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Year End Tax Info

| December 18, 2018
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We are beginning the process of evaluating capital gains in our clients’ taxable investment accounts for 2018 and wanted to let you know that taxable investment accounts may incur activity over the month of December.  While this will not apply to everyone, December presents an interesting opportunity to be tax efficient.  Mutual funds often distribute year end dividends and capital gains, and in some cases, these gains can be mitigated by capturing offsetting losses.  To the extent there is an opportunity to make your portfolio as tax efficient as possible, we are working to do just that. 


If you have any significant outside capital gains or loss carry forwards, please let us know.  It is a good idea to get information from your CPA if you are not sure.


The end of the year is also a good time to evaluate 529 College Savings Plan contributions and any gifting you might want to do.  The annual gift limit for 2018 is $15,000 (any amounts above this might trigger gift taxes).  Each individual is allowed to give up to this amount to as many people as they want.  Married couples can gift up to $30,000 to their children or grandchildren this year.  Contributions to 529 plans are considered gifts. 


Lastly, if you are over 70 ½, or have an Inherited IRA, you will need to take your Required Minimum Distributions (RMD) by December 31st.  For your IRA accounts held with us, we already have taken care of this for you. But if you have any IRAs held elsewhere (don’t forget IRAs that are held in an annuity or old 401k plans), you should be sure that you have taken the annual distribution.


Please contact us with any questions or concerns!

Happy Holidays from The Spiegelman Team


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