Using Form 1040 to uncover opportunities
The IRS tax Form 1040 can be used to launch financial planning discussions.
Tag: IRA
Tax court limits IRA rollovers
Investors who typically use a rollover strategy for multiple individual retirement accounts (IRAs) will need to reconsider because of a rule change that took effect this year. A decision by the United States Tax Court that limits the number of IRA rollovers an individual can perform in a year was implemented in January 2015. IRA
Five ways for an advisor to improve IRA business
Individual retirement accounts (IRAs) continue to comprise the largest segment of assets in the retirement industry. Most of the growth is driven by rollovers, creating opportunities for financial advisors working with clients who are deciding what to do with their 401(k) assets. Here are five ideas that advisors may use to try to grow their
Tax time: Schedule a client talk on IRAs
With the April 15 deadline approaching for making a 2013 tax year contribution to an individual retirement account, it is a good time to talk about tax strategy. And with varying types of IRAs available, clients of all income levels may benefit. Higher-income clients who may not be eligible to contribute to a Traditional or
Use the 1040 form to uncover opportunities for clients
During tax season, it’s common for both advisors and clients to be focused on tax filing forms. But tax forms may be used for more than just filing taxes. Consider using IRS tax form 1040 to launch a variety of planning discussions. Use the table below to see how the line items reveal information that
Are clients seeking more investment choice in a 401(k)?
Some 401(k) plans allow participants to transfer money while they are still working. If your plan provides for in-service withdrawals, funds may be transferred to an individual retirement account, which could provide access to more investment options and the ability to consolidate accounts. Transferring funds out of a 401(k) could have some disadvantages, however, such
RMD season presents planning opportunities
December can be a busy month for clients, particularly those 70½ and older who must take required minimum distributions from their retirement accounts before year-end. This requirement may present a planning opportunity to meet with clients who may not rely on these distributions for income. Help family members save for college Grandparents may use RMDs
Top three topics for year-end planning
Year-end tax planning is an opportune time to connect with clients and review some key topics, including IRA-required minimum distributions, tax-loss harvesting, and annual gifting strategies. 284778
White House budget limits tax preferences
Limitations on tax deductions for high earners and a reduction in expected Social Security benefits are among many provisions in President Obama’s FY 2014 budget proposal. The $3.77 trillion budget, released this week proposes more than $1 trillion in savings from spending cuts, entitlement reforms, and interest savings. Additional revenue from reforming the tax code
Do your clients need an IRA checkup?
The deadline for making a contribution to an individual retirement account (IRA) for last year is April 15, 2013. As clients seek ways to reduce taxable income, it is an opportune time to talk about IRAs. Consider offering your clients an IRA checkup to determine what they own and how it supports their retirement savings