Video transcript: 6 strategies to consider before year-end

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This video opens with a silver-haired man in a dark blazer sitting at a desk in a New York City office building. A J.P. Morgan mug rests in front of him, and a J.P. Morgan Wealth Management logo remains in the corner. Identifying text appears beside him:

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Adam Frank

Head of Wealth Planning and Advice

J.P. Morgan Wealth Management

Adam Frank:

Do you ever feel like the end of the year sneaks up on you and suddenly you're rushing to get your finances in order? What if I told you that with just a few simple steps, you could start the new year feeling more confident about your financial plan? Here are six strategies to help you get started.

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'6 Year-end Planning Strategies'

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'1. Retirement Plans & Contributions'

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'April 15th 2026 is deadline to make contributions for 2025'

Adam Frank:

First up, retirement accounts. Did you know you have until April 15, 2026, to make contributions for 2025? And if you run a business, the deadline is even later.

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'If you run a business the deadline is even later'

Adam Frank:

Thanks to new tax rules, there are more ways to save, so, check your contributions, and plan ahead.

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'2. Required Minimum Distributions (RMDs)'

Adam Frank:

Number two, required minimum distributions (or RMDs). If you're 73 or older, remember to take your required minimum distributions.

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'Deadline for RMDs

If you're 73 or older, you can wait until April 1st of the following year for your first one.'

Adam Frank:

You can wait until April 1st of the following year for your first one, but after that, it's due by December 31st each year.

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'After that it's due by December 31st each year.'

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'If you wait to take your first RMD, you'll need to take two RMDs in the year you turn 74.'

Adam Frank:

If you choose to wait to take your first RMD, just remember you'll need to take two RMDs in the year you turn 74. Missing the deadline could mean penalties.

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'3. Harvest Investment Losses'

Adam Frank:

Number three, harvest investment losses. You may be able to use those losses to offset gains and potentially reduce your taxable income, but watch out for the wash sale rule.

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'Wash sale rule

Occurs when you purchase for a loss a "substantially identical" replacement security within 30 days before or 30 days after the sale date.'

Adam Frank:

You can't buy the same security within 30 days before or after your sale, or you may not be able to use the deduction on your 2025 taxes. Consult your tax professional to talk about your individual situation.

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'4. Consider Your Stock Options'

Adam Frank:

Number four, consider your stock options. If you are not subject to the alternative minimum tax, you may be able to exercise incentive stock options without paying significantly more tax.

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'Incentive stock options

An incentive stock option (ISO) is a qualified stock option that provides added tax benefits to employees. ISOs are usually issued by publicly-traded companies, or private companies planning to go public at a future date.'

Adam Frank:

Consult with your advisor and your tax professional if you have incentive stock options and you're thinking about exercising them.

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'5. Donate to Charity'

Adam Frank:

Number five, donate to charity. Did you know that charitable giving can help your taxes too? But new rules mean that starting in 2026, if you itemize, you'll only be able to deduct gifts that are more than half a percent of your adjusted gross income.

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'2026 Charitable Deduction Changes

Only gifts exceeding 0.5% of your adjusted gross income are deductible if you itemize
Donate stocks or bonds whose value has grown to potentially avoid capital gains tax'

Adam Frank:

If you donate stocks or bonds whose value has grown, you might be able to avoid capital gains tax. And if you're over 70 and a half, you can give directly from your IRA, up to $108,000 in 2025.

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'3. If over age 70 1/2, give up to $108,000 directly from your IRA in 2025'

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'6. Make Gifts Before Year-End'

Adam Frank:

And finally, make gifts before year end. If you want to give a little extra this year, you can give up to $19,000 per person without triggering taxes or filing a form. And if you're married, that's $38,000.

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'2025 Gift Limits

Give up to $19,000 per person tax-free
Married couples: up to $38,000 per recipient
Use your limit by December 31'

Adam Frank:

If you don't use this amount before December 31st, you won't be able to carry it forward into 2026. So, spread some cheer. See, year-end planning doesn't have to be overwhelming. Review your finances, talk to your advisor, and focus on these six steps to start your new year on the right foot. If you have questions, reach out; we're here to help.

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J.P. Morgan Wealth Management.

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Ready to make the most of your year-end planning? Connect with a J.P. Morgan advisor to build a strategy that fits your life.

Adam Frank:

Ready to make the most of your year-end planning? Connect with a J.P. Morgan advisor to build a strategy that fits your life.

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'CHASE.COM/ADVISOR'

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Legal disclosures begin in bold:

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(In bold) 'JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your personal tax, legal and accounting advisors for advice before engaging in any transaction.'

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Disclosures continue:

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'The views, opinions, estimates and strategies expressed herein constitutes the speaker's judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions --including whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with any investment or financial service, product or strategy prior to making an investment decision. For additional guidance on how this information should be applied to your situation, you should consult your advisor.

Investing in securities involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.' In bold: 'Past performance is no guarantee of future results. It is not possible to invest directly in an index.

The price of equity securities may rise or fall due to the changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Equity securities are subject to "stock market risk" meaning that stock prices in general may decline over short or extended periods of time.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through' (in bold) 'J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.