Here's a few helpful reminders regarding 2025 retirement account contributions.
The 2025 tax filing deadline is Wednesday, April 15, 2025.
CLICK HERE for a printable checklist of documents you or your CPA will need to prepare your taxes this year with respect to your CWM managed accounts.
Tax documents for CWM managed accounts held at Schwab are available for download in your Document Vault in the Client Portal. If you have yet to establish access to your CWM Client Portal, please contact us by calling the office directly at (425) 778-6160.
Non-Schwab account tax documents will be mailed directly to you by the custodian. Should you need assistance obtaining tax documents, please contact CWM no later than Monday, March 16, 2026. Requests will be processed in the order received and those received after March 16th may not be completed by the April tax filing deadline.
IRA Contribution Reminders
If you have an IRA or Roth IRA, maximum contributions for tax year 2024 are:
- $7,000 (Roth contributions are dependent upon income. Please consult your CPA before making your contribution).
- Age 50+: Catch-up contributions may be made up to an additional $1,000 for a total of $8,000.
With the passage of SECURE 2.0 Act, effective January 1, 2024 you may also be eligible to contribute to your Roth IRA using 529 rollover assets (read more on this from Charles Schwab). Please Contact Us to speak with a member of the Advisory Team to learn more.
Note: If you file your tax return prior to making your annual contribution, the IRS may require an amended return.
Below is a quick reference chart for contribution limits for various tax-advantaged savings accounts you may have. Please contact your CPA to determine which accounts you may be eligible to contribute to.
Important Reminders When Submitting Your Contributions
- Make checks payable to “Charles Schwab & Co. fbo [your name]”. Do not make your check payable to CWM.
- On the memo line of the check write “2025 IRA Contribution” and include the 8-digit account number (see image below). Not sure of the account number? The Admin team can add that information to the check provided it is received by 3 p.m. on Thursday, April 2, 2026.
- For guaranteed deposit, your contribution must be received by CWM no later than 3 p.m. on Thursday, April 3, 2025 to ensure that the check will be processed and placed into your account by the IRS deadline. (For more details on IRA contribution rules, see IRS Publication 590-A).
- Contributions can be set up to be transferred from an individual, joint, or trust account held at Schwab. If you are interested in this option, call us at (425) 778-6160 or e-mail Info@CWMnw.com.
If you have additional questions about your IRA, Roth IRA, SEP IRA, or SIMPLE IRA contribution amounts, please contact us or call (425) 778-6160 to schedule a time to speak with the CWM Team. We’re always happy to help at Comprehensive Wealth Management!
Comprehensive Wealth Management, LLC does not offer tax advice. Please consult your CPA for specific tax questions. The information herein is general and educational in nature and should not be considered tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. CWM makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.
