December 28, 1998
End-of-year tax tips
by Tim Devlin, Edward Jones Co.
The following checklist may help you reach your financial goals before time is up for 1998:
- If you plan to convert your traditional IRA to a Roth, do so by Dec. 31, 1998, to spread your taxes over the next four years. Wait until after the deadline, and your taxes will be due all at once.
- To offset capital gains with capital losses, you must realize the loss by Dec. 31.
- If you wish to donate securities to charity for a tax write-off, they must be deposited in the recipient's account by Dec. 31.
- Make your IRA contribution. The deadline isn't until April 15, 1999, but investing earlier gives your dollar more time to grow.
- Schedule your annual portfolio review.