Key Personal Finance Dates for 2024
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Birthdays and anniversaries are probably locked in your mind or at least on a calendar on your phone or refrigerator. Those are fun events you don’t want to miss.
Some events in life, unfortunately, aren’t any fun at all but still have deadlines you must meet. Financial stuff, for example.
Key dates for your financial planning for the year, such as when open enrollment starts for insurance or when your tax returns are due, may not be a joy to add to a calendar, if you aim to remember them at all.
We’re here to help, with a list of key personal finance dates for 2024. Add to it as much as you want, and then start filling out your own calendar with dates you hopefully won’t forget. Some missed finance dates can lead to late fees, so it’s worthwhile to keep on top of them with a personal finance calendar. A budget can also help.
We separate dates by quarter, listing important dates and events that may apply to your finances. We’ll end with a list of life events that can happen throughout a new year that can alter your finances.
In this article
First quarter
January is just about over, so hopefully you have everything in order for the first month of the new year. Either way, here are some key dates for the first quarter of 2024:
Tax returns accepted January 23
The Internal Revenue Service is open for business for the 2023 tax season and starts accepting and processing individual 2023 tax returns on January 23.
Report tips January 10
If you received $20 or more in tips during December, report them to your employer by January 10, according to the IRS. Employees who work for tips must report them to their employer by the 10th day of the following month throughout the year.
Estimated taxes due January 16
Self-employed workers who are freelancers, contractors or home-based entrepreneurs are expected to pay their quarterly estimated taxes on September 15, 2023, for their 2022 taxes, according to TurboTax. The final due date for 2023 is actually the fourth quarter payment for the 2023 tax year, but we’re including it in our first quarter list because the deadline is January 16.
End-of-year statements by January 31
Around the end of January, look for end-of-year statements from banks, investment firms, your mortgage holder, your employer, and other financial institutions so you can file your taxes.
These are called 1099 forms and document different types of payments you received during the tax year. They’re required to be provided by January 31, but in some instances, the due date is February 15.
Individual exemptions due February 15
If you claimed income tax withholding in 2022 on the new Form W-4 you gave your employer, you must file a new Form W-4 by February 15 to continue your exemption for another year.
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Second quarter
First retirement fund distribution deadline is April 1
If you turned 72 in 2023, you have until April 1 to take the first required minimum distribution from your IRA or employer’s retirement plan.
Federal taxes due April 15
Federal taxes are due a few days later than normal — usually April 15 — due to tax day being on a Saturday this year, and April 17 is Emancipation Day, a holiday observed in Washington, D.C. The due date in 2024 is April 15.
You can request an extension to October 15 to file, but your taxes must be paid in full by April 15.
Contribute to IRA by April 15
April 15 is the last day to make an IRA contribution to reduce your 2023 earnings as you save for retirement. The maximum total annual contribution for all your IRAs combined is $7,000 if you’re under age 50, and $8,000 if you’re 50 or older.
Estimated taxes due April 15 and June 16
If you’re self-employed in 2024, then your quarterly estimated taxes are due twice this quarter on April 15 and June 16. Self-employed people don’t have taxes withheld from every paycheck, so they must pay their taxes themselves four times a year.
HSA contribution deadline is April 15
For tax year 2023, the deadline to contribute to a Health Savings Account (HSA) is April 15, 2023. The contribution limits for 2023 is $1,150 for yourself, and $8,300 for family coverage. Those 55 and older can contribute $1,000 more.
Filing taxes abroad due June 15
If you’re a U.S. citizen or resident alien living and working, or on military duty, outside the United States and Puerto Rico, you must file your Form 1040 tax form by June 15 and pay any tax, interest and penalties due.
Federal aid for college deadline is June 30
For the 2024-25 school year, the Free Application for Federal Student Aid (FAFSA) is due June 30 for college-bound or college-enrolled students who are seeking federal financial aid.
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Third quarter
Estimated taxes due September 16
Self-employed workers have until September 16 to pay the third payment for their 2024 quarterly estimated tax payments.
FAFSA updates due September 9
Corrections or updates to any Free Application for Federal Student Aid (FAFSA) are due on September 9 for the 2023-24 school year.
To be considered for federal student aid for college for the 2023-24 award year, the FAFSA can be completed between December 31, 2023, and June 30, 2024. Since many states and colleges have early deadlines, students should find their state’s deadline for more information.
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Fourth quarter
FAFSA aid opens October 1
October 1 is the first day to apply for federal student aid and non-federal student aid for 2024-25.
Medicare open enrollment starts October 15
Open enrollment starts October 15 for Medicare patients, and ends December 7 to join, switch or drop a plan. Coverage begins Januuary 1, as long as the plan gets your request by December 7.
Federal taxes extension due October 16
If you filed an extension in April to file your 2023 federal tax return, October 16 is the deadline to file it. Payments were still due back in April.
Health care open enrollment starts November 1
The 2024 Open Enrollment Period (OEP) for health insurance under the Affordable Care Act begins November 1 and ends January 15, 2025.
Job-based plans may have different OEPs, so check with your employer.
After-Thanksgiving sales start November 29
Holiday shoppers may want to circle November 29 on their calendars for Black Friday sales. In-store discounts fall to around 34% on Black Friday.
November 30 is Small Business Saturday, when local businesses have sales.
On December 2, just three days after Black Friday, you can find similar deals online on Cyber Monday.
Medicare Open Enrollment ends December 7
December 7 is the last day to sign up for the national health insurance program.
Withdraw from retirement accounts by December 31
New Year’s Eve is the deadline to begin taking the second and subsequent required annual minimum distribution from your IRA or employer retirement accounts if you’re 72 or older.
Contribute to charity or 401(k) by December 31
December 31 is the last day to contribute to charity for a tax deduction, or to make a contribution to your 401(k) retirement plan for the 2024 tax year.
Estimated taxes due January 15, 2025
January 2025 technically isn’t the fourth quarter of 2024, but the IRS requires the fourth payment for estimated taxes on 2024 income for the self-employed to be paid by January 15, 2025. Put that on your 2025 calendar now.
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Life events to consider
Many life events can happen throughout the year that affects your finances. Some events, such as a marriage or birth, can allow you to change a healthcare plan, for example. Here are some life events that can alter your finances:
- Buying or selling a car
- Buying or selling a home
- Going back to school
- Birthday
- Insurance plan changes
- Retirement
- New job
If you expect any of these to come up this year, you can start saving now. Saving for a down payment on a car or home can take months or years, and if you’re preparing to have children, you may never have enough time or money to get ready for their arrival.
An emergency fund can help with some unexpected costs, such as losing your job or having to replace your old car because it isn’t reliable anymore.
A good rule of thumb is to save six months or a year’s worth of salary to pay your household bills if you lose your job. If you’re not near that amount of savings yet, then focus on saving one month’s income and contribute to it through automatic deposits from your paycheck.
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Costs
Here are some of the costs of missing some of the above important finance dates. Most are penalties charged to late filers.
Estimated taxes
If you are late paying your estimated taxes four times a year as a self-employed worker, the IRS charges a penalty if you paid less than 80% of your tax liability for the year. The penalty is 0.5% of the amount unpaid for each month, or part of the month, that tax isn’t paid.
An underpayment penalty can also be imposed, based on the amount of the underpayment, the period when it was due, and 7% interest the IRS charges for underpayments.
Federal income taxes
Federal income taxes are due April 15, though you can ask for an extension to October 15. Not paying your federal taxes on time incurs a failure-to-pay penalty that’s usually 5% of the tax owed for each month or partial month your return is late, up to 25%, according to the IRS.
If you filed your return on time but don’t pay all taxes owed on time, you’ll pay a late penalty of 0.5% for each month, or part of a month, up to 25%, of the amount of tax that’s unpaid from the due date of the return until the tax is paid in full.
Retirement distributions
If you turned 72 in 2024 and haven’t taken the required minimum distributions from your retirement accounts by December 31, including the first distribution by April 1, then you’ll have to pay a 50% penalty of the required minimum distribution amount.
Pros and cons
Pros
- Knowing the key personal finance dates can help you budget for them.
- Avoid paying penalties by paying your taxes and other bills on time.
- Knowing what’s coming up should be less stressful.
Cons
- Life events such as births and buying a car can delay some of your financial plans.
- Many financial tasks happen at the end of the year, which could lead you scrambling.
- You may not be able to accomplish every financial goal you have for the year.
The bottom line
If you’re not a fan of writing things down on a physical calendar, then use your phone calendar for reminders of when bills and other financial tasks are due.
We didn’t put property taxes, for example, on a specific date because they can vary depending on where you live. But knowing the deadline for paying your property taxes can help you avoid a big penalty if you pay them late. That’s money you’d rather have in your pocket.
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Writer
Aaron Crowe is a freelance journalist who specializes in personal finance writing and editing. He has worked at newspapers, where he won a Pulitzer Prize, and has written for numerous online publications. These include AOL, US News & World Report, WiseBread, Bankrate, AARP, and many websites focusing on housing, credit and insurance. He lives in California with his wife and daughter.
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