Broker Check

Year End Tips 2020

December 09, 2020

There are many things to do before end of year personally and financially. Here are a few ideas to help organize what may apply to you. 

Required Minimum Distributions: Although these were not required to be taken, it is not too early to review your projected mandatory amount in 2021

Charitable Contributions: If you do not itemize your taxes, you can still qualify for a charitable deduction up to $300 for 2020. If you do itemize, some previous restrictions have been limited. 
**please contact your accountant for individual tax advice**

Roth Conversion: If 2020 was a low income year, it may be worthwhile to look at a Roth Conversion on your retirement funds. 

Retirement Contributions:  Have you maximized your potential to contribute to your work plan, an Individual IRA, or a Health Savings account?

There is still time to address these amongst the many other items on your to- do list but don't wait much longer!