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Check with us about these tax savings deadlines.

 

 

Deadline for Required Minimum Distributions (RMDs):

Although not a tax savings, we still include RMDs in this checklist to make sure you take your distribution before the end of the year. Not taking your RMD can have serious tax consequences with a penalty of 50% on the shortfall.

Clients who are 70½ or older must take an RMD from their IRA and/or their Qualified Retirement Plan (QRP) for the 2019 tax year. All RMDs must be withdrawn by December 31, 2019, except those for clients who are eligible to defer their first distribution until April 1, 2020. Distribution forms must be submitted by Wednesday, December 16, 2019.

 

Deadline for Roth IRA Conversions:

You might want to talk to us about your Roth IRA conversions. If you haven’t completed any conversions this year, please contact us as soon as possible. Clients must submit a Roth Conversion Form by December 16, 2019. Forms received after that date will be processed on a best-efforts basis.

Remember that under current tax laws, Roth conversions can no longer be undone through recharacterizations. If you would like to know more about how Roth IRA conversions can increase tax savings, please give us a call.

 

Deadline for Establishing a 2019 QRP (including 401(k)):

Business owners can capture great tax savings by opening a Qualified Retirement Plan. Qualified Retirement Plans for 2019 must be established by December 31, 2019. Paperwork must be received by December 16, 2019.

 

Charitable Gifting:

This is the season for caring and giving. Charitable gifting tax strategies are a wonderful gift for the giver and the receiver. Forms for Qualified Charitable Distributions from IRA accounts must be received by December 16, 2019.

Contributions to Donor Advised Funds must be completed by December 31, 2019, so please contact us by December 16, 2019, if you require assistance. You should recommend grants from your Donor Advised Fund as soon as possible if you want the charity to receive the donation before year end. Click here to understand more about tax savings through charitable giving.

Fee Only Fiduciary

 

Platt Wealth Management is a fee-only advisor helping clients acheive their financial goals. We offer customized financial advice, financial planning and investment management. If you would like to learn more about our services or get in touch for a consultation to review your current portfolio please give us a call us, 619.255.9554.

We provide stand alone scenario based financial plans for a flat fee, retainer based and assets based investment management or a combination of both for full wealth management services.

We would love to learn more about you.

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