We are very pleased to announce that Elizabeth Woodrum is our newest CERTIFIED FINANCIAL PLANNER™ (CFP®) professional at Marotta Wealth Management!
This is the financial shock of a major home repair. It is expensive and surprising.
“I may leave a list or other written statement expressing how I wish certain items of my tangible property to be distributed.” But how do I do that?
Here is a simple list of the retirement account types and their differences.
This is the financial shock of a major car repair. It is the most common financial shock with 30% of households reporting such an event within the last 12 months.
It is possible to be prepared for financial emergencies by living 10% more frugally and saving for the inevitable eventuality.
Kudos to you for noticing the value of Roth conversions! We have three ways we can help.
Rebalancing from stocks into bonds reduces your returns on average since bonds have a lower average return. But, as this 2015 article reminds us, there are decades of very choppy markets where even rebalancing an allocation of stocks and bonds can boost returns.
I was always met with the following error message: “We cannot create an account for the Social Security number you entered.”
We continue to believe that diversification among many different countries provides a more consistent return than investing entirely in the United States.
“I will be turning 70 1/2 and wanted to start making contributions to charity from an IRA and taking the QCD at that time. Would this bill require me to wait two more tax years, until I am 72, to do this?”
Thirty years of interest, dividends, and capital gains tax is a significant savings.
What ever happened to that check? Here’s how to find out if it a Schwab check you wrote has been cashed by the recipient.
An analysis of changing to lower cost funds.
On May 23, 2019, the House passed the Setting Every Community Up for Retirement Enhancement Act of 2019 with a vote of 417 Yeas and 3 Nays. It is on its way to the Senate.
For those who are doing it themselves, this page can help you satisfy this important IRS requirement.
With a thorough understanding of the IRS rules, performing a Roth Conversion even after your so-called Required Beginning Date (RBD) can be both easy and profitable. This 2016 article teaches how.
Most divisors are looked up in tables based on your age. Others are calculated based on last year’s divisor. Some particularly unfortunate cases have distribution deadlines rather than divisors at all.
Oddly enough, how a trust inherits an IRA is as important as what it does with the IRA after receiving it.
Many of us are anxious about paying our bills on time, but using payment aids like Schwab Bill Pay can help alleviate some of that anxiety.
I must say that homeschooling was by far my best education experience.
Some performance is cause for concern. Other times, you need not worry. Here are 5 times you should not worry and 4 cases when you should.
“If you claimed the standard deduction on your federal income tax return, you must also claim the standard deduction on your Virginia return.”
Be sure to remember to tell your tax preparer that you did a QCD.
Anyone who has to take RMDs from their employer sponsored retirement plan, sadly, has to take RMDs from all components of the plan, even Roth deferrals!
Among the most complicated and frustrating IRA rules are required minimum distributions (RMDs). This case is a classic example.
“I’m moving to a state which does not recognize Tenants by the Entirety. What do I need to do?”
If both spouses contribute to their own HSAs for 2019, they can achieve a joint contribution of $9,000.
When it comes to legal, if your attorney is allowed to make the edit, you are allowed to make the edit.
There are many opportunities to pay your children. If that payment can be counted as earned income, then the child is eligible to fund their Roth IRA.
On Tuesday, April 9, 2018, David John Marotta appeared on Radio 1070 WINA’s Schilling Show to discuss how to achieve success and significance in retirement by both adequately savings for retirement and finding fulfillment during that period of your life.
This isn’t the kind of article you think it is. My daughter wore disposable diapers.
This person has no IRA balance, but is about to get one with an IRA Rollover. So the question is one of timing: can they do the IRA Rollover after the nondeductible contribution has already been converted so that their cream and coffee never mix?
This is intended to be a brief overview of what you should do once you realize you are overseeing an estate.
If your employer offers a 457 plan, consider taking advantage of the ability to shelter more money each year from taxes in a Roth account.
On Tuesday, March 12, 2019, David John Marotta appeared on Radio 1070 WINA’s Schilling Show to discuss how to do your own tax review.
You are allowed to deduct “up to 20 percent of their combined qualified real estate investment trust (REIT) dividends,” and this deduction is unlimited. So it begs the question: Is there a way I can deduct my normal real estate income?
There is always an excuse to delay doing something that involves risk. They close the show reminding you not to wait. Invest now.
Here’s some advice from one daughter employee to a would-be parent employer.
It turns out there is still a way to do a QCD out of those assets, but it requires a bit of planning ahead.
Is what I’m accomplishing here worth sacrificing the step up in basis? If it is not, perhaps there is a better way to implement your estate wishes.
When I was a teen, my grandfather George Marotta passed down to me his copy of “What You Need to Know Before You Invest” by Rod Davis. I recommend this book as way to gain a baseline understanding.
To preserve the portability of a deceased spouse’s exemption, you must file an estate tax return after the death of the first spouse even if you otherwise did not have to do so. The due date of the estate tax return is nine months after the decedent’s date of death.
For the proper Victorian, acts of love and money should not mix. Although this honest conversion may ruffle Victorian sensibilities, it is a foundation of the trust we forge with our clients.
If you ask, the broker will gladly tell you how much of that type they’d recommend getting, but not whether you need it in the first place.
The required IRA distribution in the year the account owner dies is called a Year of Death RMD.
Taking these few extra steps can maximize your gift’s benefit to both you and the recipient.
Federal AGIs between $75,000 and $99,000 of couples over age 65 begin to lose this age-based special treatment and lose the tax savings they had at lower income levels.
A closer look at the U.S. Code reveals a bit of uncertainty but a lot of promise.
Here is a clear guide on how to transfer funds between your Schwab accounts.