Making Cents: 4 financial tips before year’s end

WE JUST HAVE 10 DAYS LEFT OF 2020. AND THERE ARE KEY THINGS TO REMEMBER WHEN WRAPPING UP YOUR END OF THE YEAR FINANCIALS. KELLY BROTHERS JOINS US NOW WITH THE FOUR THINGS WE SHOULD DO BEFORE THE END OF THE YEAR. >> THE CLOCK IS TICKING. CHECK YOUR BENEFICIARIES EVERY YEAR. PEOPLE PASS AWAY, DIVORCE HAPPENS, ALL REASONS TO CHANGE. CHECK YOUR INSURANCE POLICY, IRA, 401(K). DO NOT FORGET ABOUT REQUIRED MINIMUM DISTRIBUTION. YOU MIGHT WANT TO TAKE IT IF YOU HAVE ROOM IN THE LOWER ENDS OF TAXES. -- BANDS OF TAXES 401(K) LOANS, YOU CAN TAKE OUT A LOAN AGAINST YOUR 401(K) I DO NOT ADVISE IT. BUT IF YOU NEED MONEY, THEY MADE IT SO PLANS COULD BE AVAILABLE TO YOU BECAUSE OF COVID. QUALIFIED CHAIR -- IF YOU WANT TO GIVE MONEY TO YOUR CHURCH OR ALMA MATER OR A CHARITY WITH THE RED CROSS, YOU CAN GIVE IT DIRECTLY OUT OF YOUR IRA IF YOU ARE OVER 70.5. THOSE ARE TIPS TO THINK OF. LISA: AND ONCE WE TURN THE PAGE TO 2021, PEOPLE START WORKING ON THEIR TAXES. WHAT SHOULD THEY LOOK OUT FOR? >> REALIZE THAT TAXES ARE NOT GOING DOWN. THEY ARE LIKELY GOING UP IN THE COMING YEARS BECAUSE THE COUNTRY HAS BEEN PUTTIN TRILLIONS OF DOLLARS THIS YEAR TO TAKE CARE OF PEOPLE IMPACTED BY COVID. BUT THE BILL WILL BE DUE. THAT MEANS HIGHER TAXES. JOE BIDEN SAYS HE WILL RAISE TAX RATES ON SOME AMERICANS UNCUT STATE TAX DEDUCTIONS -- AND CUT STATE TAX DEDUCTIONS. REALIZE WHAT YOU CAN GIFT NOW IS NOT WHAT YOU CAN GIFT IN A FEW YEARS. ALSO, A ROTH CONVERSION. TAKE ADVANTAGE OF LOWER TAX RATE TO CONVERT MONEY TO A ROTH IRA. A KIM BRO. -- IT CAN GROW. AFTER FEBRUARY 15 OF NEXT YEAR, THE OVERALL THEME IS TO REALIZE TAXES WILL LIKELY GO UP. BE PREPARED.