--- title: Year-End Investment Planning Checklist for 2014 description: Here's your year-end investment planning checklist for 2014. Be sure to review this and your investment plan with your financial advisor. image: https://www.letsassemble.com/hs-fs/hub/10700/file-1826978563.jpg --- [![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/) The Money Manager People TM [800-541-7774](tel:+18005417774) [![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5) [![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2) [Home](https://www.letsassemble.com/) WrapManager's Wealth Management Blog When life changes, we can help you thoughtfully respond. [< Back to read another post](https://www.letsassemble.com/wealth-management-blog) # Year-End Investment Planning Checklist for 2014 Posted by [ Gabriel Burczyk | Founder & CEO](https://www.letsassemble.com/wealth-management-blog/author/gabriel-burczyk) October 15, 2014 - [Tweet](https://twitter.com/share) [![Year-End-Investment-Planning-Checklist-2014](https://www.letsassemble.com/hs-fs/hub/10700/file-1826978563.jpg?width=215&name=file-1826978563.jpg)](https://www.letsassemble.com/wealth-management-blog/year-end-investment-planning-checklist-for-2014)It’s that time of year again—time to look back, review your investments and look forward to the coming year. Below are a few areas and tips to review with your Wealth Manager during your upcoming quarterly review. Be sure to provide as much information as possible so that any needed adjustments can be made to your investment plan, accounts and investments. ### Tax Planning Strategies Capital losses are deductible against capital gains. In 2014, up to $3,000 in net capital losses may be deducted against ordinary income. If you had net capital loss amounts in excess of $3,000, you may carry the excess forward indefinitely.1In addition to considering capital losses to reduce your tax bill, you might want to consider converting a Traditional IRA to a Roth IRA. Although there will be a current tax cost for the conversion, you won’t have to pay any subsequent gains or income that accumulate in your Roth IRA account. This assumes that your withdrawals abide by the following qualifications:2 - You’ve had at least one Roth IRA account open for more than five years; and - You are at least 59 ½ years in age at the time of the withdrawal ### Gifting and Legacy Planning Under 2014 rules, you’re entitled to transfer up to $14,000 per recipient without having to pay any federal gift tax. Together, spouses can give up to $28,000 per recipient in addition to their lifetime exclusion, which for 2014 is $5.34 million (each). Your Wealth Manager can help show how gifting can help you to achieve your goals. Thinking about college for children and grandchildren? A special provision in the 2014 tax code allows you to take five years of gift tax exclusions in a single year, up to $70,000 for each beneficiary when you contribute to a 529 plan. This can fast-track a student’s college savings plan and help you with your taxes as well.3 ### Charitable Giving This past summer, the House passed the “America Gives More Act of 2014,” which could have implications for your 2014 taxes. This legislation includes the “Charitable IRA Rollover,” which allows IRA owners who are at least 70 ½ years of age to exclude up to $100,000 per year from their income if funds are paid directly to certain public charities. If you don’t quite finish making all of your charitable contributions by December 31st, you’re still in good shape when it comes to claiming charitable contributions on your tax return. With the Charitable Giving Extension, you can continue making charitable gifts up until your tax return is due and still get credit for a tax deduction for the previous year. In other words, you could make a charitable donation in March of 2015 and still claim it on your 2014 taxes.4 ### Making Contributions to Your Retirement Account If you’re looking for a way to ease your tax burden, you can reduce your taxable income by contributing to a retirement account such as a 401(k), 403(b) or IRA, or Roth IRA. For 2014, most workers can contribute up to $17,500 to their 401(k) or 403(b) accounts. For IRA accounts, you can contribute up to $5,500 if you are under the age of 50 or $6,500 if you are 50 or older. Unlike 401(k) contributions, which must be made by the end of the calendar year, IRA contributions can be made up until you file your taxes, much like charitable contributions under the Charitable Giving Extension.5 ### Year-End Investment Planning Reminders If you’re over the age of 70 ½, it’s time to pay attention to your Required Minimum Distributions (RMD). Your Wealth Manager or our Client Services Team can provide you with the required distribution amount and also facilitate the distribution. Just make sure it gets taken care of, and it could be better to do it sooner than later since it can take several days for the transaction to be completed. What will you do with the cash once you take your Required Minimum Distribution? If you don’t need the cash, it’s possible to fulfill RMDs by transferring shares of stock from your retirement account into a taxable or non-retirement account. You could also transfer cash or shares of stock to a qualified charity. ### Reviewing Your Investment Plan As always, spend some time [going over your investment plan each quarter](https://www.letsassemble.com/wealth-management-blog/can-your-investment-plan-handle-the-markets-ups-and-downs) with your Wealth Manager to make sure it’s on track with your goals and that any recent life changes are accounted for in your plan. They can show you how you are currently allocated, where you are in terms of reaching your goals and adjust your plan if needed. As you review your investment plan with your Wealth Manager, consider the following: - [Changes in beneficiary information](https://www.letsassemble.com/wealth-management-blog/five-questions-to-ask-when-setting-up-your-ira-beneficiaries) - The possibility of consolidating investment accounts from other custodians - Anticipated sources of income/cash and how it could affect your investment plan overall The end of the year is a great time to ask your Wealth Manager questions if anything is unclear in your investment plan. It’s also a great time to make sure your spouse and beneficiaries understand your long-term financial plans. ### WrapManager as Your Year-End Resource We’re here to help you make the most of your investment planning. Give your Wealth Manager a call at (800) 541-7774 to schedule your quarterly review.  [![Like What You've Read? Subscribe Here!](https://no-cache.hubspot.com/cta/default/10700/5ce6db8c-6757-43bb-831d-b67f40d96a4c.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/5ce6db8c-6757-43bb-831d-b67f40d96a4c) [![Gabriel F. Burczyk CEO of WrapManager](http://www.wrapmanager.com/hs-fs/hub/10700/file-2468592135-jpg/images/Gabriel-Burczyk-WrapManager-Newsletter.jpg "Gabriel F. Burczyk CEO of WrapManager")](https://www.letsassemble.com/wealth-management-advisors/gabriel-burczyk)* By **[Gabriel F. Burczyk](https://www.letsassemble.com/wealth-management-advisors/gabriel-burczyk)*** *Gabriel is the President of WrapManager, Inc. and Chairman of WrapManger's Investment Policy Committee.* * *  --- Source: 1 [UBS Financial Services](http://www.ubs.com/us/en/wealth/_jcr_content/par/columncontrol_352a/col2/linklist_bf05/link.2135541119.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9XZWFsdGhNYW5hZ2VtZW50QW1lcmljYXMvZG9jdW1lbnRzLzIwMTQtdGF4LXBsYW5uaW5nLWd1aWRlLnBkZg==/2014-tax-planning-guide.pdf) 2 [Flagel Huber Flagel](http://www.fhf-cpa.com/nine-bright-year-end-tax-planning-strategies-individuals/) 3 [Morgan Stanley](http://www.morganstanley.com/wealth/wealthplanning/pdfs/wealth_taxes.pdf) 4 [Forbes](http://www.forbes.com/sites/ashleaebeling/2014/07/18/4-charitable-giving-tax-breaks-in-play/) 5 [Forbes](http://www.forbes.com/sites/ashleaebeling/2013/11/01/irs-announces-2014-retirement-plan-contribution-limits-for-401ks-and-more/) To the extent this presentation includes any state or federal tax advice, the presentation is not intended or written by WrapManager, Inc. to be used, and cannot be used, for the purpose of avoiding federal tax penalties. WrapManager, Inc. does not advise on any income tax requirements or issues. Use of any information presented by WrapManager, Inc. is for general information only and does not represent tax advice either express or implied. You are encouraged to seek professional tax advice for income tax questions and assistance. [Investment Planning](https://www.letsassemble.com/wealth-management-blog/topic/investment-planning) ### Subscribe to Updates [Subscribe to RSS Feed](https://www.letsassemble.com/wealth-management-blog/rss.xml) [![New Call-to-action](https://no-cache.hubspot.com/cta/default/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf) ### Most Recently Published ### Blog Authors [![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [**Valerie De Vol, **IACCP® Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [**Seton McAndrews, **CFP® ](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA® ](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) ![Katie - square.png](https://www.wrapmanager.com/hubfs/Katie%20-%20square.png "Katie - square.png") [**Katie O'Connor **Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor) **Important Disclosure Concerning WrapManager Blogs** Blogs found at this site have been created or supported by WrapManager. 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All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.     ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Gabriel Burczyk", "url" : "https://www.letsassemble.com/wealth-management-blog/author/gabriel-burczyk" }, "datePublished" : "2014-10-15T16:30:00.000Z", "headline" : "Year-End Investment Planning Checklist for 2014", "image" : [ "https://www.letsassemble.com/hs-fs/hub/10700/file-1826978563.jpg" ], "mainEntityOfPage" : { "@id" : "https://www.letsassemble.com/wealth-management-blog/year-end-investment-planning-checklist-for-2014", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.letsassemble.com/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png" }, "name" : "Assembly" } } ```