The opt-in window for the Blended Retirement System (BRS) has come and gone. You did your research, looked at both the legacy system and the BRS, calculated multiple scenarios with the BRS comparison calculator, and ultimately decided that opting-in to the new system was the best option for you. Good for you, but now what? This article will help outline some basic steps to make sure that you are making the most of the new system. For those that chose to sta
As we move towards the end of the year, you should have a good idea of what your income for the year should be. For those who have contributed to an IRA or a Roth IRA throughout the year, you will want to make sure that your final income does not make those contributions ineligible. For the 2018 income phaseout limits for both traditional and Roth IRAs and the rules around them, please take a look at a
As we watch the calendar turn from November to December we may think of a few things; the holiday season and shopping for friends and family, the end of yet another year, and maybe the cold weather and snow. This year, there is something else to think about too; the window to opt-in to the Department of Defense’s Blended Retirement System closes on 31 December 2018. If you are a service member who is eligible to opt-in and still are not sure what you should d
A key provision of the 2017 Tax Cuts and Jobs Act (TCJA), Section 199A, commonly referred to as the Qualified Business Income (QBI) deduction, allows non-C Corp business owners the opportunity to deduct a percentage of their net business income to lower their overall taxable income. This deduction, when combined with the lower tax brackets put in place by the TCJA could make this the right time for you to do a Roth conversion.
If you are a reservist* and have been mobilized onto Active Duty, you may be eligible to take money out of your qualified retirement plan without incurring the normal IRS penalties associated with an early withdrawal.