Tax Season Checklist
Tax Season is a practical time to review your retirement accounts. Tax documents can help you see how much you contributed to your 401(k) or IRA, whether you have old accounts from past jobs, and if you’re on track with your savings.
What to Review in Your Retirement Accounts
This guide explains what to review in your retirement accounts during tax season, including 401(k)s, Traditional IRAs, Roth IRAs, and SEP IRAs, and how these insights can help you plan for the year ahead.
Step 1: Take Inventory of Existing Accounts
Before making changes, it is important to understand which retirement accounts are currently open. Tax forms such as W-2s and 1099-Rs may reference accounts that are no longer actively monitored, including 401(k)s from previous employers.
Consider the following:
- Are there 401(k) accounts associated with former employers?
- Are there multiple IRAs open?
- Is the location of each retirement account known?
Retirement savings are often spread across multiple providers over time. Gathering details on each account can give you a clearer view of your overall savings and supports planning ahead.
Step 2: Review 401(k) Contributions
If you’ve been contributing into a 401(k), Tax Day’s a good reminder to check how much you’ve saved this year.
Key things to look at include:
- Total contributions: Check whether you’re on pace to reach your annual savings target and if you have the capacity, consider maxing out contributions to take full advantage of tax-advantaged growth.
- Employer match: If your eligible, check whether you’ve received the full match your employer offers, since missing it is essentially leaving extra money on the table.
- Changes in your contributions: Note any increases or decreases during the year, since they can affect your overall progress toward your goals.
Taking the time to review these details can help you see whether your current 401(k) contributions still align with your long-term retirement goals
Step 3: Review IRA Contributions
IRAs often require extra attention during tax season because contributions for the previous tax year can be made up until the tax filing deadline.
Items to review:
- Which accounts you contributed to: Traditional IRA, Roth IRA, SEP IRA, or multiple accounts
- Whether your total contributions stayed within annual limits
- Your eligibility to contribute is based on income and employment status
Key details by account type:
- Traditional IRA: Check if you’re eligible for a tax deduction this year based on your income and whether you have a workplace retirement plan.
- Roth IRA: Make sure your contributions are allowed based on your income.
- SEP IRA: Ensure you’re taking advantage of the higher contribution limits if you’re self-employed.
Reviewing these points can help you plan contributions for the current year and keep your retirement accounts on track.
Step 4: Review Old 401(k) Accounts
When changing jobs, retirement accounts from previous employers are often left behind. While this is a common outcome, it may be useful to review these accounts periodically.
Questions to consider include:
- Are fees higher than those of other accounts?
- Does the investment allocation still align with long-term goals?
- Is managing multiple providers creating unnecessary complexity?
Tax season is a good time to review whether consolidating your retirement accounts could make things simpler. If you have old 401(k)s, rolling over into an IRA can help simplify management and provide more investment options than those of workplace retirement plans.
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Get startedStep 5: Review Investment Allocation
Checking in on your investments now and then helps keep your retirement plan on track. It’s not about short-term market moves, it’s about making sure your plan still fits your long-term goals.
When reviewing your allocation, focus on:
- Your investment mix: Is your money spread across growth-focused and safer investments in a way that balances risk, supports your goals, and keeps your portfolio diversified?
- Changes over time: Even without adjustments, your allocation can drift as investments grow at different rates. Reviewing it helps you stay on course.
- Goal alignment: Does your current mix still match your retirement timeline and objectives? Adjustments may be needed if your goals or circumstances have changed.
Regular check-ins are a simple way to stay confident that your retirement strategy continues to work for you over the long term.
Step 6: Confirm Beneficiaries and Account Information
Retirement accounts rely on beneficiary designations that may not automatically update after life changes.
During a review, it may be helpful to:
- Confirm beneficiary designations
- Verify contact information
- Ensure account details reflect current circumstances
Keeping this information current can help prevent complications later.
Step 7: Apply Insights to the Current Year
Reviewing your retirement accounts around Tax Season isn’t just about past activity. It can help you make smarter retirement planning decisions for the year ahead. Consider:
- Adjusting your 401(k) contribution rate to stay aligned with your savings goals
- Making an IRA contribution before the tax deadline, if eligible
- Consolidating old 401(k)s or retirement accounts into one place
- Scheduling regular retirement check-ins throughout the year
Even small changes can help strengthen your retirement strategy and keep your savings on track.
Use Tax Season to Check on Old 401(k)s
Tax Day is a natural time to check in on your retirement accounts using information you already gathered. A quick review helps you see where things stand and what might need attention. This is especially helpful if you changed jobs or have multiple accounts to track.
That’s where PensionBee comes in. We help make it simple to combine your old 401(k)s and IRAs in one account while offering a 1% match (terms & conditions apply). Many rollovers happen automatically, but if yours requires extra attention, our personal rollover managers, called BeeKeepers, are ready to guide you every step of the way. With expert management and diversified portfolios with ETFs like SPY and MDY from State Street Investment Management, one of the world’s largest asset managers.
Frequently Asked Questions (FAQs)
1. What retirement account deadlines should I know for tax season?
The key deadline is the federal tax filing date (typically April 15). IRA contributions for the prior tax year must be made by this date. 401(k) contributions are tied to calendar year payroll, so the deadline to make contributions is December 31st.
2. Do I need to report old 401(k)s on my tax return?
You don’t report inactive 401(k)s, but any distributions or rollovers during the year must be reported accurately on your tax return.
3. Do I need to update beneficiaries during tax season?
Updating beneficiaries during tax season helps ensure your designations reflect life changes like marriage, divorce, or having children.
