5 Subjects You Should Discuss With Your CPA

Be prepared to make the most of your upcoming tax filing and plan for 2016. Discussing these items with your tax preparer could potentially save tax dollars now and/or in the future:

  1. 2015 IRAs. Am I eligible to fund an IRA for 2015? If so, what kind – a traditional IRA (deductible), a Roth IRA or a traditional IRA (non-deductible)? What about my spouse? How about an IRA contribution for 2016?
  2. Roth conversions. With the stock market down over last several months (as measured by the S&P 500 index, August 1, 2015 through January 30, 2016), my traditional IRA balances are down. Should I consider a Roth Conversion in 2016? What are the tax implications, if any?
  3. Required minimum distributions. I currently have to take Required Minimum Distributions (RMDs), although I really don’t need the RMD for cash flow. Should I consider donating my RMD or part of my RMD to charity? Speaking of charity, my contributions are generally over $5,000 a year. Should I consider using appreciated securities instead of cash? What are the additional tax benefits?
  4. Estimated tax payments. I make state estimated tax payments quarterly; the 4th quarter estimate is due January 15th, 2017. Would it better for me to make the 4th quarter estimate in December 2016 to get a current year tax deduction?
  5. Portfolio transactions. What was the result of my investment portfolio transactions for 2015? Did I have an overall gain or loss? If a loss, what is my capital loss carryforward to 2016? If there was a net gain, should we set a time in early November to discuss with my financial advisor so we can review my portfolio activity to try to drive down my tax liability?


Source: SEI Investments Management Corporation

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