#255 End of Year Checklist

College Education

For those of you that have or want to open a 529 for your child, to possibly maximize potential state tax deductions for 2017, need that contribution to be in before the end of the year.

Flexible Spending Accounts

Some of you have access through your employer to flexible spending or FSA accounts. Remember, this is one of those “use it or lose it” accounts. If you have a doctor’s visit you need to plan, hearing aids, contacts or prescriptions, it’s important to use this money or it will go away. Some employers allow these funds to rollover into 2018, but it’s something to keep in mind before the end of the year.

Charitable Donations

The holidays can make us think of charities we would like to support. If you want to do a charitable donation it’s important to save your receipts so you can count it for 2017. Sometimes people may overlook keeping these receipts.


For those of you that have inherited a beneficiary IRA, turn 70 ½ this year, or are older with a qualified retirement account, will potentially need to take your Required Minimum Distribution from the account before the end of the year. The amount will vary by age and the amount of the account. You can consult with your CPA or us on how much you should take out. Please keep in mind these will need to be taken before the end of the year if eligible.


Contributions for individual retirement accounts don’t necessarily have to be in by the end of the year to count for 2017. Usually, it will need to be in by the time you file your taxes or by tax deadline so long as you specify that it is in fact for the year 2017. If you are over 50 you could be eligible for a catch up. This is one of those items you don’t necessarily have to rush to get it in for 2017.


It’s unlikely that you have enough pay periods left this year to make a significant dent in contributions to your 401k but it’s important to consider for 2018. In 2018, the maximum amount you can contribute will go up by $500, so if you need to adjust your percentage to maximize 401k savings, now is a good time to get with payroll or your HR department to make that happen.

Jon Roberts, CFP®, MBA
Senior Vice President
Wealth Consultant
Email Jon Roberts here

Aimee Barnes, CLU®, ChFC®
Vice President
Wealth Consultant
Email Aimee Barnes here

Fi Plan Partners is an independent investment firm in Birmingham, AL, serving clients across the nation through financial planning, wealth management and business consulting. Fi Plan Partners creates strategies in the best interest of their clients using both fee based investing and transactional investing.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

Economic forecasts set forth in this presentation may not develop as predicted.

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