Holiday Checklist for the Financially Saavy

As we gear up into the holiday season, don’t forget to wrap up your financial to-dos for the year.

  1. Retirement Contributions: Don’t miss out on stuffing your 401(k) or 403(b) to the brim! If you're 50 or over, there's an extra 'catch-up' gift of $6,500 you can add on top of the $22,500 max.

  2. Charitable Giving: Feeling generous? Think about giving appreciated stock to not only meet your philanthropic goals but to avoid paying capital gains and possibly getting a tax deduction. A Donor Advised Fund (DAF) can be a great way to manage your giving for those tax perks. It's like giving and receiving at the same time!

  3. Qualified Charitable Distributions: If you're 70½ or older, you can give up to $100,000 from your IRA and not count it as income. It's a nifty way to do good without worrying about itemizing deductions.

  4. Required Minimum Distributions: For those in the 73+ club, remember to take your RMDs from retirement accounts. Missing out could cost you a hefty 50% penalty - ouch!

  5. Roth IRA Conversions: Consider “filling up” your current tax bracket by converting some Traditional IRA money to a Roth IRA, especially if you think your tax bracket might go up later. It's like moving to a warmer climate before the winter hits.

  6. Non-Qualified Stock Options: Got NSOs? Exercise them smartly, keeping an eye on investment and tax implications.

  7. Family Gifts for Estate Planning: Planning to give gifts for estate reasons? It’s a great time to review and put that plan into action. You can give up to $17,000 each to anyone in 2023 with no gift tax implications.

  8. Year-End Tax Trades: Harvest your investment losses (or gains) to potentially save on taxes.

  9. Estate Planning Documents: Check that your beneficiaries, wills, power of attorney, and other legal docs are up to date with your current wishes.

  10. Review Your Financial Plan: If you haven't done so this year, review your financial plan to make sure your goals and strategies are in sync.

Remember, investment firms are super busy at year-end. If you're thinking about any of these moves, better to do it sooner rather than later. If you would like to discuss your situation, click HERE to schedule a chat.

Wishing you a warm, joy-filled, and financially savvy holiday season!

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