Year-End Investment Planning: Your December Checklist Nine actions, dates, and strategies to help keep your finances on track into 2019. 1. Maximize your contributions to your employer retirement accounts. If contributing to your IRA, the deadline is April 15, 2019. 2. Remember that the trade date, not the settlement date, determines the year of the sale and recognition of any gain or loss in most situations when selling securities you own. Trades executed on or before December 31, 2018, will be taxable events in 2018. 3. Take required minimum distributions (RMDs) if you’re age 70½ or older; discuss with your tax advisor the suitability of qualified charitable distributions (QCDs). 4. Make gifts to individuals or charities. The annual gift tax exclusion amount for 2018 gifts to individuals is $15,000. 5. Complete any Roth IRA conversions. 6. Determine if now is the time to exercise or disqualify any company-granted stock options you own. 7. Prepare for filing tax returns by organizing records or receipts for income and expenses. 8. Take precautions now to avoid tax-related identity theft; if you suspect that you’ve received a scam letter, phone call, or email, contact the Treasury Inspector General for Tax Administration at 800-366-4484. 9. Make an appointment to talk with your local Social Security Administration office early in the year if you plan to retire in 2019 or will reach full retirement age for Social Security in 2019. 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.
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