The end of 2024 is approaching quickly, and it’s easy for financial to-do’s to slip through the cracks during the holiday season. Here’s a list of essential year-end tasks and deadlines to review before time runs out.

To ensure we have time to complete your requests, please contact us by no later than December 6 if you need our assistance with any of these tasks.

Consider a Roth IRA conversion

• If you need our assistance with a Roth IRA conversion, please contact us by no later than December 6.

Take your required minimum distribution (RMD)

• If you are 73 or older, or have an inherited IRA, you must complete your RMD by December 31 (there are some exceptions).

Make tax-deductible charitable gifts

• If you’d like help making a charitable donation, please contact us by December 6 so we have time to complete your request.

Consider a Qualified Charitable Distribution (QCD)

• If you’re 70½ or older, a QCD allows you to donate up to $100,000 directly from your IRA to a qualified charity. This can also count toward your RMD. Please contact us by December 6 if you need assistance making a QCD.

Make contributions to your IRA

• You technically have until April 15, 2025, but why wait?

Make contributions to your 529 Plan

• For Minnesotans, up to $3,000 (for married couples) of a contribution is deductible from state income taxes.

Review and update all beneficiary forms, including your employer plan, insurance policies, and/or annuity forms

• Did any big life events happen to you this past year? Your beneficiary forms may need to be updated.

Make a gift to your children

• The maximum gift without needing to file a gift tax return for 2024 is $18,000 per person, and $36,000 for a married couple.

Consider your tax gain/loss harvesting opportunities

• Depending on your tax bracket, harvesting gains on investments could be a tax-planning opportunity.

Start planning your 2025 budget

• Organize your finances early to make budgeting easier for the new year and consider setting aside extra cash for any larger-than-expected expenses. Many tools are available to help you track spending and stay on course.

If any of these items are pending on your to-do list and you'd like our help checking them off, give us a call today.

The Year-End Checklist is being provided for informational purposes only. Moreover, no client or prospective client should assume that this content serves as the receipt of, or a substitute for, personalized advice from Affiance Financial, or from any other professional. In addition, this content is not intended to provide specific tax advice. For specific tax advice, the services of an accountant should be sought. Affiance Financial does not serve as an accountant and does not prepare tax returns. 

Advisory services offered through Affiance Financial, a Registered Investment Adviser. Securities and advisory services offered by Registered Representatives and Investment Advisor Representatives through Private Client Services. Member FINRA, SIPC. Affiance Financial and Private Client Services are unaffiliated entities.