theresa

Some IRA Distributions Require Self-Reporting on Your Tax Return

February 9th, 2018|

By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning

With tax season in full swing, it’s that time of year when your daily trip to the mailbox likely includes tax form after tax form.  If you have taken distributions from an IRA, one of those forms will be Form 1099-R.   Receiving a 1099-R […]

Kiddie Tax Now Subject To Trust Tax Rates

February 1st, 2018|

By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning

If you have children with investment income, be prepared for the “kiddie tax” rule change in 2018.  Although this change did not get as much attention as some of the other individual tax changes, the revamp of the kiddie tax rules could be significant […]

Roth Conversions Can No Longer Be Reversed in 2018

January 11th, 2018|

By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning

One of the key retirement account changes within the 2018 tax reform package was a change impacting Roth IRA conversions, and more specifically, “undoing” a Roth conversion. Prior to 2018, if you completed a Roth conversion, you had the ability to reverse that conversion […]

529 Savings Plans Are Not Just For College Any More

January 9th, 2018|

By Theresa Fry, Senior Vice President and Manager, IRA and Retirement Plans

In the past, tax-advantaged ways to save for K-12 education expenses at public, private or religious schools were limited. One popular option, Coverdell Education Savings Accounts (ESAs), have been around since 1998, but limit contribution amounts to $2,000 a year for children under the […]

Year-End Financial To-Do: IRA Checklist

December 21st, 2017|

By Theresa Fry, Senior Vice President and Manager, IRA and Retirement Plans

The final few weeks of the year can be a busy time filled with shopping, parties, and family time.  As you sit down together and make your to-do lists, don’t forget to check on your retirement savings accounts.  Here are some IRA to-dos before […]

Year-End Financial To-Do: Take Your Required Minimum Distribution

December 20th, 2017|

By Theresa Fry, Senior Vice President and Manager, IRA and Retirement Plans

If you’re over age 70½ or you are the beneficiary of an inherited IRA or retirement plan, don’t forget to take your required minimum distribution (RMD) before the end of the year. For convenience, you may be able to have your RMD automatically distributed […]

Year-End Financial To-Do: Gifting 529 Plan Contributions to Your Grandchild

December 18th, 2017|

By Theresa Fry, Senior Vice President and Manager, IRA and Retirement Plans

Tired of holiday shopping? Give the gift of education! If you have grandchildren in your life, helping them with the rising costs of a college education will go a long way. The College Board reports the average 2016-2017 cost for tuition, fees, room and […]

Blog Series: Retirement Account Contributions and Distributions After age 70 ½

December 15th, 2017|

By Theresa Fry, Senior Vice President and Manager, IRA and Retirement Plans

Part 2 of a 2-part series

Retirement means different things to different people.  Your age when you retire can be impacted by many factors such as your health, your love of the work you do, your need for financial stability, or even your desire to […]

Year-End Financial To-Do: Tax Relief is Available for Victims of Recent Disasters

December 12th, 2017|

By Theresa Fry, Senior Vice President and Manager, IRA and Retirement Plans

Hurricanes Harvey, Irma, and Maria, and the recent wildfires in California have had a significant and devastating impact on many U.S. taxpayers.  Individuals and businesses located in Florida, Georgia, Puerto Rico, and the Virgin Islands, as well as parts of Texas and California, will […]

Blog Series: Retirement Account Contributions and Distributions After age 70 ½

December 8th, 2017|

By Theresa Fry, Senior Vice President and Manager, IRA and Retirement Plans

Part 1 of a 2-part series.

Retirement means different things to different people.  Your age when you retire can be impacted by many factors such as your health, your love of the work you do, your need for financial stability, or even your desire to […]