Financial Deadlines You Need to Know About

About Nicole Pajer

Nicole Pajer is a Los Angeles-based freelance published in The New York Times, Woman's Day, AARP, Parade, Wired, Glamour, People and more.

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Between taxes and open enrollment periods, keeping track of financial deadlines each year can be hard to do. And sometimes, you have good intentions to make decisions by certain dates and then those dates sneak up on you. Missing these deadlines, however, can sometimes result in missed opportunities to save money – or even penalties. From tax filing deadlines to health insurance open enrollment periods, here is a list of key financial deadlines to jot down in your calendar.

Tax Filing Deadline

The deadline for individual federal income tax return filing is April 15th – unless the date falls on a weekend or holiday. So, mark your calendars this year for April 15, 2025. If you miss this deadline, you may be subject to a penalty as high as 5% of your taxes due for each month that you’re late. If you think you won’t be able to make this deadline, you can apply for a six-month federal tax exemption, which would make October 15th your new deadline. To file an extension, ask your accountant or go to irs.gov/payments and check the box for automatic extension when you go to pay your taxes.

Medicare Open Enrollment

For Medicare enrollees, the Open Enrollment Period begins on October 15 and runs through December 7 of every year. This is a period in which you can assess and make changes to your Medicare Advantage and Plan D prescription drug plan to make sure that your policy is up to date to meet your needs. If you miss this window, you’ll have to wait until the following year to make adjustments. The exception to this is if you qualify for a Special Enrollment Period. This occurs if you have a special life event, such as getting married, having or adopting a baby, moving to a new home or experiencing a change in income.

Required Minimum Distributions (RMDs)

Those ages 73 and older are required to take a Required Minimum Distribution (also referred to as RMD) from their tax-deferred retirement accounts by December 31 each year (a 2023 ruling raised this age from 72 to 73). This means you need to withdraw from your 401(k), Traditional IRA, SIMPLE IRAs, and SEP IRA accounts. If you forget to do this, you may be penalized up to 25% of the amount not taken. 

Health Insurance Marketplace Open Enrollment

If you purchase your health insurance through the Marketplace, your open enrollment for coverage the following year will usually begin on November 1 and end on January 15. During this period, you can sign up for new plans, renew and change plans. Your selected plan will then begin on January 1 of the next calendar year.

If you miss this sign-up period, you will forgo the chance to not have your current plan auto renewed and may be subject to penalties in states where coverage is mandatory.

Property Tax Deadlines

Each state has its own deadlines as to when property taxes are due, but most are due in April or November. And some places give you the ability to get discounts for paying early, and others have the opportunity to pay in installments. Contact your local tax office to confirm property tax deadlines or see here and to learn about payment options per state.

FAFSA Deadline for Financial Aid

Are you helping your grandkids with college costs? Contributing to their 529 College Savings Plan can be a great way to help, as these accounts grow tax-free. With updated FAFSA rules, contributions from grandparents no longer affect financial aid eligibility. Encourage your grandkids to file the Free Application for Federal Student Aid (FAFSA) early. The deadline for the 2025-26 academic year is June 30, 2025, but many grants and scholarships are awarded on a first-come, first-served basis.

IRA Contribution Deadline

All contributions to your Individual Retirement Account (IRA) (Traditional or Roth) for the prior tax year have a deadline of being made by April 15. So, if you are filing for 2024, you will need to make contributions for the 2023 tax year by April 15, 2024.

You are eligible to contribute yourself — or your spouse if you are filing jointly — if you still have taxable income.

For 2023, you can contribute $6,500, or $7,500 if you’re age 50 or older by the end of the year, or your taxable compensation for the year.

For 2024, you can contribute $7,000, or $8,000 if you’re age 50 or older by the end of the year, or your taxable compensation for the year.

Charitable Giving Deadlines

Charitable donations can be claimed as deductions on your taxes, but only if they are made by the deadline to submit them. The deadline is to have these donations made by December 31st of each year. So, any donations you want to claim for the 2025 tax season must be made by December 31, 2025. Make sure to keep receipts and a record of your donations to make it easier to file them when you submit your taxes yourself or to an accountant.

Quarterly Tax Deadlines for Self-Employed Individuals

If you’re a retiree with a side business or are self-employed, you’ll want to pay attention to these dates. Quarterly estimated income taxes are due throughout the year with side businesses or self-employment income, quarterly estimated taxes must be paid throughout the year. The deadlines for 2025 are:

January 1 – March 31 payment period is due April 15

April 1 – May 31 payment period is due June 15

June 1 – August 31 payment period is due September 15

September 1 – December 31 payment period is due January 15

Keeping tabs on these dates can help you stay organized and avoid unwanted penalties to take the stress out of these financial necessities.

_{The information provided in this blog post is for educational and informational purposes only and does not constitute professional tax advice. It is essential to consult with a qualified tax advisor or accountant for personalized advice tailored to your specific situation. This blog post should not be used as a substitute for professional consultation. We strongly recommend seeking the guidance of a tax professional before making any decisions regarding your taxes. Brookdale and its affiliates are not liable for any actions taken based on the information provided in this blog post. Reference to any products, services, or third parties does not constitute an endorsement or recommendation.}