November is the most valuable planning month of the year, and almost nobody treats it that way.
Not because of anything the market does. Because of the calendar. A handful of decisions have to be finished by December 31, and after that the year closes whether or not you used it.
Here are the four that matter most, and the one consequence that shows up two years later.
1. The required minimum distribution
If you're in RMD years, the withdrawal has to happen before the year ends. In the general case there is no grace period, and the penalty for missing it is one of the harshest in the tax code: 25% of the amount you should have taken, reduced to 10% if you correct it within the correction window.
The mistake I see most often isn't forgetting. It's taking it in the last two weeks of December, in a hurry, at whatever price the market happens to offer that week.
2. The qualified charitable distribution
If you're 70½ or older and you give to charity, a QCD helps both sides of your return. The money moves directly from the IRA to the charity, it never appears as income, and it can satisfy part of your required distribution.
Direct is the word that matters. Write the check yourself and it may be treated as an ordinary withdrawal, with the tax bill to match.
The per-person cap is indexed and sits north of $100,000 for 2026. Same December 31 deadline.
3. Tax-loss harvesting
A loss has to be realized by year end to count for the year, and the wash sale rule reaches 30 days forward. Which means the real deadline lands in late November or early December, not during the last week of the year.
For anyone holding a position they no longer want, this is also the least expensive moment to fix it.
4. The Roth conversion window
A conversion has to be finished by December 31, and since recharacterization went away, it cannot be undone afterward. That changes the math. You size a conversion to fill a bracket, not to make a bet.
Which brings me to the part most year-end checklists leave out.
The two-year lookback nobody plans for
Medicare premiums are set using income from two years earlier. The income on your 2026 return helps determine what you pay in 2028.
So a conversion that looks shrewd in November can raise a premium two years later, and the effect compounds for anyone sitting near a threshold.
This is why I don't run these four levers one at a time.
The Roth conversion changes your Medicare number. The QCD lowers the income that number is based on. The distribution you're required to take is already counted in it.
They are one decision wearing four hats.
What to do this week
Three questions worth answering before December:
- Which of the four applies to you this year, and which one have you already missed?
- If you're taking a required distribution, is that money going somewhere on purpose, or just into a checking account?
- Would the conversion still look like a good idea if you saw the Medicare premium two years from now?
The year ends on a fixed date. The planning doesn't have to wait for a January meeting.
That's what we do at Tempus Wealth Management. We work the calendar, not just the portfolio.
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This article is for educational purposes only and does not constitute investment, tax, or legal advice. Securities and advisory services offered through Cetera Advisors LLC, member FINRA/SIPC. Please consult a qualified financial professional regarding your individual circumstances.