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| Key Dates |
| January 31 |
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IRS deadline to mail 1099 forms
(1099-DIV, 1099-INT, 1099-B, 1099-MISC, & 1099-OID)
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| March 17 |
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IRS deadline for issuers to mail REMIC statements
IRS deadline to mail Form 1042-S
(Non-Resident Aliens)
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| March 31 |
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Form 2439 mailed to investors with Undistributed Long-Term Capital Gains from a Regulated Investment Company (RIC) or a Real Estate Investment Trust (REIT)
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| April 15 |
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IRS deadline for individuals filing tax returns and extensions (form 4868)
Last date to make 2007 IRA contributions
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| April 30 |
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IRS deadline to mail Form 5498-ESA
(Coverdell Education Savings Accounts (ESA) Contribution Information)
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| May 31 |
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IRS deadline to mail Form 5498
(Traditional, Roth, SEP, and Simple IRA Contribution Information)
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| October 15 |
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IRS filing deadline for individuals who filed for an automatic six-month extension
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| December 31 |
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Last trade date to establish capital gain or loss for 2008
(Settlement date not used for tax purposes)
Deadline for IRA conversions and required minimum distribution (RMD) payments to qualify for current tax year |
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| Contribution Limits |
| Annual Contribution Limit for Traditional and Roth IRA (including custodial IRAs) |
| Year |
Age 49 and Below |
Age 50 and Above |
| 2007 |
$4,000 |
$5,000 |
| 2008 |
$5,000 |
$6,000 |
| 2009 & Beyond |
*$5,000 |
$6,000 |
*Beginning 2009, IRA contribution limits (Age 49 and below) will be increased for Cost of Living Adjustments (COLA) in $500 increments. Catch-up contributions will not be increased for inflation. |
SEP IRAs - for self employed individuals or business owners
A SEP IRA owner may contribute up to 25% of compensation, as much as $45,000 for 2007 ($46,000 in 2008). The maximum compensation (earned income) that SEP contributions can be based on is $225,000 for 2007 ($230,000 in 2008).
| Simple IRAs - for small business owners with less than 100 employees |
| Year |
Age 49 and Below |
Age 50 and Above |
| 2007 |
$10,500 |
$13,000 |
| 2008 |
$10,500 |
$13,000 |
Coverdell Education Savings Account (ESA)
| Annual Contribution Limit for Coverdell Education Savings Accounts |
| Year |
Per beneficiary under the age of 18 or special needs |
| 2007 |
$2,000 |
| 2008 |
$2,000 |
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Download Account Activity
 J.K. Lasser's Your Income Tax 2007
America's number one tax guide offers the best balance of thoroughness, organization, and useability.
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Please note: optionsXpress, Inc. offers no investment, tax or legal advice. Investors should discuss tax treatment of their transactions with a qualified tax advisor. Online account activity information is not an official tax record, please refer to your official, postal or electronically delivered statements for a record of your activity for tax purposes. Official tax records, including any 1099s, are separately prepared by our clearing agent and delivered to account holders by postal mail; special terms and conditions apply.
Any stock or options symbol displayed are for illustrative purposes only and are not intended to portray a recommendation to buy or sell a particular security.
* If you have traded in another brokerage account in the same tax year, the draft Schedule D may not accurately reflect your accurate tax situation. Please consult your tax advisor before submission to the IRS.
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