I Opted-In to the Blended Retirement System, Now What?

by John Cooney on Jan 5, 2019

blended retirement system, Thrift Savings Plan, military retirement, military finance

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

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Fixing Excess IRA Contributions

Submitted by John Cooney on Dec 17, 2018

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

IRA, Roth IRA, Taxes, retirement

Window Closing for Service Members to Opt-In to The Blended Retirement System

by John Cooney on Nov 28, 2018

blended retirement system, Thrift Savings Plan, military retirement, military finance

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

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What To Do When You Inherit an IRA From Your Spouse

Submitted by John Cooney on Oct 29, 2018
Most married IRA account owners normally name their spouse as the beneficiary of the account. Unfortunately, we do not always prepare ourselves for what happens when that inheritance occurs, and the last thing you want to deal with when your spouse passes is your IRA. Hopefully, this article will help you understand what to do during this period where you may feel overwhelmed with your loss, so that you can help to secure your future.
retirement, IRA

Why the QBI May Make This A Good Year for You to Complete a Roth Conversion

Submitted by John Cooney on Oct 8, 2018

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.

Taxes, retirement, Roth IRA

What is an Enrolled Agent and Do You Need One?

by John Cooney on Aug 7, 2018

Taxes, Enrolled Agent
Have you heard the term Enrolled Agent and wondered who these people are and what they can do for you? If you are concerned about your tax situation, or are looking for advice on tax planning to ensure you are operating within the IRS Code while at the same time maximizing the amount of income you keep, then you may want the services of an Enrolled Agent.
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