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2023 Year-End Checklist

Where did 2023 go? Here we are in October and leaves are falling and before we know it we will be in the year 2024.  What are some financial items you should be thinking about now before year-end? We are here to help you if you need a hand or a good number cruncher. Just call us at 772-781-7648, or email us at to set up an appointment.


October 15: Review affordable care options for 2024 during the open enrollment period.

October 16: Correct 2022 IRA Contributions. Last chance to correct excess contributions and avoid the 6% penalty.  One can also remove any unwanted 2022 IRA or Roth IRA for any reason. 

October 31: Provide Trust Beneficiary Documentation. Did you have a loved one pass in 2022 who named a trust as a beneficiary to an IRA or employer plan? You have until this date to provide documentation to the custodian. 

November 1: Review Medicare choices for Part D coverage.  During the open enrollment period, you can easily review your current plan and alternative plans to see if there is a better plan for you. We recommend checking each year as plans do change as well as your prescriptions. 

November 24: Buy your tax software on sale on Black Friday. Often tax software goes on sale for you to get a head start on your 2024 taxes. 

December 31:

  • Take Your Required Minimum Distribution (RMD). These must be taken on your own IRAs (now at age 73 and above for new RMDers. Previously was younger and must still continue for them) and for any inherited IRAs (including Roth). A 25% missed RMD penalty is charged if you forget and don't take them by your tax filing deadline. Did you know you can take the RMD in shares of a stock or fund?
  • Give to a qualified charity using a Qualified Charitable Distribution (QCD). If you are age 70.5 or older, you can give up to $100,000 a year from your IRA directly to a qualified charity of your choice and the distribution will be tax-free for you. This is a great way to make charitable donations that you usually make and reduce your taxable income. You can also make a once-in-a-lifetime $50,000 tax-free transfer to a charitable gift annuity or split-interest entity. 
  • Review if a Roth Conversion makes sense for you. With today's lower tax rates, it might make sense to convert some of your pre-tax dollars into Roths. We can help review your income and help you determine an amount that works for you. You can use cash or any investment. 
  • Have company stock in your 401K? You may want to consider using the Net unrealized appreciation (NUA) strategy for tax savings. Talk to us prior as this can be complicated and needs to be done correctly.
  • Split any inherited IRAs from an account owner who died in 2022 by 12/31/23. 
  • 72(t) distributions are due by year-end. If you use this strategy to avoid the 10% penalty, you must take annual distributions.
  • Gifting. You are allowed to gift up to $17,000 to any individual for the year 2023 without reporting it on a gift tax return. Each spouse may give so if married, you can double the amount.  You can gift highly appreciated investments to avoid having to take a tax hit by selling. 


October 1: Establish a Simple IRA for 2023. If you missed this date, you can work on establishing one for 2024 or start reviewing other retirement plans. 

October 16:

  • Make Employer Contributions to a Simple IRA if the business had filed an extension to the 10/16/23 deadline for 2022 taxes. 
  • Establish and Fund a SEP IRA Plan for 2022 if the business had filed an extension to 10/16/23 for 2022 taxes.

October 31:  Pay all employment taxes due for the quarter.

December 1:

Start organizing your paperwork to record all income and expenses for 2023 taxes. Are there any expenses or purchases that need to be made prior to year-end to take additional tax savings?

Leslie Trowbridge, CFP®

Family First Financial Planning

Hourly fee financial planner located in Cornelia, Georgia, serving clients throughout Georgia. Helping clients through fiduciary, objective, advice about retirement, investments, estate planning, college, and more. When you need a financial hand to hold, contact me at 772-781-7648. The main office is in Florida, but I work with residents of Georgia, existing clients in Florida, and residents in other states when allowed. 

Photo by Glenn Carstens-Peters on Unsplash