Life moves quickly. It’s easy to get distracted. But that can be costly.
Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.
Enter our “Money Calendar” series.
In this edition, we’ve rounded up noteworthy money dates for April 2023. Take a look and mark your calendar with any dates that apply to you.
April 1 — Deadline for initial RMDs
Folks who turned age 72 in 2022 generally have until April 1, 2023, to withdraw their required minimum distribution (RMD) for 2022. This would be the 72-year-olds very first RMD, so Uncle Sam gives folks longer to withdraw that initial RMD. (In all other years, the deadline is Dec. 31 of each tax year.)
To learn more, check out “Born in 1950? The IRS Has a New Deadline for You.”
April 15 — Deadline for HSA and Archer MSA contributions
You have until April 15 to contribute money for the 2022 tax year to a health savings account (HSA) or Archer medical savings account (MSA).
The types of accounts enable eligible folks to enjoy tax breaks on money they set aside for medical expenses. HSAs are for people with high-deductible health insurance plans, while Archer MSAs are for the self-employed and employees of certain small businesses, according to the IRS.
April 18 — Deadline for estimated tax payments
This is the deadline for the first quarterly installment of estimated taxes for the 2023 tax year — the one for which your tax return is due by April 2024. This deadline applies to the self-employed and other workers who earn income that isn’t subject to withholding, who use IRS Form 1040-ES to pay this tax.
April 18 — Tax Day
Individuals’ federal income tax returns — and any taxes they owe Uncle Sam — for the 2022 tax year are due by Tuesday, April 18.
Tax Day is also your deadline for requesting an automatic six-month extension, which you can do by filing IRS Form 4868. Just keep in mind that an extension only buys you more time to file your return, not to pay any obligations.
As for state income taxes, states typically follow the IRS’ lead, which would mean April 18 is also when returns are due in most states. To be safe, though, confirm your state income tax return deadline with the state’s tax-collecting agency.
April 18 — Deadline for IRA contributions
April 19-25 — Missouri’s Show Me Green Sales Tax Holiday
During this seven-day period, qualifying Energy Star-certified new appliances are exempt from Missouri’s sales tax.
For more details, visit the Missouri Department of Revenue’s “Show Me Green Sales Tax Holiday” webpage.
April 22-24 — Texas’ Emergency Preparation Supplies Sales Tax Holiday
During this three-day period, certain emergency preparation supplies will be exempt from the Texas sales tax.
For more information, including lists of supplies that do and don’t qualify for this tax break, visit the Texas comptroller’s “Emergency Preparation Supplies Sales Tax Holiday” webpage.
April 30 — Last day to buy I bonds at current rates
Series I government savings bonds, often referred to as simply “I bonds,” have two interest rates:
- A fixed rate, which remains the same for the 30-year interest-bearing life of an I bond
- A variable rate, which is only good for the first six months you own an I bond, as it resets every six months based on inflation
Currently, I bonds are paying a fixed rate of 0.4% and an inflation-based rate of 6.48% — so a total return of 6.89%. If I bonds are a good fit for your investing goals and those rates sound attractive to you, note that you have until April 30 to buy I bonds at those rates. In other words, you must complete your I bond purchase by then to get those rates.
Come May, the U.S. Department of the Treasury will announce a new fixed rate and a new inflation-based rate, which will apply to I bonds purchased from May through October 2023.
To learn more about I bonds, check out “7 Things You Should Know Before Investing in I Bonds.”