Between holiday gatherings, travel, and everyday responsibilities, the final weeks of the year can fill up quickly. Taking time now to review your finances can help you meet important deadlines and head into 2027 feeling more prepared.
Start with the items that apply to your financial plan. Some actions need to be completed by December 31, while others give you more time.
1. Review your IRA contributions
Contributing to an Individual Retirement Account (IRA) can help you keep moving toward your retirement goals. For 2026, the combined annual contribution limit across your traditional and Roth IRAs is $7,500 if you’re under age 50 or $8,600 if you’re age 50 or older, subject to compensation and eligibility rules. Your income can also affect your ability to contribute directly to a Roth IRA or deduct a traditional IRA contribution. See the IRS contribution rules.
Start with the items that apply to your financial plan. Some actions need to be completed by December 31, while others give you more time.
If your cash flow allows, consider completing your contribution before year-end. But December 31 generally isn’t the final deadline: you typically have until the federal tax filing deadline in 2027, excluding extensions, to make a 2026 IRA contribution. Be sure your custodian applies it to the correct tax year.
2. Check your HSA contributions
If you’re eligible to contribute to a Health Savings Account (HSA), review how much you and your employer have contributed this year.
The 2026 contribution limits are:
- $4,400 for self-only coverage.
- $8,750 for family coverage.
- An additional $1,000 catch-up contribution for eligible individuals age 55 or older.
Employer contributions count toward your limit, and your eligible amount may depend on how long you qualified during the year. Review the IRS HSA guidance.
If you contribute through payroll, review your remaining deductions before the year’s final paychecks. You can generally make additional eligible contributions directly to your HSA until the federal tax filing deadline, excluding extensions.
3. Consider a contribution to a 529 education account
If education savings are part of your plan, review your 529 contributions before year-end. Depending on where you live, contributing may qualify you for a state income tax deduction or credit.
For example, Ohio taxpayers can deduct eligible 529 contributions of up to $4,000 per beneficiary per year, with excess contributions carried forward for future deductions. See Ohio’s deduction rules.
Check your state’s requirements and your plan’s processing deadlines early, so your contribution counts for the intended year.
4. Discuss whether a Roth conversion fits your plan
A Roth conversion moves money from a traditional IRA into a Roth IRA. Any untaxed amount converted generally becomes taxable income, so it’s important to consider the effect on your overall tax picture. Read the IRS conversion guidance.
To have a conversion count in the 2026 tax year, plan to complete it by December 31.
This timing also matters if you’re using a backdoor Roth IRA strategy. The contribution and conversion are separate steps with different deadlines, and existing pretax IRA balances can affect the tax treatment. Work with your advisor and tax professional before moving forward.
5. Confirm your required minimum distributions
If you’re subject to required minimum distributions (RMDs), make sure you’ve withdrawn the appropriate amount from your retirement accounts.
In 2026, RMDs generally begin at age 73, with annual withdrawals typically due by December 31. Your first RMD may be delayed until April 1 of the following year, although doing so can mean taking two RMDs in that year. Certain workplace plans have exceptions, and inherited retirement accounts have separate rules. Review the IRS RMD requirements.
If Commas manages your retirement accounts, your advisor can help coordinate the required withdrawals. Be sure to mention accounts held elsewhere, too.
6. Plan your charitable giving
Year-end is a natural time to support the causes you care about. It’s also a good opportunity to discuss how your giving fits into your tax plan.
Beginning in 2026, eligible taxpayers who don’t itemize may deduct up to $1,000 in qualifying cash donations, or $2,000 for married couples filing jointly. Itemizers face different rules and limitations. See the IRS charitable contribution guidance.
Coordinate with your advisor and tax professional before making larger gifts, and allow extra processing time for donations of investments or other noncash assets. Keep receipts and acknowledgment letters with your tax records.
7. Review your beneficiaries
Set aside time at least once a year to review the beneficiaries listed on your accounts, especially after a marriage, divorce, birth, or death in the family.
Log in to each financial institution’s portal and check both primary and contingent beneficiaries. Make sure your selections reflect your current wishes and work with your broader estate plan. If anything is unclear, bring it to your advisor and estate planning attorney.
8. Connect with a tax professional
You don’t need to wait until tax forms arrive to prepare for filing season. If you plan to work with a CPA or Enrolled Agent, reach out before January or early in the new year to confirm availability and ask what documents you’ll need.
Let your tax professional know about significant changes, such as a new job, retirement, a Roth conversion, or a large charitable gift. Starting early gives everyone more time to coordinate. If you need a referral, contact your Commas advisor.
Give yourself time
Choose the items that apply to you, gather your questions, and reach out before the December rush. Your advisor can help you prioritize the next steps around your goals and cash flow.
Not working with Commas yet? Let’s Talk! It’s a great place to start. It’s simply a chance to get to know each other, talk about what matters to you, and ask questions about how we work. Together, we can explore whether Commas feels like the right fit for you.
Commas is a wholly-owned subsidiary of Truepoint Inc., a fee-only Registered Investment Adviser (RIA). Registration as an adviser does not connote a specific level of skill or training nor an endorsement by the SEC. More detail, including forms ADV Part 2A and Form CRS filed with the SEC, can be found at www.usecommas.com. Neither the information, nor any opinion expressed, is to be construed as personalized investment, tax or legal advice. The accuracy and completeness of information presented from third-party sources cannot be guaranteed.
