Year-End Checklist 2020

Kendra McKinney |

Year-End Checklist

Personal Changes

  • 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.
  • Required Minimum Distributions (RMDs) were suspended for 2020


  • 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.


  • Required Minimum Distributions (RMDs) were suspended for 2020
  • 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.