In this episode of The Ascent, Alec Walker (EVP of Financial Planning at Crestmont Private Wealth) covers two main areas as tax season approaches: last-minute tax filing tips and post-tax planning strategies. He discusses IRA contribution deadlines, introduces the new Trump Account (a tax-advantaged savings account for children under 18), walks through how Crestmont uses completed tax returns to build forward-looking tax plans, and touches on recent market volatility tied to geopolitical events.

0:00     Intro – Alec Walker introduces himself; March Madness banter

0:47     Pre-Tax Filing Reminders – Overview of today's two-part structure

1:31     IRA Contribution Deadlines – Roth, Traditional, and SEP IRA deadlines; income limitations; 401(k) considerations

2:36     Trump Account Overview – What it is, how it works, contributions, and distribution rules

3:39     Trump Account vs. Other Options – Comparison with Roth IRAs for minors, 529 plans, and custodial accounts (UTMA/UGMA)

5:19     $1,000 Seed Contribution – Eligibility for children born 2025–2028; IRS Form 4547; thetrumpaccounts.gov

6:24     Post-Tax Planning – Importing tax returns, using technology to generate planning reports

7:12     Tax Planning Philosophy – Clarity and education over "loopholes"; adjusting strategies year to year

7:48     Key Metrics & Safe Harbor – AGI, deductions, withholding review, estimated tax payments

8:56     Capital Gains & Loss Carryforwards – Opportunities for diversifying concentrated positions

9:21     Medicare Premium Planning – How income affects Part B & D premiums; Roth conversions

10:00  Charitable Contribution Changes – Donor-advised fund rule changes; enhanced senior deduction; new $2,000 charitable deduction for standard deduction filers

11:22  Tax Planning Year-Round – Ongoing planning from May through year-end

12:01  Market Volatility Update – Geopolitical impacts, historical recovery timelines, importance of sticking to the financial plan

13:26  Outro – Contact info and sign-off