2024 Year-End Checklist


As 2024 draws to a close, it might be a good time to consider some financial housekeeping.
To help, we have prepared a financial checklist with important deadlines and topics to review.

  • Contributions to your employer-sponsored retirement plans (401(k)s, 403(b), etc.)
    • The maximum employee contribution for 2024 is $23,000, plus an additional $7,500 ‘catch-up’ for employees aged 50 and older.
    • Contributions must be made through payroll withholding by December 31. To adjust your withholding amount, contact your retirement plan administrator.
    • The contribution deadline for IRAs, Roth IRAs, and Health Savings Accounts is April 15, 2025, but we recommend making these contributions in the calendar year they are recorded as in your taxes.

  • Required Minimum Distributions (RMD)
    • For those age 73 and older, RMDs are required in 2024 from qualified retirement accounts.
    • RMDs must be taken by December 31 or receive a 25% penalty on the RMD amount not taken.
    • If you give to charity, talk with your advisor about making a Qualified Charitable Distribution (QCD) to satisfy your 2024 RMD.

  • Tax Loss/Gain Harvesting
    • Ask your financial advisor if you should sell an investment at a loss to reduce your taxes or offset gains from earlier in the year. Losses can also help offset gains from selling things like property or a business.
    • It might also be a good time to sell investments that have gained value. If you have a large loss from previous years, you can use it to offset these gains.
  • 529 College Savings Contributions
    • Contributions of up to $18,000 per person ($36,000 if married and filing jointly) can be made in 2024 and fall under the annual gift exclusion rule.
    • Contributions must be processed by December 31, and those made in the last two weeks of December may be counted for tax purposes in the following year due to processing delays.
    • State tax credits and deductions vary. Work with your advisor to find out if you qualify for additional tax benefits.

This report was prepared by Donaldson Capital Management, LLC, a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Information in these materials are from sources Donaldson Capital Management, LLC deems reliable, however we do not attest to their accuracy.

An index is a portfolio of specific securities, the performance of which is often used as a benchmark in judging the relative performance to certain asset classes. Indexes are unmanaged portfolios and investors cannot invest directly in an index. An index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Past performance is not a guarantee of future results. The mention of specific securities and sectors illustrates the application of our investment approach only and is not to be considered a recommendation by Donaldson Capital Management, LLC.

S&P 500: Standard & Poor’s (S&P) 500 Index. The S&P 500 Index is an unmanaged, capitalization-weighted index designed to measure the performance of the broad U.S. economy through changes in the aggregate market value of 500 stocks representing all major industries.

Donaldson Capital Management, LLC, is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Donaldson Capital Management, LLC, Form ADV Part 2A & 2B can be obtained by written request directly to: 20 NW 1st St#500, Evansville, IN 47708

Unless otherwise indicated, the information above is given as of the date indicated and believed to be reliable. Donaldson Capital Management, LLC assumes no obligation to update this information, or to advise on further developments relating to it. Neither the information nor any opinion expressed in this report constitutes an offer, or an invitation to make an offer, to buy or sell any securities. Any return expectations provided are not intended as, and must not be regarded as, a representation, warranty or predication that the investment will achieve any particular rate of return over any particular time period or that investors will not incur losses. Past performance is not indicative of future results.

This is prepared for informational purposes only. It does not address specific investment objectives, or the financial situation and the particular needs of any person who may receive this report.