5 Things to Put On Your Year-End Checklist

Five Things To Put On Your Year-End Finance Checklist

BECU Investment Services

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The end of the year is busy with holidays and family vacations – but it's also a time to review your finances and what you need to do, offset, claim, buy or pay before deadlines pass. Our checklist helps you gauge what you need to do before 2023 comes to a close.

Fund Health Savings Account (HSA)

Those in high-deductible health-insurance plans can put away as much as $3,850 before taxes. For families, the figure is $7,750. However, individuals aged 55 and older can contribute an additional $1,000, increasing the limit to $4,850 (individual) and $8,750 (family)1.

Spend Flex Dollars

Unused funds in Flexible Spending Accounts are typically forfeited at year's end, so make sure to tap them for eligible health- and-medical expenses by Dec. 31. Check with your employer to confirm your plan's deadlines, as some plans don't follow the calendar year. There are two exceptions that may apply: FSA regulation provides for either a maximum of $6101 to roll over (the amount may vary from plan to plan); or, a 2½ month grace period to use the carryover portion. Plan sponsors may only offer one or the other. Check with your sponsor to find out3.

Reduce Capital Gains Taxes

Any capital losses you realize before Dec. 31 can be used to offset your gains. If your net losses exceed your gains, you can offset an additional $3,000 of ordinary income; any losses beyond that limit can be carried forward to future tax years2. This is known as “Tax Loss Harvesting.”

Take Required Minimum Distributions (RMDs)

In 2023, the SECURE Act 2.0 increased the required age to take Required Minimum Distributions (RMDs) to 73 1/23 from certain retirement accounts by Dec. 31 – or face a penalty equal to 50% of the sum you failed to withdraw. If you turned 73 1/2 this year, you have until April 1, 2023, to take your first RMD.

Contribute to a 529 Plan

Such contributions must be made before the end of 2023 in order to take advantage of any state-income-tax benefits (or to be eligible for the federal gift-tax exclusion of $17,000 per donor, per individual donated to). For instance, in 2023 a mother and father could each gift $17,000 to their child, equaling $34,000 total, without incurring gift taxes4.


Financial advisors* with BECU Investment Services are here to help. Click here to set up a complimentary consultation or call 206-439-5720.


*Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. BECU and BECU Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using BECU Investment Services, and may also be employees of BECU. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, BECU or BECU Investment Services. Securities and insurance offered through LPL or its affiliates are:

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