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

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

Is a Deployment the Right Time For You to Do a Roth Conversion?

Submitted by John Cooney on Apr 5, 2018

It is always a jarring time for you and your family when you get notified that you will be deploying.  As your mind races about your job, your family, and your mission, it can seem like there are thousands of things for you to do, and often there actually is!  A deployment can also be a time of opportunity, for you personally and financially.  One of the benefits afforded to you as a servicemember deployed to a combat zone is that the income you earn as a member of the military in the combat zone is excluded from income taxes (you still pay social security and medicare taxes).  The tax-free

Roth IRA, deployment, retirement, Taxes

3 Ways to Take Advantage of the New Tax Law

Submitted by John Cooney on Jan 29, 2018

The Tax Cuts and Jobs Act (TCJA), passed just at the end of 2017, made some of the most significant changes to the tax code in decades, and you have probably heard numerous takes on how good or bad the legislation is.  This is not going to be a discussion of the merits of the bill, but instead, I will highlight three changes that taxpayers can use to their advantage starting as early as 2018.  Just one big note, this is for 2018 taxes, due in April 2019.  For your 2017 taxes, due in April of 2018, the old tax rules still apply.

 

Taxes, Roth IRA, Donor Advised Funds, 529 Plans, Education, retirement

Military Reservists: Do You Qualify For Reduced Age Retirement?

Submitted by John Cooney on Nov 28, 2017

Everyone knows if you qualify for a retirement as a Military Reservist, your pension payments don’t begin until you turn 60, right?  Well, maybe not, if you were mobilized after January 2008, you may qualify for a reduced age retirement, which means that your pension payments can start as early as 50.  Included in the 2008 National Defense Authorization Act is a provision to begin payments early based on the number of days spent on Active Duty in support of the Global War on Terror or any of its derivatives on or after January 28th, 2008.

military retirement, retirement, reserve
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