NCUA Insurance Estimator Privacy, Security & Accessibility Rates Terms and Fees Routing Number
* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance.