{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"145: Your Year-End Financial Checklist: 10 Things to Review Before December","description":" \u201cDecember is probably too late to scramble around and logistically get stuff done.\u201d Our host Stephanie McCullough counts just nine work weeks left in the year, so she and co-host Kevin Gaines walk through a ten-item year-end checklist. Needless to say, these are best tackled months in advance rather than during the December scramble! They cover the year-end deadlines. Contributions to 401(k)s must land by December 31, even though IRA contributions can wait until April 15, and a bonus paid in January counts toward next year. For 2026, the limit is $24,500, with an $8,000 catch-up from age 50 and a larger $11,250 "super catch-up" for ages 60 through 63. Required minimum distributions can't slide past year-end either. A missed one carries a 25% penalty on the shortfall, which is especially painful on inherited Roth IRAs. Gifts up to $19,000 per person avoid gift-tax filing, and charitable giving now carries a half-percent-of-income floor for itemizers. Donor-advised funds and qualified charitable distributions help with giving, too. Next, review your tax picture. A low-income year may open the door to Roth conversions, while capital gains and other surprises can trigger higher Medicare IRMAA surcharges two years later. Stephanie and Kevin also talk about precautionary measures, what they appropriately call your \u201csmoke detector batteries\u201d: check your cash cushion, beneficiary forms, powers of attorney, and scam defenses, then start casual conversations with family about money. Kevin adds a surprise eleventh item for anyone planning a net unrealized appreciation move on company stock: empty the 401(k) by December 31, or the tax bill balloons.   Key Topics: 401(k) Deadlines vs. the IRA Grace Period (02:55) RMDs and the Inherited IRA Roth Trap (09:35) Gifting: The $19,000 Rule (16:05) Review Your Taxes: Roth Conversions and Aunt IRMAA (19:16) Charitable Giving Gets a Floor (27:43) Donor-Advised Funds and QCDs (31:46) Tax-Loss Harvesting: Making Losers Useful (36:57) Smoke Detector Batteries: How Much Cash Do You Have? (40:32) Beneficiary Forms and Estate Documents (42:17) Scams, Passwords, and Cyber Safety (43:56) Talking to Your People About Money (about 45:50) Surprise #11: The NUA Deadline (47:46)   Resources: Take Back Retirement Episode 33: What Women Need to Know about the Estate and Gift Tax System: https:\/\/takebackretirement.com\/podcasts\/what-women-need-to-know-about-the-estate-and-gift-tax-system\/ Take Back Retirement Episode 142: Don\u2019t Wait Until 65: Medicare Planning For Gen X And Beyond with Danielle Kunkle Roberts: https:\/\/takebackretirement.com\/podcasts\/dont-wait-until-65-medicare-planning-for-gen-x-and-beyond\/ Take Back Retirement Episode 78: The Essential Rules to Know When You Inherit an IRA: https:\/\/takebackretirement.com\/podcasts\/the-essential-rules-to-know-when-you-inherit-an-ira\/ Take Back Retirement Episode 83: Combating Fraud and Protecting Your Financial Future with AARP\u2019s Kathy Stokes: https:\/\/takebackretirement.com\/podcasts\/combatting-fraud-and-protecting-your-financial-future-with-aarps-kathy-stokes\/ Take Back Retirement Episode 112: Navigating Family Wealth Transfers: Emotional Intelligence and Effective Communication with Jill and Sean Maher: https:\/\/takebackretirement.com\/podcasts\/navigating-family-wealth-transfers-emotional-intelligence-and-effective-communication-with-jill-and-sean-maher\/ American Financial Management Group Newsletter: https:\/\/afmgplanning.kit.com\/profile   If you like what you\u2019ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com   You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie of Sofia Financial on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin of American Financial Management Group on Twitter, Facebook, YouTube and LinkedIn. ","author_name":"Take Back Retirement","author_url":"http:\/\/takebackretirement.com\/","html":"