In the midst of the 4th quarter, there are several end of year items to consider when it comes to your finances. Below is a list of considerations along with our Terra Blue deadlines.
- Make sure you are on track to max fund your work-sponsored retirement accounts before 12/31.
- Ensure that you are on track to use any FSA funds prior to year end as those plans are typically “use it or lose it” plans.
- Pay attention to your benefit enrollment deadlines if applicable, it is enrollment season!
- Consider if a Roth Conversion makes sense for you for 2023. Conversions need to be completed prior to yearend.
- Charitable Contributions – whether opening a Donor Advised Fund or gifting appreciated stock, these should be completed prior to year-end for 2023 tax year.
- RMDs- If you are subject to RMDs, make sure you are on track to complete these prior to year-end.
- HSA Contributions – work with your CPA to see if you qualify
Here is a list of processing deadlines to keep in mind. Note that these deadlines are specific to Terra Blue Wealth Management.
- Establishing a new Donor Advised Fund- December 1
- 401k employee contributions- December 24
- as long as a valid bank is on file and linked to the account
- as long as a valid bank is on file and linked to the account
- Stock donations – December 15
- Roth Conversions- December 15
- RMD requests – December 15
- Note that we will also be reaching out to you ahead of this deadline if applicable
Although this may not consider all deadlines, this should give you a general list of dates to consider.
Thank you!