Last element in .each() set

each passes into your function index and element. Check index against the length of the set and you're good to go:

var set = $('.requiredText');
var length = set.length;
set.each(function(index, element) {
      thisVal = $(this).val();
      if(parseInt(thisVal) !== 0) {
          console.log('Valid Field: ' + thisVal);
          if (index === (length - 1)) {
              console.log('Last field, submit form here');
          }
      }
});

For future Googlers i've a different approach to check if it's last element. It's similar to last lines in OP question.

This directly compares elements rather than just checking index numbers.

$yourset.each(function() {
    var $this = $(this);
    if($this[0] === $yourset.last()[0]) {
        //$this is the last one
    }
});

A shorter answer from here, adapted to this question:

var arr = $('.requiredText');
arr.each(function(index, item) {
   var is_last_item = (index == (arr.length - 1));
});

Just for completeness.