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31 posts tagged as "theresa"

Tax Tip Tuesday: It’s Not Too Late to Make Your IRA Contributions

Mar 23, 2021

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

It’s not too late! You can still make a contribution to your traditional or Roth IRA. Individuals get a little extra time this year, too. The IRS recently announced an extension for individual taxpayers to file 2020 federal income tax returns and make federal tax payments to May 17, 2021. This is now the deadline for making 2020 IRA contributions for most people (see below for details).

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Tax Tip Tuesday: COVID-19 Distributions from Retirement Accounts Have Special Reporting Requirements

Mar 9, 2021

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

 

The coronavirus we now refer to as COVID-19 has changed so many things.  We have learned how to live, work, educate, and socialize in a way nobody would have imagined just a year or so ago.  Last March, the CARES Act was passed to provide some welcome relief for individuals who needed access to their retirement savings accounts as the pandemic swept across the world.

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Tax Tip Tuesday: Don’t Be Surprised by Mutual Fund Distributions

Mar 2, 2021

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

If you own mutual funds in your taxable investment account, you may have been surprised to find capital gains reported even though you did not buy or sell any shares. Mutual Funds must distribute dividends and any realized capital gains earned in the prior 12 months. They are considered taxable unless you hold the shares in a tax-deferred account such as an IRA or 401(k) plan.

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Tax Tip Tuesday: Some IRA Distributions Require Self-Reporting on Your Tax Return

Feb 9, 2021

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

It’s tax season again. Whether you decide to tackle your tax return yourself or use a tax professional, it’s time to get organized as your tax forms begin arriving. If you took money out of your IRA last year, one of the forms you’ll receive will be the 1099-R. Form 1099-R can be confusing because amounts reported as “taxable” don’t always result in an income tax liability and items reported as being “early”,

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Year-End Financial To-Do: Review Coronavirus-Related Distribution Conditions Before It’s Too Late

Dec 18, 2020

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

A key feature of the CARES Act was improving access to retirement account assets for those who suffered adverse financial consequences because of the coronavirus COVID-19 – access that otherwise would not have been available. As a result, in 2020 coronavirus-related distributions were introduced.

Coronavirus-related distributions are available to you if:

  • You,

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Year-End Financial To-Do: RMDs are OUt, but Conversions and Charitable IRA Distributions are In

Nov 12, 2020

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

Unlike years past when you may have been dreading that there are a mere seven weeks remaining in the year, you may be happy to see this one end. The year 2020 has been a year like none other. It has been a leap year, an election year, and of course, the year when the COVID-19 pandemic changed the way we work,

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Scary Financial Mistakes: Failing to Update Your Beneficiary Designations

Oct 22, 2020

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

Having the details of your personal and financial life made public would be horrifying for most people. Yet, I see it all the time with IRAs, 401(k)s and other retirement account assets. Two common situations that can cause your private financial matters to be made public are not naming a beneficiary and forgetting to update your beneficiary designations after divorce.

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Three Surprising Ways to Spend Your Stimulus Check

Jun 17, 2020

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

With the first round of stimulus checks delivered and another round being discussed in Congress, now is a good time to review ways to make the most of the income you have received. For many, the stimulus checks were a welcome relief – calming anxieties over how to pay bills such as rent, mortgages, and utilities or provide food to put on the table.

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July 15 Tax Filing and Payment Deadlines Quickly Approaching

Jun 16, 2020

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

The year 2019 may feel like a lifetime ago, but if you haven’t yet filed or paid your federal income taxes for 2019, that deadline will be here before you know it.  After the coronavirus reached pandemic status in March, one of the first announcements from the IRS was the extension of the 2019 federal income tax filing and payment deadlines to July 15,

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Can College Spring Semester Refunds Be Redeposited in 529 College Savings Plans?

Apr 20, 2020

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

College Refunds and 529 Plans
Recently, colleges and universities have begun issuing partial refunds for spring 2020 semester expenses. With campuses closing to in-person classes and the transition to online learning, more schools may be expected to follow suit.  As a result, many students and parents receiving refund checks have questions about whether these refunds can be put back in to the student’s 529 plan and if it is a good idea to do so.

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