Archive - 2018

1
Is a Home Storage Gold IRA Legal?
2
Build Your Financial Planning Resolve
3
Roth Recharacterization is No Longer Allowed
4
2018 IRS Tax Refund Schedule (2017 Tax Year) – When Will I Receive My Tax Refund?
5
7 Ways to begin the New Year on a strong Financial Footing

Is a Home Storage Gold IRA Legal?

Recently I received a brochure from the Capital Gold Group entitled “My Home Storage IRA – Get the Facts”. It described what is sometimes described as a “home storage gold IRA” or “home storage precious metals IRA” where you are the custodian of your own IRA and purchase gold or silver coins with the funds in your IRA and store those coins in a home safe or bank safety deposit box.

The first time I heard of this idea I thought it must be a mistake. I thought it must be illegal. My understanding of IRS rules is that you …

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Build Your Financial Planning Resolve

Resolutions can be useful but you would to much better to build your financial planning resolve with new money management habits. The Motley Fool offers advice to help, however you may not want to tackle all of these things at once, lest you become overwhelmed. A Fee-Only financial planner cannot do all the work of straightening out your finances but working with one can help you prioritize what areas of your financial live you need to tackle first.  General financial advice can be useful but you may still need help with prioritizing and planning.

Some of us need to get

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Roth Recharacterization is No Longer Allowed

With the passage of the Tax Cuts and Jobs Act (TCJA) of 2017, recharacterization of a Roth Conversion is no longer allowed. This begins with tax year 2018.

Briefly, recharacterization of a Roth conversion is (used to be) useful if you wanted to undo a Roth conversion sometime before your tax return is filed for the year in question. If you’d like more information on recharacterization and why you might want (or have wanted) to do this, you can check out the article on Recharacterizing.

So now, if you convert funds from an IRA or 401k into a Roth …

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2018 IRS Tax Refund Schedule (2017 Tax Year) – When Will I Receive My Tax Refund?

When it comes to filing a tax return, there are a few questions that people care about more than any other – how much am I paying on taxes, how much will I get back in my tax refund, and when will I receive it? Everything else, the say, is just details.

There is no quick and easy answer to the first two questions. However, we can give you a rough idea of when you will receive your tax refund, but only if you file your federal taxes electronically using a software program or with the IRS E-File. Expect longer

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7 Ways to begin the New Year on a strong Financial Footing

Welcome to the New Year, 2018! There is no better time than now to reflect on how you have been managing your finances, and perhaps begin the New Year with a commitment to do a deep-dive financial analysis.

Do You agree? If you do, here are seven ways to get you on a firm financial footing. Let’s discuss.

1. Organize Your Finances

I recently met a couple who are in their late forties. Each had a 401(K) account with his or her current employer. Husband had three traditional IRA accounts and one ROTH IRA account. Wife had two traditional IRA …

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