By The Galecki Financial Management Team
Some of the most important financial decisions you can make this year have one thing in common: a December 31 deadline. If you miss it, you could lose out on valuable planning opportunities or, in the case of certain retirement withdrawals, face an IRS penalty.
This year brings additional considerations, as 2026 marks the first tax year under the new charitable giving rules introduced by the One Big Beautiful Bill Act. That means your giving strategy from last year may need another look. At Galecki Financial Management, our approach to wealth management in Fort Wayne centers on helping families keep more of what they’ve built. Below, our team shares a year-end checklist, organized by deadline, to help you make the most of the opportunities still available before December 31.
Your 2026 Year-End Deadlines at a Glance
| Task | Who it applies to | Deadline |
| Take your Required Minimum Distribution | IRA and 401(k) owners age 73 or older | December 31 (April 1, 2027, for a first RMD) |
| Make Qualified Charitable Distributions | IRA owners age 70½ or older | December 31 |
| Complete Roth conversions | Anyone with pre-tax retirement savings | December 31 |
| Harvest investment losses | Taxable account owners | December 31 |
| Finish 401(k) contributions | Workers with an employer plan | Your final 2026 paycheck |
| Fund IRA and Indiana 529 contributions | Savers and Hoosier families | April 15, 2027 |
When Are Required Minimum Distributions Due
Required minimum distributions (RMDs) are the yearly withdrawals the IRS requires from traditional IRAs and most workplace plans. They start at age 73 if you were born between 1951 and 1959, or at 75 if you were born in 1960 or later. Each RMD is due by December 31, except your first, which can wait until April 1 of the following year. However, waiting will stack two withdrawals into one tax year, and that extra income can push you into a higher bracket and raise your Medicare premiums.
A missed RMD costs 25% of the amount you should have withdrawn, reduced to 10% if you correct it within two years. Here’s a helpful planning detail: if you’ve underpaid estimated taxes this year, you can have extra tax withheld from a December RMD. The IRS treats withholding as if it were paid evenly through the year, which can help avoid an underpayment penalty.
What Changed for Charitable Giving in 2026?
The One Big Beautiful Bill Act reshaped charitable deductions this year in both directions. (Our article, The One Big Beautiful Bill: Unpacking the New Tax Law, covers the wider law.)
If you take the standard deduction, you can now deduct up to $1,000 of cash gifts ($2,000 for married couples filing jointly) made directly to qualified charities. Gifts to donor-advised funds, which are charitable accounts you fund now and grant from later, don’t count.
If you itemize, only giving above 0.5% of your adjusted gross income (AGI), meaning your income before deductions, is now deductible. In a hypothetical example, a couple with $200,000 of AGI would get no deduction for their first $1,000 of gifts.
Anyone 70½ or older should consider taking a closer look at the qualified charitable distribution (QCD). A QCD sends money directly from your IRA to a charity, up to $111,000 per person in 2026. It counts toward your RMD and stays out of your taxable income, so the new floor doesn’t affect it. Because the firms holding your IRA need time to process these gifts, we suggest submitting requests by early December.
Which Tax Moves Have a December 31 Deadline?
A Roth conversion moves money from a pre-tax IRA into a Roth IRA. You pay income tax on the converted amount now, and qualified withdrawals later come out tax-free. If you’re 65 or older, run the numbers first. The new $6,000 senior deduction ($12,000 when both spouses qualify) starts phasing out once income passes $75,000 for single filers or $150,000 for joint filers, so a conversion can shrink that deduction too.
Tax-loss harvesting means selling investments in a taxable account that are worth less than you paid and using those losses to offset gains elsewhere. Buying the same or a nearly identical investment within 30 days before or after the sale delays that tax benefit.
If you’re still working, compare your 401(k) contributions with the 2026 limits: $24,500, plus an $8,000 catch-up at age 50 and older, or $11,250 at ages 60 through 63. Workers who earned more than $150,000 in Social Security wages from their employer in 2025 now have to make catch-up contributions as Roth contributions, which we cover in New 401(k) Catch-Up Rules Explained by a Fee-Only Advisor.
Coordinating Your Year-End Wealth Management in Fort Wayne
These decisions all affect one another. Because an RMD increases your taxable income, it directly alters the cost of a Roth conversion and can change whether a QCD or cash gift makes more sense. That’s why Galecki Financial Management’s approach to wealth management in Fort Wayne coordinates your investments and tax planning under one roof, backed by our in-house CPA, Andy Young. As a Fee-Only firm, we’re paid only by our clients and earn no commissions.
If you’d like a second set of eyes on your year-end wealth management checklist, November is the time to start, while every option is still open. To schedule a meeting, call (260) 436-8525 or email [email protected].
Frequently Asked Questions
When is the RMD deadline for 2026?
For most retirees, it’s December 31, 2026. If you turn 73 this year, your first RMD can wait until April 1, 2027, but your 2027 RMD is still due by December 31, 2027. Two withdrawals in one year can raise Medicare premiums, which we explain in How to Plan for Healthcare Costs in Retirement (Beyond Medicare).
Can a QCD count toward my RMD?
Yes. If you’re 70½ or older, a QCD sent directly from your IRA to an eligible charity counts toward your RMD, up to $111,000 per person in 2026. Charitable Giving Before Year-End: Tax-Smart Strategies covers more ways to give.
Which year-end tax moves can wait until April?
You can make 2026 IRA contributions (up to $7,500, or $8,600 at age 50 and older) until April 15, 2027. Indiana529 contributions (formerly CollegeChoice 529) made by the state filing deadline can also count toward the prior year’s 20% credit, worth up to $1,500. For more ideas, see 3 Smart Pre-Filing Tax Moves From Fee-Only Advisors.
Do I need a local advisor to coordinate my year-end tax planning?
While many financial moves can be handled digitally, working with an independent firm providing wealth management in Fort Wayne helps your plan account for local and state-specific rules (like Indiana529 tax credits) alongside federal deadlines for RMDs and Roth conversions.
About Galecki Financial Management
At Galecki Financial Management, we help individuals and families confidently pursue their financial goals. We’re anything but a business-as-usual wealth management firm. We’re different. Friendly. Casual. And really good listeners. Indeed, that’s a big part of what makes us different. Everything we do is based on what we hear from you, because our experienced team of professionals specializes in comprehensive financial planning, cash flow analysis, IRA rollovers, financial services, money management, estate planning, retirement planning, and advising. We help you identify your short- and long-term goals, and then we work together to pursue them. Lastly, and most importantly, we’re Fee-Only, meaning we’re only compensated for our time. Our only incentive is to help you succeed.