FINANCIaL
FIELd NOTES
The New 529 to Roth IRA Strategy Under SECURE Act 2.0
I recently wrote about some of the key changes under the new SECURE Act 2.0, which includes a provision to transfer unused 529 funds to a Roth IRA.
Beginning in 2024, some owners of a 529 will be able to make limited transfers tax-free to the beneficiary’s Roth IRA. There are many rules around who is eligible and how much of the funds can be transferred…
Secure Act 2.0 – Everything You Need To Know
On December 23rd, the massive $1.7 trillion spending bill was passed, and it included a retirement bill known as SECURE Act 2.0. At first glance, the SECURE Act 2.0 looks to have an equal or greater impact on current and future retirees. Let’s dive into the highlights…
Most-Read Blog Posts From 2022
As the year comes to a close, I wanted to reshare a few of my most-read blog posts from this past year in case you missed them. Thank you all for your engagement over this year – see you in the new year!
End-of-Year Tax Prep Checklist
With the year coming to a close, below are 23 year-end planning tax items that I review for my clients.
Reviewed maxing out 401(k) or employer-sponsored plan.
Reviewed next year's 401(k) contribution limits and adjust withholdings in January.
Contributed to IRA or…
Tax Planning to Maximize Your Legacy
Most individuals have planned through their estate documents to leave all their assets to their spouse and then split them amongst their children or other family members.
And while this is certainly common practice, it does not always align with their personal values for charitable giving. In fact, it’s not uncommon to see someone give 5-10% of their income every year to charity and then give 0% of their estate after they die…
The Hidden Taxes In Tax-Free States
Moving to an income tax-free state in retirement may not lead to the tremendous savings retirees expect. The question to ask yourself when considering a new location is “How is this government funding itself?”
Oftentimes, the answer in states like Texas is property taxes. For example, in several counties in Texas, the property tax rate is over 2%, whereas it might be .5% to 1% in states with income taxes…