In a stand mixer or with hand beaters, cream together the butter, sugar, vanilla extract and almond extract until creamy.
Add the flour, mix on low until completely combined.
Cover and chill the dough for 1 hour.
Preheat oven to 350°F and line cookie sheets with parchment paper.
Using a small cookie scoop or rounded tablespoon, scoop dough and place it 2 inches apart on cookie sheets. Roll the dough into smooth balls.
Using your thumb, make an indent in the center of the ball. Smooth out any cracks with your hands.
Stir the jam and add a heaping ¼ teaspoon to each indentation.
Bake the cookies for 14-16 minutes until the edges are set and no longer look glossy and they are very lightly browned.
Let cookies cool on pan for 2 minutes and then remove to wire rack to cool completely.
Whisk the powdered sugar, almond extract and water until smooth. Drizzle or pipe the glaze over cooled cookies. Let cookies sit until glaze has hardened.
Store in an air tight container between layers of wax paper.