theresa

Caution: 529 Plan Withdrawals for K-12 Tuition May Not Be Tax-Free in Your State

June 6th, 2018|

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

529 Education Savings Plans used to be just for students seeking education beyond high school. Beginning January 1, 2018, the tax benefits of saving in a 529 Education Savings Plan were expanded under federal tax laws to include tax-free distributions for K-12 tuition expenses.

Are […]

Summer Savings Strategies: Put Time on Your Side

May 2nd, 2018|

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

If you are like me, you may be thinking about summer goals—things like reading a certain number of books or stepping up your exercise routine, but what about a summer commitment to improve your financial health? You are probably saving, but when is the […]

Financial Literacy Month

April 27th, 2018|

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

April is Financial Literacy Month.  Financial literacy is having the education, knowledge, and skills necessary for personal financial management such as being able to balance a checkbook, understand your personal income taxes, maintain a budget, save and invest, and manage your debt.

The Federal Reserve’s […]

Tax Freedom Day

April 19th, 2018|

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

You may still be recovering from paying your income taxes, but did you know that you can now celebrate “Tax Freedom Day®” according to the nonpartisan Tax Foundation.  Today, American taxpayers will have earned enough as a whole to pay off their federal, state, […]

National Retirement Planning Week

April 9th, 2018|

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

Today marks the beginning of National Retirement Planning Week®. If you have never taken the time to calculate how much you will need to save for retirement, you are not alone.

A recent Nationwide study reports that each year the average American worker spends over […]

Tax Tip Tuesday: Is My Social Security Taxable?

April 3rd, 2018|

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

At one time, all Social Security benefits were tax free. Today, if your only source of retirement income is Social Security, then it may still be tax free. But the higher your income, the more taxes you’ll pay on your benefits.

Taxes on Social Security […]

Tax Tip Tuesday: Yes, You Can Direct Deposit Your Tax Refund into Your IRA!

March 20th, 2018|

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

If you haven’t yet filed your tax return and are expecting a refund this year, there is an easy way to turn that refund into retirement savings without being tempted to spend it. Did you know you can direct deposit your tax refund into […]

Tax Tip Tuesday: Extra Time to Contribute To Your IRA

March 6th, 2018|

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

It’s not too late. You can still make a contribution for 2017 to your Roth IRA, traditional IRA, or SEP IRA (if you are self-employed). This year there is a little extra time for everyone. All individuals have until Tuesday, April 17, 2018 to […]

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 […]