Year-end tax planning: Practical actions to prioritize now

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Gold embossed letters spell: J.P. Morgan. Ideas and insights. B.J. Goergen, Global Head of J.P. Morgan Private Bank Advisory.

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BJ GOERGEN: Thank you for joining us today. My name is BJ Goergen, and I lead Morgan Private Advisory here in the Private Bank. I'm joined by two of my colleagues-- Jordan Sprechman, who is the vice chair of advice, and Chris Kelly, who leads our US Wealth Strategy practice. And we're here to talk to you about year-end planning consideration.

Year-end is a really important time to think about your retirement goals, your taxes, your charitable giving goals. And there's some important year-end planning deadlines before December 31. So today, we're going to walk through a very practical checklist of the large things we think you should be thinking about.

So, Chris, let's begin with retirement planning. We have a lot of deadlines that are happening between now and the end of the year with retirement planning, but also, help us put those deadlines into context, Chris.

CHRIS KELLY:

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Chris Kelly, U.S. Head of Wealth Strategy.

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Retirement for us isn't a destination. It isn't an end game. It isn't the end of something. It is about options. It is about choices.

And one of the major options and choices is how you recreate your paycheck when you get to that time period. And that creates efficiencies for your portfolio. But that starts now. If you are accumulating for retirement, and that is one of your goals and one of the purposes you have for your money, you want to make sure that you are using all of the accounts appropriately and to the best of your ability.

BJ GOERGEN:

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Goergen.

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So what does that mean? What is an appropriate use of account?

CHRIS KELLY:

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Kelly.

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Yeah, one of those is, if you have the ability, to maximize the amount that you are giving to these accounts. So, for example, by the end of this year, if you have a 401(k), an employer-sponsored 401(k), that is what you have to put in money by the end of the year. If you have an IRA, you have until tax day to put in additional assets. So you want to make sure that you're maximizing all of those things.

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Goergen.

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BJ GOERGEN: And then how do you think about retirement planning with what's happened in the markets? And so as we're thinking about broader financial planning, the markets have shifted dramatically in 2026. And so what does that change about how we're looking at year-end assignments that we need to make?

CHRIS KELLY:

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Kelly.

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Yeah, this is really important both in retirement accounts and non-retirement accounts. In the last four years, the S&P 500 has gone up, give or take, 75%. So you could have a very different asset allocation than you did four years ago if you weren't quite paying attention to it consistently.

Let's say that you had a 50% equity and 50% fixed-income allocation four years ago, and you weren't paying attention to it. You could have a 70% equity, 30% fixed-income allocation now. And that might not be aligned to your goals. That might be taking on too much risk for you if that is your risk tolerance, if that is the path that you are on.

And there are many opportunities to, quote unquote, "rebalance those accounts." Inside of retirement accounts, you can rebalance without any tax friction. So there are no taxes for making transactions inside of your retirement accounts. However, if you are in a non-qualified account or a taxable account, you may have tax friction. You may have a cost basis and taxable gains that you have to think about.

Now, one thing that we suggest very strongly is that we tax loss harvest when we're doing this. So if I have to take my allocation from 70% equity down to 50% in order to feel comfortable and to stay on the same path towards my goals, I may want to sell some of my losers, the stocks that have not done so well, the assets that have not done so well, to balance out the assets that have done well.

And the S&P 500 this year so far-- I believe it's 330 of the 500 stocks have had a 5%-plus drawdown at some point during the year. That tells us that there is a high probability that there are some winners and some losers inside of a portfolio, and many opportunities to do this.

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Goergen.

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BJ GOERGEN: And Jordan, I know that one of the things that comes up when we're talking about retirement and retirement accounts are RMDs. So will you spend a few minutes talking about how you think about RMDs and how our clients should think about them?

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Jordan Sprechman, Vice Chair of Advice and U.S. Head of Wealth Advisory.

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JORDAN SPRECHMAN: Sure. A couple of things about RMDs. Number one is you've got to take the RMD by December 31 of this year. Now, your RMD, whether it was from an inherited IRA you might have gotten from a parent, a deceased parent, or your own IRA if you're over 73, 73 or over, is that you knew what the number was of December 31 last year. So the first thing I would do with RMDs is make sure I know exactly what the number is and then make sure I am taking that money out by December 31.

And you don't wait around, really, until the last minute, because sometimes you forget, or you don't get the right number, and you really don't want to have to be subject to that 25% penalty-- which, by the way, can get mitigated if you take out the rest before the IRS realizes that you didn't take out enough. You don't want to run into the penalty problem at all. Always with RMDs, you want to make sure you know what the exact number is, and you want to have a plan to make sure that you're taking out at exactly the right time well in advance, usually of December 31. Well in advance might mean a week before or two weeks before or whatever, but you really don't want to wait until the last day.

BJ GOERGEN:

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Goergen.

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Yeah, so it has all has time to clear. So, Chris, I want to talk a minute about rebalancing. So the portfolio that you have today on January 1, or that you had on January 1, isn't the portfolio you have today because of what's happened this year and also prior years. But I also want to think about tax-aware rebalancing. How should people think about that as they're looking at their portfolios based on what's happened this year?

CHRIS KELLY:

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Kelly.

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So if let's say there's 500 stocks inside of the S&P 500. 330 of those stocks have had a drawdown of 5% or more this year so far. That gives us a high probability that, in a portfolio, there are winners and there are losers.

This gives you an opportunity to do what's called tax loss harvesting, to rebalance your entire portfolio, to sell your losers and sell your winners to balance those out so that there is less tax friction as you're making some of these changes. And that's really important not just to do once a year or sometimes once every five years-- because as I mentioned, you could be 20% higher on the equity side of your portfolio-- but it's important to think about that every day, every week, to talk to your advisors about it on a consistent basis, so that you're making these changes on an ongoing basis.

BJ GOERGEN:

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Goergen.

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So, Jordan, I know that you always think this is a good time for people to reach out to their tax advisors and to their financial advisors. What are some of the things that people need to pull together to have those conversations?

JORDAN SPRECHMAN:

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Sprechman.

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Well, the first thing that anybody should do now that we're past October 15 and all of the accountants are finished with the 2025 filings and final payments and all that kind of stuff, now is the time to go to your accountant and ask for what is known as a pro forma. Basically, where do I stand as of right now, and what do I anticipate being able to do between now and the end of the year to minimize the taxes that I expect that I will have to owe?

Chris talked about potential losses in a portfolio. Yeah, the market is up something like 15% this year so far, and the market's been up-- it's almost doubled since 2023, more or less doubled since 2023. But there are holdings out there that people have that are held in a loss position. People are always reluctant to give up loss positions because they think there's some sort of mistake that they made. But those losses, once they're realized, actually become an asset. And you can use those losses, as Chris mentioned before, to offset gains. Those are the kinds of things that people should be thinking about towards year end-- offsetting losses with gains so that you can rebalance the portfolio to make sure it's aligned with your overall goals.

The other thing people should be talking about-- I'm sure it's going to come up a lot in the year-end conversations-- are conversations about charitable giving, because charitable giving is one of the last few remaining big deductions that are available to most all taxpayers between now and the end of the year, and taking deductions in the right way.

And that's where you want to take your positions that you hold at a gain that you've held, basically, for more than one year-- you want to take those losses between now and the end of the year so that you can maximize the deductions that you generate to ultimately reduce the taxes that you're going to owe.

BJ GOERGEN:

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Goergen.

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So let's talk about gifting, because gifting is a very powerful strategy, both gifting to members of your family but also gifting to charity. Let's spend a few minutes on some of the nuances around charitable giving. We've talked about it at this table this year, last year. But what are you seeing in conversations with clients, and what matters this year that's important?

JORDAN SPRECHMAN:

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Sprechman.

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The most important thing to remember for this year is that on January 1-- nine and a half months ago or whatever-- the law changed in a couple of significant ways.

BJ GOERGEN: This was the One Big, Beautiful Bill Act.

CHRIS KELLY: One Big, Beautiful Bill Act, much of which became effective on January 1 of this year. And the single most important thing about charitable giving this year-- we used to tell our clients, so, you know what your income is. Donate as much as you can within the confines of what you think is appropriate, and do that every single year.

Our thinking has changed now because the law has changed. The thinking now is that you want to, to the extent you think you can do, is to stack your gifts in a given year. So instead of giving, for instance-- making it up-- $100 every year for five years, maybe give $500 this year and not any money the next four years.

Because the way the economics work out, you are, in many cases-- and every taxpayer is going to be a little different, so you always have to be sure to check-- most taxpayers are going to be better off stacking gifts $500 in one year, nothing the next four years, versus $100 in each of the next five years. That's just the way the law is. And we always advise our clients to think about the tax efficiency.

Our clients may say, I don't care about the tax efficiency. I like the idea of giving $100 a year because that's the pattern that I've established. That's what I'm comfortable with. And that's OK, but we do want our clients to be aware of the economic consequences of what they're doing.

BJ GOERGEN:

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Goergen.

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It's especially important in a year where you might have had a liquidity event or you do have appreciated stocks like we've seen. So a great thing to consider. What about annual exclusion gifts?

JORDAN SPRECHMAN:

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Sprechman.

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So those are gifts that you're going to make to typically other family members, typically children or grandchildren. And the law-- again, the OBBBA changed some of the dynamics around giving to individuals as well.

The $19,000, still give-- to the extent that an individual or a married couple can give away $19,000 a year, we recommend doing that all the time-- again, to the extent they think they're comfortable doing that-- because that's the most tax-efficient thing that anybody can do, giving away that money, because it is not considered a gift by you. It's not considered income to the recipient. It's a big nothing for tax purposes, highly efficient.

What has changed this year is the introduction of what are known as Trump accounts, because with Trump accounts, the taxpayer can give up to $5,000 to a Trump account, and the money that goes into that account is going to grow tax-free, at least until that child reaches age 18. Now, Trump accounts are good only for minor children, so--

BJ GOERGEN: Under 18.

JORDAN SPRECHMAN: Under 18.

BJ GOERGEN: But for all kids under 18.

JORDAN SPRECHMAN: But for all kids under 18.

BJ GOERGEN: I think that's something that surprises people. The government is matching $1,000 to people born, I think, between--

JORDAN SPRECHMAN: 2025 and 2028.

BJ GOERGEN: But anyone under 18 can open one.

JORDAN SPRECHMAN: Anyone under 18 can have one opened, and then those contributions go in, and they are tax-free. As long as the money stays in those accounts, they're going to continue to grow tax-free. They're kind of like an IRA in that sense.

BJ GOERGEN:

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Goergen.

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How do you all think about modeling annual exclusion gifts? I know one of the things, Chris, your team does is encourage someone having a wealth plan to really understand some of their goals and priorities. Do you see people planning for annual exclusion gifts?

CHRIS KELLY:

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Kelly.

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Yeah, there's two different things. Is there willingness, and is there capacity? So do you have capacity to give away the gift and get it off your balance sheet to give it to someone else, and do you have a willingness to do so?

Some folks have strong conversations with their family members when they give the gift so that they are not only giving the economics, they are also giving the spirit of the gift. We have a lot of those conversations.

BJ GOERGEN:

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Goergen.

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And then something I wanted to ask both of you about Trump accounts-- how do you encourage people to think about Trump accounts alongside 529s, alongside UTMAs? How should we be thinking about them?

JORDAN SPRECHMAN:

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Sprechman.

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So this all falls within the category of that $19,000 annual exclusion. The real question is, where do you want your $19,000 annual exclusion to go? Do you want it to go to a 529 account or a Trump account? Which, by the way, if you are giving to those kind of accounts, you have to give cash, basically. If you wanted to give just the annual exclusion gift to a brokerage account that's set up for the benefit of a minor child, for instance, or to an UTMA account, really, you could give stock if you wanted to.

One of the things that we always have conversations with our clients about is don't give so much the stuff that has already appreciated. Give the stuff that you think is going to appreciate in the future. Because anytime you make a transfer of an asset like a stock position that you bought five years ago-- maybe that you bought it was $10,000, now it's worth $19,000-- if you give that stock now, all that you're doing is you're giving a child, or a trust for the child's benefit, an asset with an embedded capital gains tax liability in it.

So it's always best-- all else being equal-- and all else is never equal-- but all else being equal, you're better off giving away something with high basis-- cash, preferably-- that's the easiest-- and then taking that cash and investing it in something that you think is going to go up in value.

CHRIS KELLY:

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Kelly.

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Yeah, so it's all about the purpose. And the purpose dictates the place it should go. Is it an outright gift to help somebody with their house? Is it only for college and only for education? It should go into the most tax-advantaged account.

BJ GOERGEN:

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Goergen.

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So one of the things I know, Jordan, that we were just able to do is our JP Morgan Charitable Giving Fund can now help our clients donate to Trump accounts. Why would someone want to do that? And will you talk about the fact that that's now a tax-deductible contribution?

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Sprechman.

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JORDAN SPRECHMAN: The thing-- I mean, people will want to do that if they want to help out the children in their community. Because again, if you make a contribution to a charitable organization that has been approved to accept these kinds of gifts, then you get an immediate charitable income tax deduction, and those funds can then be distributed by the fund to children in that specific civic community. And that actually, I think, is quite an interesting and valuable thing to do.

And we have a lot of clients who have, in fact, done that already or are planning to do that, making contributions to a charitable organization of some kind, whether it's our donor-advised fund or another charitable organization. And then that charitable organization, in a non-discriminatory way, makes distributions of those funds to children in that community.

BJ GOERGEN:

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Goergen.

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All right. So people could be thinking about them both within their own families, but also on behalf of children in their community, if they have an interest and a desire to do a little bit more.

JORDAN SPRECHMAN: Yes.

BJ GOERGEN: Anything else on year-end planning that either of you want to make sure we address?

JORDAN SPRECHMAN:

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Sprechman.

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Well, just as a reminder, we talked a little bit about 529 accounts before. One of the beauties of 529 accounts, in addition to the tax-free growth and the tax-free distribution, is that you can load up-- you can front-load contributions in a given year. So, in other words, even though the annual exclusion is $19,000-- we'll just stick to an individual taxpayer for right now-- that taxpayer can give $95,000 to a 529 account this year for the benefit of a child who they anticipate is going to school.

The only thing is that you can't make a gift to that child for the next four years, more or less. Minor exceptions here and there. But the ability to get that money into a 529 account earlier means that there's going to be tax-free growth in that account that much quicker. And that's obviously a good thing.

CHRIS KELLY:

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Kelly.

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Yeah, and the one thing for me is to think about it-- especially if you're thinking about a Roth conversion, to understand and record how much you've given to your IRAs that are both deductible and how much is nondeductible. That's very important when you're withdrawing or when you're converting to a Roth.

BJ GOERGEN:

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Goergen.

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So it's a really important time to have these conversations with your advisors, and to do it now instead of waiting until year end. I hope that you have enjoyed this conversation where we've talked about some retirement strategies, some tax strategies, some gifting strategies, and really some financial planning strategies to get you equipped between now and the end of the year.

Please reach out to your JPMorgan advisor. We're here to help. We're here to partner with you as you think about having these important conversations.

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