Gary Pattengale Outlines Year-End Tax Strategies for Chicago Investors

Pattengale highlighted a shifting landscape for taxpayers, specifically regarding new charitable deduction thresholds and complex inherited IRA distribution requirements. For those navigating the nuances of state and local tax limits, he recommended early scenario modeling to prevent surprise tax bills. Higher earners, in particular, should monitor income-based phaseouts that may constrain their deduction potential.

Beyond immediate tax obligations, the conversation focused on maximizing retirement and education accounts. Pattengale encouraged 401(k) participants to verify contribution levels, including catch-up provisions, while reminding families to align 529 plan reimbursements with the calendar year in which expenses occurred. By addressing these items now, investors gain the flexibility to shift assets or adjust giving strategies before the December 31 deadline.