A. Below is a list of actions one could take before end-of-year for tax-favored accounts:
- Maximize retirement plan contribution limits
- Distribute RMDs correctly
- Roll to an IRA to make a qualified charitable distribution next year
- Make any year-end Roth conversions
- Spend funds from Flexible Spending Accounts
- Split any inherited retirement accounts
- Roll to an IRA to purchase a qualifying longevity annuity next year
- Make any 529 ABLE account contributions
For a more detailed discussion for each of the above actions, visit here.