Your Year End Money Review: 7 Checks Before December
Several money deadlines land on December 31. Seven checks to make in October, while you still have time to act on them.
This article is educational information only, not personalized financial advice. Nusafa and its authors are not licensed financial advisors, and nothing here should be read as a recommendation to buy, sell, or hold any specific investment. Read our full disclosure policy.
Several money deadlines land on December 31, and most people remember them around December 28. By then, it is too late to change a paycheck or plan a gift.
October is the better time. You still have several paychecks left, and every check below takes less than 20 minutes.
Key takeaways
- Check your 401(k) pace now. Changes only affect paychecks you have left.
- Starting in 2026, you can deduct some cash gifts to charity even if you take the standard deduction.
- If you are 73 or older, make sure your required withdrawal is scheduled.
The seven checks
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Check your 401(k) pace against the limit. For 2026, you can put up to $24,500 into a 401(k), plus $8,000 more if you are 50 or older. Ages 60 to 63 get a higher catch up of $11,250. Payroll contributions have to come out of 2026 paychecks, so if you want to save more this year, raise your rate now.
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Plan your IRA contribution. The 2026 IRA limit is $7,500, plus $1,100 if you are 50 or older. Unlike a 401(k), you generally have until the tax filing deadline in April 2027 to contribute for 2026. Pick an amount now and set a reminder for early next year if you cannot fund it all by December.
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Spend down your health FSA. Most health FSA money is use it or lose it. Log in, check your balance, and book the eye exam, refill, or dental visit you have been putting off. This is also a good moment to finish your open enrollment checklist for next year.
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Give to charity by December 31. Starting with the 2026 tax year, people who take the standard deduction can deduct up to $1,000 in cash gifts to qualified charities, or $2,000 for married couples filing jointly. Gifts to donor advised funds do not count. Keep a receipt for every gift.
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Take required withdrawals if you are 73 or older. Required minimum distributions from traditional IRAs and most 401(k) plans are due by December 31. The only exception is your first one, which can wait until April 1 of the next year. The penalty for missing one can be as high as 25% of the amount you should have taken, so confirm it is scheduled now.
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Check your tax withholding. A raise, a side job, or a new baby can leave you owing at tax time. Use the free Tax Withholding Estimator on IRS.gov with a recent pay stub. If you are short, update your Form W-4 so the last few paychecks make up the gap.
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Pull your credit reports. You can get free reports from all three credit bureaus every week at AnnualCreditReport.com, the official site. Look for accounts you do not recognize or old debts reported wrong. Disputing an error now means it can be fixed before you apply for anything new.
Your checklist for this week
- ☐ Look up your 401(k) total so far this year and compare it to your goal.
- ☐ Check your FSA balance and book one appointment to use it.
- ☐ Run the IRS Tax Withholding Estimator with your latest pay stub.
- ☐ Pull your three credit reports at AnnualCreditReport.com.
- ☐ Put "December 31 money deadlines" on your calendar for December 1.
The takeaway
The year end money review works best in October, not December. Spend an hour this week on the seven checks, and move any extra savings into your monthly budget so the change sticks into next year.
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This is general education, not personalized financial advice.
