Tax Strategies Planning & Retirement Preparation
A step to take before year-end to optimize tax benefits.
What is tax-loss harvesting?
This fund allows you to take an immediate tax deduction and choose nonprofits to support later.
What is a Donor-Advised Fund (DAF)?
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Who is Rhonda?
This type of trust is used to transfer wealth to grandchildren while minimizing estate and gift taxes.
What is a Generation-Skipping Trust (GST)?
This is the deadline for taking subsequent RMDs.
Maximum limits for 2024 for IRAs and 401(k)s.
What is:
IRAs 7,000 (for 50+ 8,000)
401ks 23,000 (for 50+ 30,500)
This type of charitable entity is required by law to distribute at least 5% of its assets annually to maintain its tax-exempt status.
What is a Private Foundation?
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This is the 2024 annual exclusion limit.
18k for individual, 36k for gift splitting
Deadline to contribute to IRAs for 2024 (without extension).
When is April 15th, 2025?
This strategy allows high-income earners to contribute to a Roth IRA by first making a nondeductible contribution to a traditional IRA and then converting it.
What is a Backdoor Roth Conversion?
Donate these types of assets to avoid paying capital gains taxes.
What are appreciated stocks or securities?
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Who is William?
This will be the lifetime gift exclusion in 2025.
What is 13.9M?
When is the last day for tax-loss harvesting within CIO portfolios?
December 20th
The vehicles that require RMDs and the age they start.
Traditional IRAs, Traditional 401k, Inherited IRAs
April 1st of the year after client turns 73
Individuals aged 70½ or older can make these tax-free donations directly from their IRAs up to $100k.
What are Qualified Charitable Distributions (QCDs)?
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This estate planning tool allows individuals to transfer assets to beneficiaries while retaining the right to receive income from the assets for a specified period.
What is a Grantor Retained Annuity Trust (GRAT)?
Last day for 2024 account opening, last day for ACAT funding.
When is Dec 18, 2024 and Dec 19, 2024?
The penalty for not taking RMDs before the deadline.
What is 25% of the amount that should have been withdrawn but wasn't?
This type of trust allows donors to receive income for a period of time before the remainder goes to charity.
What is a Charitable Remainder Trust?
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What is GEOGHEGAN?
This type of direct payment may not be subject to the federal gift tax - does not count against their annual gift tax exclusion.
What is paying tuition directly to educational institution?
2024 DAF contribution and grant deadlines.
Credit Cards: 11:59pm EST 12/31
Checks: US Mail must be postmarked by 12/31
Wire: Initiate transfer by 12/24
Securities: Initiate transfer 12/23
Mutual Funds at JPM: Initiate transfer by 12/17
Grant Recommendations: 11:59pm EST on 12/17