1st Quarter
Prior year recap
- Final quarterly tax payments, prior year trust distributions and retirement contributions.
Planning for the year ahead
- Review Required Minimum Distributions, Qualified Charitable Distributions, Social Security, retirement contributions, tax and income needs.
Tax return prep and filing
- Gather 1099s, K1s, qualified charitable distributions (QCDs) and other tax documentation for previous year.
2nd Quarter
Estimated taxes
- Adjust quarterly or annual tax payments.
Review of last year’s returns
- What changes are needed or wanted for the next filing?
Cash flow planning
- Are there any updated spending assumptions that could impact retirement projections?
3rd Quarter
Tax return filing
- For extension filers, returns are due in October. You can also make the previous year’s retirement contributions.
Rebalance tax payments
- Lower withholding levels to avoid large refunds or increase to avoid underpayment penalty.
Charitable giving
- Plan now to avoid the year-end rush, especially if you will contribute to a donor-advised fund or use qualified charitable distributions.
4th Quarter
Before the new year
- Satisfy Required Minimum Distributions, charitable giving and tax payments. Max out tax-advantaged accounts. Harvest gains/losses. Medicare (IRMAA) surcharge analysis.
Plan for the year ahead
- Policy and tax evaluation, along with market outlook and life event consideration.