Your Year-End Financial Checklist

illustration of year-end checklist
Your Year-End Financial Checklist. Start 2019 on stronger financial footing by following this checklist to see you through the end of 2018. OCTOBER: Review your investment portfolio, making sure your asset allocation aligns with your financial goals, life events, and potential impacts from tax law changes. Determine whether the 0, 15, or 20 percent capital gains tax rate will apply to you or other family members. File 2017 federal trust/estate income tax return (Form 1041) if you're subject to extension. File 2017 federal individual income tax return (Form 1040) if you're subject to extension. Set up a SIMPLE/Safe Harbor 401(k), if applicable. Consider recharacterizing 2017 Roth IRA conversions (if you previously filed an extension). Review your Medicare Part D choices if you currently receive Medicare benefits. Enrollment window: October 15–December 7. NOVEMBER: Plan to complete charitable and family member gifts, including opening accounts and depositing contributions, before December 31. Evaluate your current retirement benefits. Review your beneficiary designations and make adjustments for significant life events. Consult the Social Security Administration,, to determine your Social Security benefits and how to apply (for those turning age 66 or planning to retire in 2018). Consult to determine how and when to apply for Medicare (for those approaching age 65 or planning to retire in 2018). Confirm your current FSA balance and verify your plan's rules for rollovers of unused funds. If the rollover option is not available to you, or if your balance exceeds the permissible amount, plan to spend the balance on qualified health care expenses before the end of the year. If you're selling assets for tax-loss harvesting purposes but want to maintain exposure, make sure your new position is in place by November 30. DECEMBER: Consider tax-loss harvesting sales to offset capital gains in your portfolio. Consider converting eligible retirement accounts to a Roth IRA, if beneficial. Complete any personal gifts and charitable contributions by December 31. Contact your relationship manager at Wells Fargo Private Bank to learn more about strategies for year-end planning. We can help you create your plan, track your progress, and suggest course corrections.

What can Wells Fargo do for you?

From wealth strategies to real estate decisions, Wells Fargo Conversations content offers perspective to help as you manage your assets.

Wells Fargo & Company and its affiliates do not provide legal advice. Wells Fargo Advisors does not provide tax or legal advice. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared.

This information is provided for educational and illustrative purposes only.


Sign up to receive monthly email updates of what’s new at Wells Fargo Conversations.

Please submit a valid email address.

Thanks for subscribing!

You should receive a confirmation email shortly.

Your privacy is important. Read our privacy policy.