Sure, we all know December 31st is the deadline to make certain tax moves. But you can’t just wander into your bank or brokerage branch at 1 pm on New Year’s Eve and expect money to move by midnight.
Your Year-End Checklist
What are some realistic deadlines to get things actually completed by year-end? How can I help you to be not the most annoying person to the staff at Charles Schwab’s Cherry Creek branch this year?
- Tax-Loss harvesting of stocks/funds/ETFs: December 23rd
- Charitable donations using cash (online/credit card): December 28th
- Charitable donation by mailed check: December 17th
- Transfer of appreciated securities to a Donor Advised Fund: December 3-10th
- This will be quicker if your Donor Advised Fund and Brokerage account are at the same firm (i.e., Fidelity, Schwab, Vanguard).
- Qualified Charitable Contribution: December 3rd
- Roth Conversion: December 10th
- Required Minimum Distribution: December 10th
- 529 Plan contribution: December 20th
- Health Savings Account contributions through payroll: 1-2 payroll cycles; Early December
- Self Employed 401k first-time set-up: November 19-December 17 (depends on the speediness of your provider)
- Exercise of employee stock options: December 10th
- Annual gift tax exclusion gifts (i.e. $19k to your favorite kid): December 10th
Use the breather between Christmas and New Year’s Eve to check to make sure all actions were completed.
These times are NOT guarantees that actions will be done by December 31st! Your broker/bank may be slower or faster than the times suggested above.
This list is meant to help you prioritize year-end errands in addition to cage-fighting for mall parking.
