Year-End ChecklistSubmitted by Pinnacle Wealth Management Group, Inc on November 13th, 2019
- Did you sell a major asset like your home, business, or other real estate?
- Did you transfer any major financial assets?
- Did you refinance your house?
- Did you receive a gift or inheritance?
- Did you lose a loved one?
- Did you change jobs?
- 50: Now you can make catch-up contributions to IRAs and some qualified retirement plans.
- 55: If retired, you can take distributions from 401(k) plans without penalty.
- 59 ½: You can take distributions from IRAs without penalty.
- 62-70: You can apply for Social Security benefits.
- 65: You can apply for Medicare.
- 70 ½: You must begin taking Required Minimum Distributions (RMDs) from IRAs.
- Call me to schedule a complimentary financial review (734) 667-5581.
- Consider if the 3.8% Medicare surtax on unearned income applies to you.
- Confirm investment goals, strategies and review asset allocation.
- Revisit income and savings needs.
- Review life insurance policies and costs.
- Take Required Minimum Distribution from IRA.
- Review overall retirement income strategy.
- Analyze Roth IRA conversion scenarios: full vs. partial vs. none.
- Max out 401(k) or IRA contributions including catch-up contributions.
- Open a retirement plan if newly self-employed.
- Is there a severe illness in the family?
- Do you have a family member in need of assisted living?
- Estate planning review - get estate documents in place. Review advanced year-end gifting strategies.
- Make any cash gifts to family members and/or plan charitable contributions.
- Review Health Savings Account contributions.
- Spend down your Flexible Spending Accounts for healthcare and/or childcare.
- Calculate medical insurance deductible, and, if not met, consider holding off on certain medical treatments until Jan. 1. If met, consider the opposite.
- Evaluate your family’s benefit needs during your employer’s open enrollment period.
- Review Medicare enrollment options.
- Review sales of any appreciated property including, but not limited to, real estate and artwork.
- Collect cost-basis information on sold securities.
- Review realized and unrealized gains and losses.
- Check loss carry-forwards from last year.
- Identify transactions that could improve tax situation.
- Have a tax advisor prepare a year-end tax projection, including AMT.
- Review potential deductions and credits before the end of the year.