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The 2025 tax season is in full swing! Now is the time to gather your necessary documents and make sure you are making the most of your retirement contributions.
Proper preparation can help you file your taxes efficiently and take advantage of opportunities to optimize your financial strategy.
In this blog, JTM Williams Capital Management will outline how to access your tax forms through Fidelity, remind you of key deadlines, and present the limits for 2024.
2025 Tax Season: Accessing Your Tax Documents via Fidelity
If you hold accounts with Fidelity, you can access your tax forms online, ensuring you have the necessary documents to file your taxes accurately and on time. Fidelity provides digital access to key tax documents, streamlining the process for account holders.
1099-R Forms (for retirement accounts) were generated in late January and are now available. These forms report distributions from retirement accounts, including IRAs and pensions, and are essential for those who took withdrawals in the past year.
Consolidated 1099 Forms (for taxable accounts) became available on February 8. These forms provide a summary of income from investments, such as dividends, interest, and capital gains, which must be reported when filing taxes.
Steps to Retrieve Your Tax Forms:
Log in to your Fidelity account using your secure credentials.
Click on the “All Accounts” tab to view your account overview.
Navigate to the “Documents” section where all official statements and forms are stored.
Select “Tax Forms” on the left-hand side of the page to access and download your required documents.
Having these forms readily available will help make for a smooth tax filing process and reduce the risk of missing important information.
2025 Tax Season: Key Tax Deadlines and Contribution Limits for 2024
Understanding tax deadlines and retirement contribution limits is crucial for making informed financial decisions.
The tax filing deadline for 2024 is Tuesday, April 15, 2025. This date is also the deadline for making contributions to your retirement accounts for the 2024 tax year. Contributing by this deadline can help lower your taxable income and grow your savings.
2024 Contribution Limits:
IRA & Roth IRA: Individuals under the age of 50 can contribute up to $7,000, while those aged 50 and older can make an additional catch-up contribution, raising the limit to $8,000.
Contributing to a Roth IRA provides the advantage of tax-free withdrawals in retirement, while traditional IRA contributions may offer tax deductions depending on income levels.
Simple IRA: Designed for small businesses and self-employed individuals, the Simple IRA allows contributions of up to $16,000.
Employees aged 50 and older may contribute an additional $3,500 in catch-up contributions, increasing their total limit to $19,500.
SEP-IRA: This plan benefits self-employed workers and business owners, allowing them to contribute up to 25% of their total compensation, with a maximum contribution limit of $69,000.
The SEP-IRA is an excellent vehicle for maximizing retirement savings while reducing taxable income.
2025 Tax Season: Maximizing Your Retirement Contributions
Retirement contributions are a valuable tool for reducing taxable income while ensuring long-term financial security. If you have not yet maximized your contributions for the 2024 tax year, consider doing so before the April 15 deadline. Even small increases in contributions can lead to significant growth over time, thanks to compound interest.
Additionally, strategic tax planning can help determine whether traditional or Roth contributions make the most sense for your situation. Consulting with a financial advisor can provide personalized recommendations based on income levels, tax bracket projections, and long-term retirement goals.
2025 Tax Season: Planning Ahead for a Stress-Free Tax Season
Taking proactive steps throughout the year can help simplify the tax filing process. Keeping track of tax-related documents, understanding contribution limits, and staying informed about deadlines will make filing taxes more manageable. Consider setting calendar reminders for key deadlines and automating contributions to your retirement accounts to stay on track.
If you have any questions about tax-efficient investment strategies or would like to discuss your financial planning in greater detail, schedule a consultation with JTM today.
Taking proactive steps now can help you make the most of your financial future and ensure that you are fully prepared for tax season.
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