Important Deadlines, Reminders, and Key Dates 

NOTE: Timing is Everything. Our custodians begin working on a “best-efforts basis ONLY” during the last two weeks of the year.

While they will try to get everything done:

• • They may not be able to accommodate all requests.
  • We are one of thousands of firms and advisors who will be pushing to get things done by year end.
  • Custodians may also have limited staff.

Preparing for any year-end requirements before that will help ensure they are completed in a timely manner. Here are some helpful reminders.

Required Minimum Distributions (RMDs) & Qualified Charitable Distributions (QCDs)

Don’t Wait Until December for RMDs and QCDs

• • RMDs must be removed from the IRA by December 31 or you may incur a penalty
  • They can be satisfied:
    1. By ACH OUT to a bank
    2. Journaled to a NON-retirement account or
    3. Sent as a QCD to your charity of choice 501(C)(3)

For those who do not itemize, QCDs can be a great way to give to your favorite charities with your pretax dollars, and have your donation count toward satisfying your RMD.

• • • Your 2025 QCD limit is $108k (and can help avoid tax-bracket creep)
    • Checks must be made payable to the charity and are sent via regular mail from the Custodian (e.g. Schwab) directly to the charity, or you can opt to have the check mailed to your home so you can hand deliver the check to your charity.
    • We would like to see the checks in the mail BEFORE the holiday mail rush.
    • The checks must be received by your charity BEFORE year end – we need to be sure your check is received in a timely manner and counted for 2025. Keep in mind, again, that their staff may also take year-end vacations.
    • Ask the charity for a receipt for tax purposes (this can be sent to you after year end).
    • If you need more details, please reach out to your advisor.
    • We defer to your CPA who knows your specific tax situation and what will be most beneficial for you
    • Your 1099R will NOT designate QCD vs RMD – you will need to tell your CPA you made a QCD so that you will not pay taxes on the QCD dollar amount

401(k) Retirement Plan Contributions

Maximize Contributions Before December 31

• • • All contributions must be deposited before December 31.

    • New 401(k) plans would need to be opened ideally by the beginning of December to avoid a best-efforts basis by the Custodian or any unforeseen “NIGO”s (not in good orders) that would require more paperwork to complete the opening process on time

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