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As the end of 2022 approaches, we want to remind you of some important dates and potential planning strategies to execute.

Tax Strategies:

  • Required Minimum Distributions (RMDs) from IRAs: unless this is your first year of RMDs, the penalty for not taking your RMD by the end of the year is 50% of the RMD.
  • Qualified Charitable Distributions (QCDs): If you have an IRA checkbook, the charitable donation check must be cashed before 12/31/2022. Otherwise, if the check was meant to help satisfy an RMD, the amount of the QCD may be subject to a 50% penalty for an unsatisfied RMD. 
    • If you are not familiar with QCDs, here is a short educational video: AWMI QCD Strategy
  • Roth Conversions: Even though you have until April 15th, 2023 to make IRA and Roth IRA contributions, conversions must be done within the calendar year. Now is the time to begin talking with your advisor.
  • Harvesting Losses: If you have unrealized losses in your portfolio, harvesting them may be a good strategy. Collaboration with your CPA can help you determine the impact of this strategy.

Life Events:

  • Consider 2023 Cash Needs: If you have big expenses coming up in 2023, preparing now can create flexibility and options to have cash ready.
  • Major Changes: Did you have any life events like a marriage, birth of a grandchild, death, or divorce? If yes, your estate planning documents and beneficiaries should be reviewed.
  • Income Modifications: If there is a change in your income or how it is generated, strategies beyond the planning items above may benefit you.

Reviewing your Health Insurance:

  • Maximizing your deductible: If you have met your deductible for the year or even your out-of-pocket maximum, you may benefit from getting any other medical procedures or examinations done before year-end.
  • Open enrollment: Medicare.gov and Healthcare.gov open enrollment periods begin soon.
    • Medicare.gov is from October 15th to December 7th
    • Healthcare.gov is from November 1st to January 15th, 2023, though we recommend choosing a plan before the end of the year.


Reach out to your advisor if you think any of these year-end items apply to your life.  

Nic Cohen, CFP®
Financial Advisor



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