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Financial Fitness

Year-End Investment Planning Checklist

These actions can help you stay on track to reach your financial goals.

September 28, 2020

Taking these ten actions before year-end will help ensure you’re still working toward your financial goals—and that you’re prepared for the upcoming tax season.

  1. Review your portfolio with your financial advisor to help ensure your allocation still aligns with your goals.
  2. Ask your financial advisor for a realized and unrealized gain/loss report to assess the income and/or capital gains you should expect this year.
  3. Determine whether the 0% capital gains rate will apply to your situation this year.
  4. Review tax-loss selling strategies if you have capital gains. If you wish to realize a loss but keep your exposure to a depreciated sector or security, remember, November 30, 2020 is the last day to double up a position to help avoid a wash sale.
  5. Meet with your tax advisor to prepare preliminary tax projections and evaluate whether to defer income or accelerate expenses.
  6. Determine if any adjustments are needed to tax withholding or estimated payments.
  7. Make maximum contributions to your employer retirement accounts; if contributing to your IRA, the deadline is April 15, 2021.
  8. Develop a plan to complete charitable and family member gifts by year-end.
  9. Consider funding an HSA before year-end, if eligible, to claim a 2020 deduction.  Also, review HSA/FSA balances and note that over-the-counter medications are now a qualified expense starting in 2020.
  10. Prepare for filing tax returns by organizing records or receipts for income and expenses.

Additional Resources

Learn more from Wells Fargo Advisors about tips to help take the stress out of Tax Day and feel more confident with your tax strategy throughout the year.

Learn about three actions that can potentially improve your financial well-being.

Wells Fargo Advisors is not engaged in rendering legal or tax advice. If legal or tax assistance is required, the services of a competent professional should be sought.