Don't wait to complete these important year-end tasks.

Steve Lear |

By Megan Pace

The end of 2023 will be here before we know it. And it's all too easy for our financial to-do's to get lost during the holiday season. Please don't wait until it's too late to complete these important year-end tasks!

Consider a Roth IRA conversion (12/15/23 deadline).

  • For a 2023 Roth conversion, the funds must leave the IRA or employer plan by December 31. If you need our assistance with a Roth IRA conversion, please contact us by no later than December 15 so we have time to complete your request.

Make tax-deductible charitable gifts (12/15/23 deadline for QCDs).

  • If you plan to take itemized deductions on your 2023 taxes, you may want to consider making a charitable donation before the end of the year to further reduce your tax liability. If you have a required minimum distribution (RMD), qualified charitable distributions (QCDs) may allow a tax-free transfer directly from an IRA to a qualifying charity. If you need our assistance making a charitable donation, please contact us by no later than December 15 so we have time to complete your request.
Financial Planning Discussion

Take your required minimum distribution (RMD).

  • If you are 73 or older, or have a beneficiary IRA, you must complete your RMD by December 31, 2023. There are a couple of exceptions, such as for those whose first RMD is 2023, they have until April 1, 2024, to take their first RMD. Also, there could be an exception from a retirement plan distribution for those who qualify for the “still working exception.” Please discuss with us or an accountant to see if you qualify.

Make contributions to your IRA.

  • Yes, you technically have until April 15, 2024 to make a 2023 contribution. But why wait?

Make contributions to your 529 Plan.

  • One of the greatest gifts you can give your children is a debt-free education. An added bonus for Minnesotans, a contribution of up to $3,000 (for married couples) is deductible from state income taxes. Each state has its own specific tax benefits.
College and Education Planning

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

  • Did any of these life events happen to you this past year? Births, deaths, a divorce, marriage, remarriage, or a move? Did you create a trust, receive an inheritance, make gifts, or get a new job during the year? Any of these things could mean that you need to update your beneficiary forms.
  • Did you leave your job in this past year? Those who have left their jobs and have highly appreciated stock in their company’s retirement plan may want to consider some additional tax planning strategies. Please reach out to us if this description fits your personal situation.

Make a gift to your children.

  • The maximum gift without needing to file a gift tax return for 2023 is $17,000 per person. So, a married couple could each gift a child $17,000, totaling $34,000 to each child. This type of gifting would remove assets from your estate and help the child become financially independent.

Consider your tax gain/loss harvesting opportunities.

  • For those who are in lower tax brackets, harvesting gains on investments could be a tax-planning opportunity. If you are in the zero to 12% income tax bracket, your capital gain tax is zero. Market declines this year may also provide for more significant tax loss harvesting opportunities. 

Start planning your 2024 budget.

  • For most people, budgeting is a challenging chore. Take the time now to get organized and figure out how you can best budget for the new year. There are a number of tools out there. Whatever tool allows you to stay on top of your budget is the one you should use.

If any of these items are pending on your to-do list and you'd like our help checking them off, reach out to your advisor, or give us a call today at (952) 253-2590 or email

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.