While an excess or failed backdoor Roth can feel very stressful to solve, it is a normal and quick fix for your qualified financial custodian.
Later required beginning dates are generally advantageous to seniors, although the complexity surrounding RMD rules is nothing to celebrate.
Seniors over age 65 may receive relief on their real estate taxes limited by AGI but regardless of net worth.
The IRS authors make clear that the purpose of the notice is to “provide guidance on discreet issues to assist in commencing implementation of these provisions” not to provide comprehensive guidance.
The Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions.
This 2016 article reminds us that “there is a very simple place to start the process of changing our destiny: Each day notice the things that make you happy and try experiencing more of them.”
The Tax Foundation recently published the article “Dwindling Savings and Increasing Financial Stress Highlights Need for Tax Reforms” suggesting that tax reform could improve the current state of American personal finances.
Required minimum distributions are taxed as taxable income, the same as other types of traditional IRA withdrawals and Roth conversions.
While the initial details sound promising, the downsides are many.
There is an artistry to a bond allocation, and while the historical analysis can only be suggestive, they do tell a strong narrative.
This article should give you something fun to discuss this year.
Saving Tuesday is the Tuesday before Thanksgiving. It is a day to squirrel some savings away for your future self.
You can have an effectively uncapped state tax deduction if you have a high tolerance for paperwork.
Here are six reasons you may want to sell for a loss.
We have written on the topic of healthcare reform multiple times, including our 2014 economics of healthcare series which culminates in this article.
Twelve-month inflation for all items ending in September 2023 has been 4.1%, so the 2024 contribution limits increased significantly but less than last year.
While most states do not have their own estate or inheritance taxes, some states do and often their exemption is lower than the federal one.
The IRS is clear, “If both spouses are 55 or older and not enrolled in Medicare, each spouse’s contribution limit is increased by the additional contribution. Each spouse must make the additional contribution to his or her own HSA.”
It sounds broad and easy to use, but it is actually very specific and uncommon.
Now that these accounts are open at Charles Schwab, Marotta Wealth Management can manage and invest Health Savings Brokerage Accounts.
“Parental Reminder #42” reminds us that goodness is something bigger than we can articulate but, even though we cannot express it fully, it is very important.
This quarter, we saw that in 1-year returns ending September 30, 2023, Developed Freedom Investing had a -4.77% disadvantage, Emerging Market Freedom Investing had a +3.89% advantage, and Overall Freedom Investing had a -1.63% disadvantage.
We are very pleased to announce that Jacob Massanopoli is our newest CERTIFIED FINANCIAL PLANNER™ (CFP®) professional at Marotta Wealth Management!
My grandfather turns 97 this year. While not often celebrated or recorded in history, my grandfather played an important supporting role to many important events.
This new rule says that the account owner can distribute funds from a 529 plan directly to the designated beneficiary’s Roth IRA and have the rollover “be treated in the same manner as the earnings and contributions of a Roth IRA” (meaning no taxation).
This series of articles covers some of the most common investing mistakes and how to avoid them.
We are very pleased to announce that Greg Vairo is our newest CERTIFIED FINANCIAL PLANNER™ (CFP®) professional at Marotta Wealth Management!
There are strategies to achieve a better inner calm.
We can receive documents to our secure ShareFile client portal.
“And the now-20-year-old beneficiary who lost her father less than a year ago is supposed to navigate this mess on her own? No chance. This is madness.”
Congress decided to inflation-adjust both the existing and the new split-entity qualified charitable distribution limitations.
We avoid investments we deem too risky or laden with fees and seek instead a well balanced, low-cost, diversified portfolio.
It is helpful to know that a charitable remainder trust exists, but most charitable intentions benefit more from a donor advised fund.
The Schwab Bank representative said that he was familiar with these types of scams and knew how to handle it.
Fearful of monetary or societal failure, many hope that owning gold will bring them peace of mind. This articles reminds us to get peace of mind a different way.
The reason can be explained through a simple analogy about an interior decorator.
I am pleased to announce that our newest CERTIFIED FINANCIAL PLANNER™ (CFP®) professional at Marotta Wealth Management is me!
Once you’ve open an HSA and have started making contributions, it is important that you set beneficiary designations on the account.
Here are three common Roth transactions and how they interact with MAGI for Roth IRA purposes.
Waiting just one year means that you lose a portion of the growth in your traditional IRA to income taxes later.
These strategies are strong in both good times and bad.
If China booms, it may be a mistake that we reduced the allocation. If China undergoes investment controls, it may be a mistake that we kept China at all.
This article is a curated list of recent news about Taiwan.
If the form is accepted, the Social Security Administration will generally not only change your current IRMAA, but they will also use your Projected MAGI for the next several years. Here’s why.
Here are some of the pros and cons of specific SEP IRA and individual 401(k) retirement account options available.
This article gives you the formula to decide how much to offer or if the property is a good deal.
This notice did not offer the final guidance we were hoping for, but rather continued to push the decision further down the road.
This quarter, we saw that in 1-year returns ending June 30, 2023, Developed Freedom Investing had a -3.68% disadvantage, Emerging Market Freedom Investing had a +4.15% advantage, and Overall Freedom Investing had a -0.61% disadvantage.
Gifting depreciated stock is more complex and never to anyone’s advantage.
Each governing body in Virginia has their own rules and eligibility requirements.