The final months of the year offer a valuable opportunity to review your finances and take action before important tax and retirement planning deadlines arrive. Whether you're looking to maximize retirement contributions, reduce taxes or make progress toward your long-term goals, a few strategic moves now can have a meaningful impact. 

To help you prioritize, we've created a checklist of key financial actions to consider before year-end. An Ameriprise financial advisor can help you evaluate which opportunities may be most appropriate for your situation and tackle these to-dos so you can end your year on a strong note. 

1. Max out your retirement accounts, if possible

Tax-advantaged retirement accounts, like IRAs and 401(k) plans, can help reduce the amount of overall taxes you owe. As the year comes to an end, look at how much you contributed in 2026 and increase, or max out, your contributions by the year-end deadline, if possible. Not only can this help lower your taxes, but it can provide an added boost to your retirement savings accounts.  

The 2026 maximum contribution limits for retirement tax-advantaged accounts are:  

• IRA: $7,500 (or $8,600 if you’re 50 or older) 

• 401(k): $24,500 (Those 50 and older can contribute an additional $8,000 and those who turn age 60, 61, 62 or 63 during the year have a higher catch-up contribution limit of $11,250.)

Deadline: 401(k) employee contributions must be deducted by Dec. 31, 2026. IRA contributions for the 2026 tax year can be made until April 15, 2027.  

Learn more: How maxing out your retirement accounts every year can pay off

2. Harvest your investment losses and gains

The final months of the year can present an opportunity to review your investment portfolio and consider whether harvesting gains or losses makes sense. With a better understanding of your annual income and portfolio performance, you may be in a stronger position to evaluate potential tax consequences before year-end. 

If you’ve experienced investment losses, you may consider tax-loss harvesting, which involves selling investments at a loss to offset the taxes owed on capital gains from other investments.  

Or if you have investment gains, you may consider tax-gain harvesting, which entails selling assets that have appreciated in value when it is most advantageous, such as during a year when you are in a lower tax bracket or when you have losses to offset the gain.  

Deadline: Dec. 31, 2026, to have your harvested gains or losses count for the 2026 tax year. 

3. Consider a Roth conversion  

By the end of the year, you typically have a good sense of your income tax bracket. If you find yourself in a lower bracket than usual, it could be a good opportunity to consider a pretax Roth conversion, which involves converting pretax assets to a Roth IRA or Roth 401(k). When you implement such a conversion, you’ll owe taxes on the converted funds for the year of conversion. And if you’re in a lower tax bracket, you’ll typically owe less in taxes on the converted funds.  

High earners who are ineligible to contribute directly to a Roth IRA because of income restrictions may want to consider initiating an after-tax Roth IRA conversion, also known as a backdoor Roth IRA, in 2026. A backdoor Roth conversion is a strategy in which you make post-tax contributions to a new or existing traditional IRA, and then convert those funds to a Roth IRA, if eligible.¹ 

Deadline: A pretax Roth conversion or backdoor Roth IRA must be completed by Dec. 31, 2026, for the conversion to be recognized in the 2026 tax year.² 

Learn more: What is a Roth IRA conversion and how does it work?

4. Defer income

If appropriate, consider postponing taxable income until next year. For example, you may be able to delay certain investment sales that would generate capital gains or postpone discretionary distributions from taxable accounts. Depending on your situation, this strategy could help reduce your current-year tax liability. 

Deadline: Most income-deferral strategies must be implemented by Dec. 31, 2026, to affect your 2026 taxable income. 

5. Review your FSA balances and deadlines

If you have a flexible spending account (FSA), now is a good time to review your balance and understand your plan's deadlines. Health care FSA funds generally must be used for eligible expenses incurred during the plan year, although some plans may offer a rollover provision or grace period. Dependent care FSAs have different rules, but it's important to ensure any eligible 2026 expenses are documented and that claims are submitted within your plan's required timeframe.³ Before year-end, review your remaining balances, identify eligible expenses and make sure you understand any applicable deadlines so you can maximize the value of these tax-advantaged benefits. 

Deadline: Review your plan's deadlines for eligible expenses and claim submissions before Dec. 31, 2026, to avoid forfeiting available FSA funds. 

6. Make charitable gifts or QCDs

The last few months of the year are a popular time for nonprofits and charities to run end-of-year giving campaigns to boost support for their causes. If charitable giving is a priority for you, consider making a year-end donation to a qualified charity. In addition to supporting organizations you care about, your gift may provide tax benefits. Taxpayers who itemize may be able to deduct charitable contributions subject to a .5% floor; and beginning in 2026, taxpayers who claim the standard deduction may also be eligible for a new deduction of up to $1,000 per person ($2,000 for married couples) for qualifying cash contributions.

If you’re age 70½ or older, consider making a qualified charitable distribution (QCD) from your IRA instead of a direct gift. QCDs count toward your RMD for the year.⁴ When you donate directly from your IRA to a charity via a QCD, the donation is not considered taxable income, and the charity will generally not owe income tax on it.  The QCD limit for 2026 is $111,000 per person. 

Deadline: Make your charitable gift or QCD by Dec. 31, 2026, for the 2026 tax year.

Learn more: How new 2026 charitable giving rules could affect your taxes

7. Give financial gifts to loved ones

If you'd like to support loved ones during your lifetime while potentially reducing the size of your taxable estate, consider making financial gifts before year-end. The annual gift tax exclusion allows a single individual to give up to $19,000 per recipient in 2026 without triggering gift tax reporting requirements. Married couples can combine their exclusions and each give up to the limit, totaling $38,000 per recipient. Financial gifts can be used to help loved ones pay for education, build savings, purchase a home or work toward other financial goals. 

Deadline: The recipient must receive the gift by Dec. 31, 2026, to count toward the 2026 annual gift tax exclusion.

Learn more: 12 financial gifts to empower your loved ones

8. Take your RMDs

If you’re age 73 or older and have an account such as a 401(k) or traditional IRA, then you are subject to the IRS required minimum distribution (RMD) rules, which mandate that a minimum amount must be withdrawn from qualified retirement plan accounts by Dec. 31 each year.  

If you do not take a distribution or if you withdraw less than required, you could face penalties from the IRS.⁵  

Deadline: Withdraw the correct RMD amount from the necessary retirement accounts by Dec. 31, 2026, to avoid tax penalties. If you turned 73 in 2026, you may have until April 1, 2027, to make your withdrawal for 2026, but would still need to take your 2027 RMD by Dec. 31, 2027.  

9. Reflect on your financial goals

As the end of 2026 nears, you may find yourself reflecting on the progress you’ve made toward your financial goals. You may want to ask yourself:  

• Are there any steps I can take before the end of the year to make more progress toward my financial goals?   

• Do I need to adjust or amend any of my financial goals?  

• Are there any new financial goals that I can start making progress on?

Deadline: There is no deadline. Consider reflecting on your goals before your next meeting with your financial advisor.

Learn more: Why you should prioritize an annual financial review

10. Meet with your financial advisor

An Ameriprise financial advisor is here to assist you in completing essential year-end financial tasks, providing the support needed to finish the year strong and continue progressing toward your financial goals.

Deadline: If you need help with any of the financial actions in this article, schedule a meeting with your Ameriprise financial advisor today.