Year-End Deadlines: Tax Planning

There are a few tax planning items that have year-end deadlines. Your advisor has likely discussed these items with you throughout the year, but we want you to be aware of these year-end tax planning opportunities:

1. Roth Conversions – if you want to convert from a Traditional IRA to a Roth and have it count towards 2020 income, please talk to an advisor before December 15th. The actual deadline is December 31st, but we want to make sure there is ample processing time.
2. Capital Gains or Losses – if you have capital gains or losses that you would like to take in 2020, that must be done by December 31st.
3. 401(k) Contributions – Contributions to workplace retirement plans like 401(k)s must be made by
December 31st.
4. $300 donation deduction – Starting in 2020, you can get a $300 Above the line deduction for donations. Meaning you do not have to itemize to take advantage of the deduction.

If you have any questions, please don’t hesitate to call us at 844-CARLSON (844-227-5766).

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