Each year, STRATA Trust Company creates a calendar of deadlines, tasks, and reminders that will help you gain the most benefit from your self-directed IRA (SDIRA). While certain IRA investments or transactions may not require special attention, others do. So, you may find it helpful to bookmark the 2025 calendar to stay current with any action that you may need to take. Here are some of the details to keep in mind for the upcoming year.
January
You will receive important tax documents from your STRATA in January. Review these documents for accuracy and save them with your tax records. They will help you (or your tax professional) prepare your 2024 tax return. You should receive the following information by the end of January.
- RMD Notice – If you must take a required minimum distribution (RMD) for 2025, STRATA will notify you. If an RMD applies to you, Our Client Services Team will gladly help you calculate it.
- IRS Form 1099-R – This form is sent to the IRS and you if you’ve taken a distribution from your IRA in 2024. The IRS Form 1099-R shows the amount of your withdrawals and any amount that has been withheld as a prepayment of federal and state tax. Just like IRS Form W-2, which reports employee income for the year, Form 1099-R contains important information used on your tax return. However, you may also need to tell the IRS about details that aren’t on this form, such as the distribution's taxability or whether you have rolled over any portion of it. STRATA has more information on Form 1099-R
- Q4 STRATA IRA Statement – STRATA will let you know when your statement is available. It contains the year-end fair market value (FMV) of your IRA, which is used for calculating RMDs and other purposes. See our to learn how to access your statements and other important information.
February
STRATA needs an accurate, fair market value.
Some SDIRA investments are harder to value than others and may need a qualified appraisal to ensure accuracy. Your investment sponsor may send you this information to ensure that this year-end valuation is properly provided to the IRS. For more information and to review the valuation process, refer to STRATA’s articles What are the Annual Requirements for Alternative Assets ? or for those who hold directly owned real estate, refer to What are the Annual Requirements for Directly Owned Real Estate FMVs?
March
March 31 is the due date for investment sponsors to provide their FMV updates for STRATA IRA account holders who hold alternative investments.
Make a contribution to your IRA for 2024. You may make a “carryback contribution” until your tax return due date (normally April 15), not including extensions, for the previous year. For 2024, the maximum IRA contribution is $7,000—plus $1,000 if you turn at least age 50 by the end of the tax year. You must specifically specify that any carryback contribution is for the previous year or it will be treated as a current-year contribution.
April
April 1 is the deadline for a delayed RMD. If you turned 73 in 2024, you must take your first RMD by April 1, 2025.
File your 2024 income tax return by April 15, 2025. Seek sound professional advice for details on specific exceptions to filing deadlines or any special tax reporting forms you may need.
Q1 STRATA IRA Statement – STRATA accountholders will be notified when these statements are available.
May
IRS Form 5498, IRA Contribution Information – This form is sent to IRA accountholders by May 31 each year. It shows all IRA contributions for 2024, as well as the fair market value of your IRA (separately reporting hard-to-value assets). Because it is also sent to the IRS, you must provide accurate valuations to your IRA custodian to ensure that your tax return matches the information on Form 5498.
June – July – August
Consider reviewing your SDIRA investments. Summer might be a good time to assess your investments and determine whether you should make any adjustments. Self-directed IRAs can provide considerable benefits using alternative investments—but only if you invest in a way that works well for you. Consider meeting with your financial advisor to discuss the best way to make this happen.
Q2 STRATA IRA Statement – STRATA accountholders will be notified when these statements are available.
September
Double-check your IRA beneficiary designations. Have you experienced a “life event” in the past year? This could be a marriage, a divorce, a death, or a child joining your family. Any such event may create a reason to take another look at who your IRA beneficiaries are. Taking the time to confirm your choices—and providing all the necessary contact information—will help ensure that the right people get your IRA assets when you pass without needless delay or complication.
October
October 15 is an important deadline. Excess IRA contributions for 2024 can normally be corrected by this date to avoid a penalty. You can also recharacterize 2024 IRA contributions (Traditional to Roth or Roth to Traditional) by this date.
Schedule your 2025 RMD to guarantee December 31 processing. If you need to take an RMD by December 31, 2025, it’s not too soon to make plans. Consider whether you have sufficient liquid assets in your IRA to make the distribution. If you don’t, you may need to liquidate some of your SDIRA assets or take them in kind to satisfy the RMD.
Q3 STRATA IRA Statement – STRATA accountholders will be notified when these statements are available.
November
Consider converting some of your Traditional, SEP, or SIMPLE IRA assets to a Roth IRA. Conversions can be a solid choice for taxpayers for various reasons. However, they are taxable events, so IRA accountholders should seek sound advice before making this decision.
Does a qualified charitable distribution (QCD) make sense for you? If you are at least 70½, you can send IRA assets directly to an eligible charity without including the distribution in your taxable income. For example, you could satisfy your RMD for the year, while helping others with your donation. It’s not too early to arrange for this transaction to ensure that it is completed by year-end.
December
Take your RMD by December 31. If your IRA is subject to RMDs, don’t wait till the last minute to arrange for this distribution. (STRATA’s deadline for this request is December 1.) You may also have to take an IRA distribution if you are the beneficiary of an IRA. If you miss an RMD, the penalty is 25% of the missed amount (or less in some cases). So, plan in advance to withdraw your RMD on time.
Reminders: December 31 is the deadline for conversions and QCDs. For a conversion, assets must be paid from the IRA by this date to include the distribution in taxable income for 2025. For a QCD, the assets must be paid directly to the eligible charity by December 31 to report the distribution as nontaxable for 2025.
For more information
Contact our self-directed IRA experts if you have questions about your IRA or the IRS requirements for IRAs. Additionally, our Knowledge Center is filled with informative articles covering all aspects of IRAs.
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