Keeping You on Track: Your December Financial Calendar

Maura Schauss |

By Maura C. Schauss, CFP® and Todd I. Youngdahl, CFP®

With 2020 quickly approaching, we wanted to provide a quick reminder of those items you need to tackle between now and December 31: 

December Financial Checklist

  • Use FSA funds: Funds over $500 won’t roll over into the new year. (1) There are so many creative ways to spend this money – don’t miss out!
  • Take required minimum distributions (RMDs): This applies to IRAs, 401(k)s, and inherited IRAs.
  • Perform tax-loss harvesting: Reduce your gains by realizing capital loss.
  • Complete your 401(k) contributions: The maximum contribution limits for 2019 are $19,000 or $25,000 if you’re at least age 50. (2) 
  • Make 529 plan contributions: These contribution limits vary by state, so review your individual plan.
  • Complete your Roth IRA conversions 
  • Make your charitable contributions

A Few More 2019 Items to Complete by 4/15/20

And, a reminder that you have until 4/15/20 to complete the following and still have these count towards your 2019 tax return: 

  • Roth IRA contributions
  • Traditional IRA contributions
  • HSA (Healthcare Savings Account) contributions

How We Help

Keep these dates on your calendar just as you would any birthdays or doctors’ appointments, and you’ll avoid paying costly fees and penalties. At Washington Wealth Advisors, we pride ourselves on developing comprehensive financial plans that allow our clients to accomplish their goals and live out their dreams. If you’d like to learn more about how we can help you stay on track in the new year, call our office at 703.584.2700 or email clientservices@washingtonwealthadv.com.

About Washington Wealth Advisors

Washington Wealth Advisors is an independent registered investment advisory firm serving high net worth families and small businesses. We focus on holistic financial planning and comprehensive investment management. Leveraging our core strengths of unbiased, active investment management together with a detailed annual financial planning capability, we serve your comprehensive investment and financial planning needs.

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(1) https://www.investopedia.com/ask/answers/111615/does-money-flexible-spending-account-fsa-roll-over.asp

(2) https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19000-for-2019-ira-limit-increases-to-6000