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101 posts tagged as "theresa"

Tax Tip Tuesdays: When’s the Last Time You Did a Paycheck Check-Up?

Apr 7, 2020

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

This time last year, many taxpayers were shocked to discover that despite getting income tax refunds in the past – and changes in the tax laws that promised reduced income tax rates, a doubled standard deduction, and an increased child tax credit – they owed money to the IRS!  Were you one of those unhappy taxpayers? 

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Take a 2020 ‘RMD’ Holiday

Mar 31, 2020

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

If you find your spring holiday plans disrupted by the coronavirus, you may be encouraged that the federal government has planned another type of holiday appealing to retirement account holders.

The holiday? In addition to the federal stimulus checks, small-business loans and tax breaks making the headlines, the Coronavirus, Aid, Relief, and Economic Security (CARES) Act passed March 27 also makes available some relief for retirement account owners.

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Updated March 24th: Welcome Delay Most Taxpayers Won’t Owe Uncle Sam Until July 15

Mar 20, 2020

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

Until recently, the phrase “social distancing” was not part of our everyday vocabulary. These are unprecedented times we are living in. Many Americans are struggling not only with the fear and anxiety of a pandemic, but also with the financial stresses caused from reduced work hours, lower paychecks, and homes full of loved ones who must be fed and cared for.

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Tax Tip Tuesdays: What Are You Doing with Your Tax Refund? Jump Start Your Retirement Savings!

Mar 17, 2020

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

If you have filed your tax return and are anxiously awaiting your income tax refund, have you decided what you will do with it?  Last year the average federal income tax refund was $2,869[1].  The majority of IRS refunds are processed within three weeks, so you have a little time to decide if you will save it or spend it. 

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The SECURE Act is Designed to Expand & Preserve Savings. Here’s What You Should Know.

Mar 11, 2020

By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education Planning

 

 

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Tax Tip Tuesdays: Deadline for 2019 RMDs is April 1st, not April 15th

Mar 3, 2020

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

Did you turn age 70 ½ last year?  Did you take your first required minimum distribution (RMD) in 2019?  If not, the deadline is fast approaching.  It is April 1st, not the April 15th tax filing deadline.  Why do those few days matter?  The IRS could impose a 50% penalty on any RMD amount you fail to take on time.

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Some IRA Distributions Require Self-Reporting on Your Tax Return

Feb 12, 2020

By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education 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 for your IRA doesn’t necessarily mean your distribution will result in a tax liability. 

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Year-End Financial To-Do: Only a Few Days Remain for Certain IRA and Retirement Account Deadlines

Dec 19, 2019

By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education Planning

Some people enjoy the thrill of waiting to the last minute and like the rush of adrenaline when they work under the pressure of a deadline.  If that’s you, then you’ll be happy to hear you have eight business days left in 2019!  If you are more of a planner and list maker like me,

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Year-End Financial To-Do: Managing Mutual Fund Capital Gain Distributions

Nov 14, 2019

By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education Planning, Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies and Bruce Buerkle, CFA, Senior Vice President, Manager Securities Research Support

If you are like most investors, you likely own some mutual funds.  They are common in IRAs, 401(k)s, taxable accounts, etc.  However, when you own mutual funds in a taxable account,

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Year-End Financial To-Do: RMDs and QCDs

Nov 12, 2019

By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education Planning

As we get older, it seems like the days pass more quickly and that somehow time moves faster.  Science would say that isn’t true, but if you are like me, you might be realizing that there are just 49 days to take care of everything you wanted to get done before the end of the year. 

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