Schedule time with me



Using a Tax Refund to Fund an IRA in 5 Easy Steps

What does the basic process entail? An income tax refund can be directly deposited to an IRA up to the annual contribution limit. The contribution limit was $6,500 ($7,500 for individuals age 50 or older) for 2023 and $7,000/$8,000 in 2024. It can also be split among multiple accounts. 1. It is tax time! Prepare your tax return for the year. 2. Determine the refund amount.


Top 10 IRA Rollover Mistakes

1. IRA-to-IRA Rollovers and Roth IRA-to-Roth IRA Rollovers Mistakes: – Using 60-day IRA rollovers instead of using transfers to move IRA funds – Once-per-year rule is for all IRAs and Roth IRAs – IRS has no authority to correct these mistakes – New client rollover mistakes – not asking about prior rollovers – Not knowing the exceptions to the once-per-year IRA rollover rule 2.


Avoiding Spousal Beneficiary Mistakes in 5 Easy Steps

Who is a spouse beneficiary? A spouse beneficiary must be married to the account owner at the time of the account owner’s death, and he or she must be named on the beneficiary form (or inherit directly through the document default provisions). A spouse beneficiary has a number of unique options. 1. Split the inherited account if necessary.


Choosing the Right Financial Advisor in 5 Easy Steps

Why do you need a financial advisor? Today’s financial landscape is as complicated as ever. A good financial advisor can help you navigate this complexity so that you can make educated, informed decisions on what is best for you and your family. 1. Ask for references. Ask your CPA or estate planning attorney. In many cases, they already have a working relationship with a financial advisor.


Avoiding Mistakes in a Divorce in 5 Easy Steps

Retirement accounts and divorce. When a divorce occurs, the financial assets of a couple, including their retirement accounts, are often split. If mistakes are made during this process, the stress of a divorce can be compounded when one or both spouses find that they are subject to unnecessary taxes or penalties. 1. IRAs in divorce.


Choosing the Right Tax Professional in 5 Easy Steps

Why do you need a tax professional? Managing taxes during retirement will be the single most important factor in determining your ultimate lifestyle. In addition to a financial planner and estate planning attorney, a qualified tax professional is an integral part of any planning team. 1. Ask for references. Have you ever stopped to think about how you picked your doctor or mechanic?


Navigating the Health Care Taxes in 5 Easy Steps

What is considered investment income? Investment Income: Interest, dividends, capital gains (long and short), annuities (not those in IRAs or company plans), royalty income, passive rental income, other passive activity income.


Avoiding 60-Day Rollover Mistakes in 5 Easy Steps

What is a 60-day rollover? A 60-day rollover is the distribution of funds from a qualifying retirement account payable to the account owner who then has 60 days to redeposit the funds into another qualifying retirement account. 1. Do trustee-to-trustee transfers instead. The best way to avoid making a 60-day rollover mistake is to avoid 60-day rollovers! Transfer your funds directly to another retirement account.


Examining Qualifying Longevity Annuity Contracts in 5 Easy Steps

What is a QLAC (Qualifying Longevity Annuity Contract)? A QLAC is a type of fixed income annuity that has special attributes and is held in a retirement account. 1. RMD (required minimum distribution) exclusion. The fair market value of your QLAC is excluded from your RMD calcuations. What’s the benefit?


10 Questions Answered on IRAs, RMDs & Tax codes

1: Who is the beneficiary when the primary beneficiary of an Inherited IRA died before claiming it?Answer: John, age 75, has a traditional IRA. He dies with his sister Kathy as his primary beneficiary and Kathy’s children (John’s nephews) named as contingents. Kathy, age 72, qualifies as an eligible designated beneficiary (EDB) because she is not more than 10 years younger than John.