Robert Brokamp

Thanks so much for joining us.

It's time to get done, fools, and I'll just highlight a couple of year-end financial planning tips that I haven't mentioned in previous episodes, starting with spending money in a flexible spending account that can't be rolled over to next year.

If you're saving for college, there's no deadline for contributions to 529 accounts, but many states allow residents to deduct contributions on the state income tax return, and to take advantage of that, the contribution generally must be made by December 31st.

If you have a 529 and a kid in college, take money out to reimburse yourself for qualified 2025 expenses because withdrawals have to be made in the calendar year the expenses were incurred.

And the list of qualified expenses is pretty long, including textbooks, equipment, technology, food, dorms, off-campus housing and school loans up to a limit.

And if you have unused money in a 529, it can be transferred to a Roth IRA for the beneficiary if you qualify.

And there are a lot of qualifications, so make sure you research the rules.

And that is the show.

I wish you all a very Merry Christmas.

And if you're looking for an eclectic and offbeat holiday music playlist, check out my Brohoho playlist on Spotify.

Thank you as always to Bart Shannon, the engineer for this episode.

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I'm Robert Brokamp.

Fool on, everybody.

how to make sure you can manage your parents' or other relatives' finances if necessary, and how someone could do the same for you.

That and more on this Saturday personal finance edition of Motley Fool Money.