Archive - February 2017

1
Tax Impacts of Early Withdrawals from Your IRA
2
Showdown in Retirement Planning: “The Wild West” vs. a Uniform Standard of Fiduciary Care
3
Marotta’s 2017 Gone-Fishing Portfolios
4
Budgeting for Coffee Sucks, Try This Instead
5
Answers to Common DIY Income Tax Questions

Tax Impacts of Early Withdrawals from Your IRA

A common situation that we run across is when someone would like to make early withdrawals from an IRA or 401k plan. As you might expect, there is taxation of the money withdrawn in most cases. There can be other taxes, and certain early withdrawals can be tax-free. The nature of the taxation depends on the circumstances around your early withdrawals.

The IRS recently published Tax Tip 2017-09, which lists some important facts about early withdrawals from retirement plans. The complete text of the Tip follows below.

Early Withdrawals from Retirement Plans

Many people find it necessary to take out …

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Showdown in Retirement Planning: “The Wild West” vs. a Uniform Standard of Fiduciary Care

by Eve Kaplan, Certified Financial Advisor(TM) Practitioner

Without realizing it, your retirement plan (including IRA accounts) might have you firmly planted in “The Wild West.  That’s because you likely are missing a Fiduciary Standard of Care (meaning your interests, as a client, are secondary to the plan provider interests involving making a lot of money). While there are significant improvements to retirement plans in recent years, there still is long way to go. On the plus, 401k and 403b investors now enjoy fee disclosures on quarterly statements, lower costs and the addition of low-cost index funds to defined contribution plans.  …

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Marotta’s 2017 Gone-Fishing Portfolios

A gone fishing portfolio is a portfolio of just a few stocks which should weather the ups and downs of the market fairly well while only rebalancing twice a year. We recommend a gone-fishing portfolio for small accounts of people who are getting started with investing. For those with larger accounts or those who are approaching or in retirement, we recommend professional management. For that reason, our calculators do not make recommendations beyond age 70.

This year we are offering three different gone fishing portfolios. In addition to updating our traditional Gone Fishing Portfolio and our Vanguard Mutual Fund Gone …

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Budgeting for Coffee Sucks, Try This Instead

Trying to cut back on your spending gets tedious when you focus on minute details. Yes, it’s important to track every dollar — but to feel anxious about spending on small purchases that you value because you’re trying to save more and spend less? That can quickly lead to budget burnout.

Preparing for and responsibly purchasing big-ticket items (from a laptop to a car to a house) is much more important than counting every last penny. Think about it. Does it make sense to stress over buying a coffee or spending an extra $1.99 to add guacamole but to have

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Answers to Common DIY Income Tax Questions

Do-It-Yourself or DIY Income tax filing software is very common, pervasive and easy-to-use these days. Many folks are taking advantage of this option for filing their taxes each year – but it’s not infallible. There is only so much that can be automated with the software. Certain things you’ll need to know for yourself. If you don’t know these things ahead of time you’ll need to know how to fix them later.

Over the course of many years of questions from DIY income tax preparers, we’ve noticed a few patterns of common questions. Below are listed some of the most …

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