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Checklists and Workflows

Social Security and Government Pension Offset

If you are receiving a Government Pension and a Social Security benefit based on your spouse or ex-spouse’s work history, you may be impacted by the Government Pension Offset. To help determine if you may be subject to the offset, use this flowchart that addresses some of the most common issues.

Download the flowchart here.

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Checklists and Workflows

529 Plan Distributions and Tax Implications

Investing in a 529 plan can be an effective strategy to save for college. However, some situations around 529 plan distributions may have tax implications.  If you are considering taking a distribution, use this flowchart to help determine any potential liabilities.

Download the flowchart here.

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Checklists and Workflows

Should I Contribute To My Roth IRA or My Traditional IRA?

When saving for retirement,  you may be trying to decide which should you contribute to, your Roth IRA or your traditional IRA?  There are several factors that should be considered and discussed when making this decision.  To help determine which account is best for you, use this flowchart that will guide you through different factors.

Download the flowchart here.

Contact us for more information or for help with saving for your retirement.

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Checklists and Workflows

Will A Distribution From My Traditional IRA Be Penalty-Free?

There are unique circumstances that could impact if a distribution from a Traditional IRA will be tax or penalty-free. Because these exceptions rarely come up, the distribution rules can be hard to remember. This flowchart will help determine possible tax implications on a distribution from a Traditional IRA.

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Checklists and Workflows

Reviewing Your Investments

Reviewing your investments is a critical part of the financial planning process. Especially during times of uncertainty and volatility, a portfolio review can help evaluate and confirm your strategy making sure it is in line with your financial goals. This checklist covers important areas to consider such as risk tolerance, asset allocation, tax management, and more.

Download the checklist here.

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Checklists and Workflows

Will I Receive A Step-up In Basis For This Gifted Property?

In most cases, there is no step-up in basis for gifted property. However, there are a few exceptions to the rule.  This flowchart addresses some of the most common issues that arise when trying to understand cost basis in gifted property.

Download the flowchart here.

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Checklists and Workflows

Retirement Plan Contributions and QBI Deduction Rules

The QBI deduction rules can be complicated.  One planning issue to consider is how the QBI deduction rules effect retirement plan contributions.  This could impact how small business owners save for retirement. Use this flowchart to guide you through common issues regarding QBI deduction rules and retirement plan contributions.

Download the flowchart here.

For more help or information, contact us.

 

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Checklists and Workflows

Options for Inherited Traditional IRA

There a few options to consider if you have inherited a traditional IRA from your deceased spouse.  Choosing the best option for your situation will depend on several factors.  However, it can be difficult to understand all the relevant rules. This flowchart will guide you through common issues that may arise when inheriting an IRA.

Download the flowchart here.

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Checklists and Workflows

IRMAA Surcharges On Medicare Part B and Part D

Planning around IRMAA (Income-Related Monthly Adjustment Amount) surcharges on Medicare Part B and D is important, especially as the Medicare premium increase amount has grown. Even though it is fairly straightforward in concept, there are a few issues that may arise. This flowchart will help guide you through common issues to consider such as  MAGI ranges, exception requests, surcharge calculation and more.

Download the flowchart here.

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Checklists and Workflows

Tax Implications on Sale of Investments

Determining tax implications on the sale of investments can be complicated. There are several questions to answer to help ensure that the tax liability is calculated correctly. This flowchart addresses some of the most common issues that arise such as capital gain versus capital loss, tax brackets, tax rates and more.

Download the flowchart here.

Contact us for more information.