Deadline to undo a Roth conversion coming soon

Deadline to undo a Roth conversion coming soon

Now is a great time to review Roth IRA conversions that occurred during 2011 within your book of business, and, if appropriate, contact clients to confirm they would like to keep the conversion in place. Roth IRA owners who converted accounts in that period have until October 15, 2012 (the tax filing deadline plus extension),

Competing proposals in Congress continue election season tax debate

Competing proposals in Congress continue election season tax debate

As Congress prepares for its August recess, the Democrat-led Senate and Republican-led House are unveiling proposals to address the expiring Bush-era tax cuts. While both political parties appear to be sensitive to the potentially damaging impact of the so-called “fiscal cliff” in 2013, there are some key differences on how each would address the issues.

Asset Location

Asset Location

While most clients have an understanding of asset allocation, many are not aware of the term asset location. This refers to how client assets are held based on the tax characteristic of the underlying account — taxable, tax deferred, and tax free. Since taxes always pose a risk to clients’ wealth and the prospect exists

A closer look at the individual mandate

A closer look at the individual mandate

Now that the Supreme Court has ruled the health-care reform law (with one exception related to Medicaid expansion) as constitutional, questions on specific provisions will undoubtedly emerge. During the Court’s deliberation, much of the attention focused on the individual mandate to purchase insurance. While a majority of justices concluded that the individual mandate violated terms

Supreme Court upholds health-care law; new taxes to be initiated in 2013

Supreme Court upholds health-care law; new taxes to be initiated in 2013

The U.S. Supreme Court ruled Thursday to uphold the federal health-care reform law, voting in favor of a mandate that requires most individuals to buy health insurance or pay a penalty. In a 5–4 vote, the Court said that the mandate is constitutional when viewed as a tax. The law’s “requirement that certain individuals pay

Advisors’ top 3 questions, answered

Advisors’ top 3 questions, answered

Tax uncertainty has returned as a dominant theme in financial planning this year. With many federal tax programs slated to expire at the end of 2012, advisors are looking for insights on policy outcomes and what strategies they can use to mitigate the effects of potential higher tax rates. In this latest video, financial-planning experts

Gifting opportunities in 2012

Gifting opportunities in 2012

With major changes to estate and gift tax rules on the horizon in 2013, affluent investors should consider taking action now to plan a financial legacy. Download Putnam’s new investor education piece, Gifting opportunities in 2012, for details on: The federal gift tax rules Rules about lifetime gifts How gifting strategies may skip a generation

How does your state rate on taxes?

How does your state rate on taxes?

Finding the ideal place to retire means weighing many pros and cons. The size of the tax bite can vary greatly by state. Use this interactive graphic to see how the states measure up. Click on the map below to launch the interactive graphic. All data is current as of 10/21/11 and is subject to