Leaves are falling, temperatures are dropping, and the sun is setting earlier by the day. In the blink of an eye, we find ourselves nearing the end of 2026.
Before you know it, we’ll be ringing in 2027, and those 2026 tax documents will start showing up in your inbox. While the holidays are a time to relax and enjoy time with family and friends, there are a few financial items that shouldn’t wait until the new year.
To help limit unexpected tax consequences or penalties, make sure these important year-end deadlines are on your radar.
Required Minimum Distributions (RMDs)
If you have an RMD to take, this is probably the biggest “don’t miss” item on the list. Failing to take an RMD on time can result in significant tax consequences and penalties.
Sometimes, the biggest hurdle for investors is simply that they don’t need the money right now. Unfortunately, the IRS doesn’t necessarily care whether you need the money. If you are required to take an RMD, you have to take it.
The good news? You have options for what to do with the money once you take it.
If you don’t need the funds for spending, one option is to move the distribution into a non-qualified investment account, allowing you to continue investing the money rather than letting it sit on the sidelines.
If your biggest concern is the tax impact of taking a large distribution, or if you are looking for a way to support a charitable cause, you may also be able to use part or all of your RMD for a Qualified Charitable Distribution (QCD). A QCD can satisfy all or part of your RMD while allowing the distributed amount to go directly to a qualified charity. You meet the RMD requirement, potentially reduce the tax impact, and support a cause you care about: a win-win-win.
RMDs are generally due by December 31st, but it’s a good idea to address them in November or earlier. Waiting until the last minute can create unnecessary stress if paperwork, processing, or other year-end tasks cause a delay.
If you turned 73 in 2026, your first RMD is generally not due until April 1st, 2027. Keep in mind, however, that if you delay that first RMD until 2027, you will also have your 2027 RMD due by December 31, 2027. That means you could end up taking two RMDs in the same calendar year.
Tax-Loss Harvesting
For the fourth year in a row, the market has delivered sizeable returns, as of publishing this article. As a result, opportunities to sell positions at a loss may be more limited, but they can still exist.
If you would like to recognize an investment loss to offset some of your realized gains from the year, the transaction generally needs to be completed before December 31st.
Tax-loss harvesting can be a useful year-end planning strategy, but there are rules to consider, including the wash-sale rules. If you are considering selling an investment at a loss, talk with your advisor before making the trade to make sure the strategy fits your overall financial plan.
IRA Contributions
There are plenty of good reasons to contribute to a retirement account:
- Tax benefits
- Building long-term savings
- Establishing good financial habits
Unlike RMDs, you generally have more time to make an IRA contribution. Roth IRA, Traditional IRA, and certain other retirement account contributions for 2026 can generally be made through April 15th, 2027.
401(k) contributions are different. Because they are made through payroll deduction, employee contributions generally need to be made during the calendar year to count toward that year's contribution limit.
If you are looking to maximize your retirement contributions or take advantage of potential tax benefits, you have some flexibility with IRA contributions, but it’s still a good idea to start the conversation early.
One important reminder: when making an IRA contribution around year-end or after January 1st, make sure you clearly communicate which tax year the contribution is intended for. Once the calendar switches to 2027, contributions may default to the current tax year unless the prior year is specifically designated.
Roth Conversions
IRA contributions can provide tax benefits today. A Roth conversion is often about making a strategic tax decision for tomorrow.
If you find yourself in a lower tax bracket in 2026 than you expect to be in the future, a Roth conversion may allow you to pay income tax on retirement funds today in exchange for the potential to withdraw those funds tax-free in retirement, assuming all applicable Roth IRA rules are met.
Another important consideration: Roth conversions do not have an annual dollar limit in the same way IRA contributions do. Depending on your circumstances, this can make a conversion particularly valuable during a year when your income is temporarily lower than usual.
Roth conversions for 2026 must be completed by December 31st, 2026. As with RMDs, don’t wait until the actual deadline. Starting the conversation with your advisor a month or more in advance gives everyone more time to evaluate the tax implications and complete the necessary paperwork.
Charitable Contributions
A QCD isn’t the only way to support a charitable organization while potentially receiving tax benefits. You can give directly from your cash accounts, or you may consider donating appreciated securities that you have held for more than one year.
Donating appreciated securities can be an especially attractive option when you have investments that have grown significantly. Rather than selling the investment, realizing a capital gain, and then donating the cash, donating the securities directly to a qualified charity may allow you to avoid capital gains tax on the appreciation while still supporting the organization.
If you would like the current-year tax deduction but aren’t certain which charities you want to support in the future, consider opening a Donor-Advised Fund to “pre-fund” your future generosity. Learn more about that strategy from our COO, Collin Miller, CFP®, CKA®.
Charitable contributions intended to count toward your 2026 taxes generally need to be completed by December 31st. As with the other items on this list, we strongly encourage taking care of charitable giving well in advance. Transfers of securities and other non-cash gifts can require additional processing time, and the holiday season is not the time to discover that a transaction needs one more piece of paperwork.
Preparation Is Key
Financial deadlines can feel stressful, but they don’t have to be.
The good news is that nearly everything on this list can be addressed before the calendar gets down to its final few pages. Taking care of these items early can help you avoid last-minute surprises and allow you to spend more of the holiday season focusing on what matters most.
If you’re looking for more detailed information, save the date for our 'Year-End Webinar' on November 12th at 12:00pm (CT). Registration opens October 15th.
And if you’re looking for help specific to your financial situation, start by filling out our Discovery Questionnaire. We’d love to learn more about your values and goals and see if Harvest Point® would be a good fit to serve you.