It is time to get your financial house prepared for the end of 2022. This list of questions is abbreviated to include issues with the largest impact on your finances. As always, we recommend you consult with your financial planning team and your tax advisor before proceeding.

Have you contacted your financial advisor to ask if tax loss harvesting is an appropriate strategy for you?

With the marketplace being so volatile this year, there may be opportunities for you to benefit from tax loss harvesting in your taxable accounts. You may consider realizing some losses to offset any gains or potentially write off up to $3,000 against ordinary income.

Do you know how your capital gain distributions might affect your taxes this year?

If you have investments in taxable accounts that are subject to capital gain distributions you may want to discuss tax strategies with your financial advisor.

Have you made the Required Minimum Distribution for your accounts yet?

If you are 72 or older, you may need to distribute funds from your tax deferred account, known as a required minimum distribution (RMD). Neglecting to take your RMD can lead to hefty tax penalties. If you turned 72 this year, consider scheduling an appointment with your financial professionals to discuss how your birthdate affects your finances.

Do you expect your income to increase?

Your income stream plays a large part in tax planning. There are several strategies that may be appropriate in this situation. One idea is to make an IRA contribution and/or contribute to your employer retirement plan. These and other resources may be available to offset your increase in income.

Have you considered a Roth Conversion?

With most assets down this year, it may be a great opportunity to convert assets from a pretax account to a Roth account. This strategy can create a lot of tax flexibility for people in retirement.

Have you contributed to your favorite charities?

There are a couple of ways to reduce taxes by gifting appreciated assets or making a QCD (qualified charitable distribution). Here you can watch a brief introduction to gifting strategies.

Do you expect any major financial events to occur (inheritance, bonus, etc.)?

Large increases to your overall income may trigger the need for estimated payments. Please consult with your tax support team as there may be many pieces of your plan that need adjustment because of these events.

Have there been any changes to your marital status?

Your tax situation may change dramatically. It is best to inform your tax advisor and your financial planning team as soon as you know a change may occur, so we can help you navigate this period of change. In particular, please reach out to your financial support team if you are experiencing divorce as it will likely affect your financial plan going forward.

Have there been any changes to your family or beneficiaries this year?

Significant changes like these have an impact on your estate plan and documents may need to be modified. Please consider contacting your estate planning attorney and financial advisor to alert them of these updates.

Would you like to make any gifts this year?

You may make a tax-free gift up to the annual exclusion of $16,000 (per year, per person). With the holidays fast approaching, it is wise to consider coordinating these gifts with your financial advisor and tax preparer.


As you’re reviewing 2022 and look to the year ahead, it is the perfect opportunity to evaluate your overall financial picture. There may be significant adjustments before year-end.

When you’re ready to do an evaluation of your portfolio, we are here to help. Schedule your free consultation below to set an appointment for a review of your finances.