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.
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,
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.
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?
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.
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.
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.
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.
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.
