Preparing your taxes brings together information about your income, savings, investments, and major life changes. It can also be a useful opportunity to review questions about your broader financial plan.
As you prepare your 2026 tax return during the 2027 tax season, consider organizing your records early and identifying topics to discuss with your tax professional and financial advisor.
For most calendar-year individual taxpayers, the federal filing deadline is April 15, 2027. Certain circumstances, including applicable disaster relief, may affect filing or payment deadlines. Confirm the requirements that apply to you.
What Documents Should I Review Before Filing My Taxes?
The documents you need depend on your circumstances. Your tax professional can provide a personalized checklist, which may include:
Your prior-year tax return.
Forms W-2 and applicable Forms 1099 reporting income.
Investment tax statements and relevant transaction records.
Retirement contribution, distribution, rollover, and conversion records.
Social Security benefit statements, if applicable.
Health Insurance Marketplace and health savings account documents, if applicable.
Records supporting potential deductions or credits.
Estimated tax payment records.
Self-employment income and expense records, if applicable.
Confirm that your documents are complete and check whether any corrected statements have been issued before filing. The IRS provides a document checklist for tax preparation.
Can I Still Make a 2026 IRA Contribution in 2027?
Eligible individuals can generally make a regular traditional or Roth IRA contribution for 2026 through the applicable federal tax return filing deadline, excluding filing extensions. For most taxpayers, that is April 15, 2027. Special relief or other circumstances may affect the applicable deadline.
Before making a contribution, discuss these questions with your tax professional and financial advisor:
Am I eligible to contribute based on my compensation and other applicable rules?
How much have I already contributed for 2026 across my traditional and Roth IRAs?
Do income limits affect my eligibility for a Roth IRA contribution?
Would a traditional IRA contribution be deductible?
How would a contribution fit into my financial plan and current cash needs?
Contribution eligibility and deductibility are separate considerations. A traditional IRA contribution is not automatically deductible, and Roth IRA contributions are not deductible.
If you make a prior-year contribution, confirm with your IRA custodian that it is designated for the correct tax year. You can explore BFS’s retirement resources for additional educational information.
What Contribution Limits Should I Review?
For 2026, the combined annual contribution limit for traditional and Roth IRAs is $7,500, or $8,600 for individuals age 50 or older, subject to eligible compensation and other applicable rules. This limit applies across your traditional and Roth IRAs combined. Your allowable contribution may be lower.
Workplace retirement plans and self-employed retirement arrangements have different limits and deadlines. Do not assume that IRA rules apply to every retirement account.
Ask your professionals to confirm the rules for your account type, tax year, and circumstances before making an additional contribution.
What Should I Review About Retirement Transactions?
If you took a retirement distribution, completed a rollover, or converted traditional IRA assets to a Roth IRA during 2026, gather the related records for your tax preparer.
Questions to discuss include:
Do the tax forms accurately reflect the transactions?
Is additional documentation needed?
How should any withholding be accounted for?
What tax treatment applies to the transaction?
How does the activity fit into my retirement income plan?
Distributions, rollovers, and conversions can have different tax consequences. Do not assume that a transaction is tax-free or that withholding covers the full amount of any tax owed.
BFS’s financial and retirement planning services can provide a starting point for discussing your broader planning needs.
Have Life Changes Created New Planning Questions?
A job change, marriage, divorce, new child, move, or transition into retirement may affect your tax situation and financial priorities.
Let your tax professional know about relevant changes. Separately, consider reviewing your savings goals, cash reserves, insurance needs, and beneficiary designations with your financial advisor.
A review can help identify areas that may need attention without assuming that a particular change or strategy is appropriate for everyone.
Does a Filing Extension Extend Other Deadlines?
A federal filing extension generally provides additional time to submit a return. It does not generally extend the deadline to pay taxes owed. Discuss payment requirements with your tax professional if you expect to request an extension.
A filing extension also generally does not extend the deadline for regular prior-year traditional or Roth IRA contributions. Other retirement arrangements may follow different rules, so confirm the deadline for your specific plan.
Coordinate Your Tax and Financial Planning Conversations
Your tax professional can address tax preparation, reporting, and individualized tax questions. Your financial advisor can help you review how financial decisions relate to your goals, time horizon, and circumstances.
Before April 15, consider gathering your documents, confirming applicable deadlines, and identifying questions about retirement contributions or account activity.
To discuss your broader financial and retirement planning needs, contact Benefit & Financial Strategies.
This material is for general informational and educational purposes only. It is not tax, legal, or individualized investment advice, or a recommendation to make a contribution, rollover, conversion, or other transaction. Benefit & Financial Strategies representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding your circumstances. Tax laws, contribution limits, and deadlines are subject to change. Eligibility and tax treatment depend on individual circumstances.