2024 Year-End

  Checklist  

Investment Strategies

Tax-Loss Harvesting

Through 2024, Athos has been actively harvesting losses. For unmanaged accounts, consider reviewing and selling positions with losses to offset gains

Ensure to avoid the pitfalls of the wash-sale rule when tax-loss harvesting

Exercise Stock Options

If you have vested & unexercised ISOs, consider exercising. Exercising can trigger the AMT, so it’s essential to analyze its impact on year-end taxes

Savings & Investments

Maintain emergency savings balance

Determine amount to add to investment portfolio; set up recurring monthly transfer

Income & Cash Flow

Inform Athos of any changes to your annual income & expected cash flow

Retirement & Savings

IRA Contributions*

Can contribute through 4/15/25

  • Contribution limit:

    $7,000

    Catch-up contribution for age 50 and over:

    $1,000

  • Contribution limit:

    $7,000

    Catch-up contribution for age 50 and over:

    $1,000

    (No tax deduction allowed, and income limits apply)

  • No annual limit

Employer-Sponsored Plans*

Make contributions before year-end

  • Contribution limit:

    $23,000

    Catch-up contribution limit for age 50 and over for 401(k) and Roth 401(k):

    $7,500

    *special catch-up limits may also apply to 403(b) and 457(b) plans

  • Contribution limit:

    $16,000

    Catch-up contribution limit for age 50 and over:

    $3,500

  • Contribution limit:

    Lesser of $69,000 or 25% of wages (20% for owners)

    Catch-up contribution limit for age 50 and over:

    Not allowed

    *Only employer contributions are allowed

RMDs

Distribute by year-end to avoid penalties

HSA & FSA

Maximize contributions if you have high-deductible heath plans

Spend FSA funds before they expire

Estate Planning & Annual Gifting

Estate Planning

Assess your estate plan to ensure it aligns with your current goals. Consider amendments for any major life or financial changes, or create a plan if you don’t have one already in place

Annual Gift Exclusion

For 2024, you may gift up to $18,000 per individual ($36,000 for married couples) without incurring gift tax. You can gift this amount to as many people as you wish

Debt & Liability Management

Review High-Interest Debt

With sustained interest rates staying at high levels, assess any high-interest or floating-rate debt. Reducing or refinancing these liabilities can save on interest costs and improve cash flow

Evaluate Opportunity for Early Payoff

Consider paying down smaller or non-essential debts to simplify your financial obligations going into the new year, especially if you have surplus cash or low-yield investments

Charitable Giving & Philanthropy

Charitable Options

Appreciated securities, cash, Private company stock (more thorough process)

  • IRA owners age 70½ and older can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. To make a QCD for 2024, IRA owners should contact their IRA trustee as soon as possible to ensure the transaction completes by year-end.

    Each eligible IRA owner can exclude up to $105,000 in QCDs from taxable income. Married couples, if both meet qualifications and have separate IRAs, can donate up to $210,000 combined. QCDs don’t require itemizing deductions.

Donor-Advised Fund (DAF)

Opening a DAF allows for immediate charitable contributions with future flexibility to choose recipients

Employer Match

Check if your employer offers a charitable matching program for increased impact

Year-End Deadlines

Be mindful of provider deadlines for donations to ensure contributions are processed in 2024. if you are an Athos client, be sure to reach out to an advisor by December 15th to process any year-end donations

*Limitations may apply to certain tax deductions, tax credits, or contributions to retirement plans, such as income limitations or limitations based on eligible expenses. Consult the IRS website or work with a tax professional to ensure all rules and limitations are considered. Deductibility of Traditional IRA contributions: If you or your spouse is covered by an employer retirement plan, your deduction may be limited or completely phased out. Roth IRA contribution limits: If your income is over certain limits, your contributions may be limited or completely phased out.

Contact us

Haylie Mathis 
For more information contact us at info@athoswealth.com