Last minute tax planning before 2020

Good Morning CT at Nine

(WTNH) — With less than a week left of 2019, Stuart Pearl of Southern CT Tax Group shares last minute moves you should consider before the new year.

  1. Offset capital gains from mutual funds and investments before 12/31.
  2. Take proper required minimum distributions from IRAs and 401ks or get hit with a 50% penalty on amounts not taken.
  3. payroll tax withholding
  4. Pay quarterlies if they were required. Otherwise potential federal and state penalties.
  5. Last chance to contribute to your 401k
  6. Contribute to a 529

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