Your Fall Tax Planning Checklist: High-Value Moves to Make Before December 31

1. Look Hard at Your Roth Conversion Window 

The years between retirement and the start of required minimum distributions at age 73 are often the lowest-income years of a lifetime. That gap is where partial Roth conversions do their best work, moving money out of a growing pre-tax balance at a bracket you choose rather than one the RMD schedule chooses for you later. 

The One Big Beautiful Bill Act made the current brackets permanent, which takes away the rush of converting before rates rise, but not the case for filling a lower bracket on purpose. The one thing to consider there is that a conversion raises your income in the year you make it, which can reach the new $6,000 per-person senior deduction (phasing out above $75,000 of MAGI for single filers and $150,000 for joint filers) and your Medicare premiums two years later. Conversions must be completed by December 31. There is no extension. 

2. Confirm Your RMD Before the December Rush 

Required minimum distributions generally begin at age 73. If this is your first RMD year, you may delay that first distribution to April 1 of next year, but then you would take two distributions in the same tax year, which can push you into a higher bracket. Every other year, the deadline is December 31. 

The penalty for falling short is 25% of the amount not taken, reduced to 10% if corrected promptly, so a missed account is expensive. IRA amounts can generally be aggregated and taken from one IRA, but employer plan balances such as 401(k)s are calculated and distributed plan by plan. 

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3. Use Qualified Charitable Distributions to Give More Efficiently 

Charitable giving got more complicated in 2026. Itemizers must now clear a floor equal to 0.5% of adjusted gross income before charitable gifts become deductible at all, and taxpayers in the top bracket see the value of the deduction capped at 35 cents on the dollar. 

A qualified charitable distribution steps around both issues. If you are 70½ or older, you can direct up to $111,000 in 2026 from an IRA straight to a qualifying charity. Spouses with separate IRAs each have their own limit, so a couple can direct up to $222,000. The amount is excluded from income rather than deducted, it counts toward your RMD, and it lowers AGI, which can help with Medicare premiums and the taxable portion of Social Security. 

A few things to consider there. QCDs work only from IRAs, not from 401(k) or 403(b) plans. They cannot go to a donor-advised fund or a private foundation. And the funds must actually leave the account by December 31, so start the paperwork in early December rather than the last week of the year. 

4. Harvest Losses While the Market Is Broadening 

Even in a strong year, individual holdings fall out of step with the index. Selling positions at a loss lets you offset realized gains dollar for dollar, then apply up to $3,000 against ordinary income, with anything left over carrying forward indefinitely. 

A broadening market makes this more useful than it sounds, because it often creates a reason to trim a concentrated winner at the same time. The gain from rebalancing and the loss from harvesting can meet in the middle. Just watch the wash sale rule: buying the same or a substantially identical security within 30 days before or after the sale disallows the loss. 

5. Re-check Beneficiary Designations Against Your Estate Plan 

This is the item most often skipped and the one most likely to cause real damage. Beneficiary designations control the account regardless of what your will says. An outdated form can send a retirement account to a former spouse, to an estate that then pays it out on an accelerated schedule, or to a trust that no longer exists in the form it did when you named it. 

The rules on the receiving end have changed too. Most non-spouse beneficiaries must empty an inherited IRA within 10 years, and when the original owner had already begun taking distributions, annual withdrawals are required during that window as well. That timing often lands on an adult child in their peak earning years. Any marriage, divorce, death, birth, or estate plan change since your last review is reason enough to pull the forms. 

Bonus Tip: Watch the Two-Year Medicare Lookback 

Medicare income-related surcharges are based on the income you reported two years earlier. A large Roth conversion, property sale, or realized gain in 2026 shows up in your 2028 premiums. That is not a reason to avoid a good decision, only a reason to price it before December. 

Put the Checklist to Work 

None of these moves is complicated on its own. What makes year-end planning hard is that they interact. A conversion changes your QCD math. A harvested loss changes what you can afford to rebalance. An RMD changes the deduction you qualify for. The value comes from sequencing them together, in October and November rather than the last week of December. 

At WHZ Strategic Wealth Advisors, our Plan Well. Invest Well. Live Well. process is built for this kind of coordinated review, working alongside your CPA and estate attorney so the pieces line up before the deadline. 

Schedule a complimentary discovery session at whzwealth.com or call us at (860) 928-2341 to review your year-end opportunities while there is still time to act. Together, we can help you move forward with Absolute Confidence. Unwavering Partnership. For Life. 

Authored by Holly C. Wanegar, CFP®. AI may have been used in the research and initial drafting of this piece. WHZ Strategic Wealth Advisors does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation. This material is for informational and educational purposes only and is not a recommendation to buy, sell, or hold any security or to pursue any specific tax strategy. Tax figures cited are for the 2026 tax year and are subject to change. Roth conversions are taxable in the year of conversion and are generally irrevocable. Investments are subject to risk, including the loss of principal. Past performance is no guarantee of future results. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084, 860.928.2341. http://www.whzwealth.com. 

RELATED FAQs 

What is the deadline for a Roth conversion? 

A Roth conversion must be completed by December 31 to count for that tax year. Unlike an IRA contribution, it cannot be made up to the April filing deadline, and it generally cannot be reversed once done. 

How much can I give through a qualified charitable distribution in 2026? 

The 2026 limit is $111,000 per person. Spouses who each own an IRA have separate limits, so a couple may direct up to $222,000. QCDs are available beginning at age 70½. 

Why are QCDs more attractive under the new charitable rules? 

Beginning in 2026, itemizers must exceed a floor of 0.5% of AGI before charitable gifts are deductible, and top-bracket taxpayers see the deduction capped at a 35% benefit. A QCD is excluded from income rather than deducted, so neither limitation applies. 

At what age do required minimum distributions start? 

Required minimum distributions generally begin at age 73. The first one may be delayed to April 1 of the following year, though that results in two distributions in the same tax year. 

What is the wash sale rule? 

If you buy the same or a substantially identical security within 30 days before or after selling it at a loss, the loss is disallowed for that year. The rule also applies to purchases made in a spouse’s account or an IRA. 

Why do beneficiary designations matter more than my will? 

Retirement accounts and life insurance pass by beneficiary designation, which overrides the instructions in a will. An outdated form can direct assets in ways your estate plan never intended.