Tag: theresa
31 posts tagged as "theresa"
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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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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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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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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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:
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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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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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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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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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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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