Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances these tax benefits, beginning in 2023. The Basics Normally, ...
PKS Investment Advisors LLC, is pleased to announce that Gigi G. LeKites, CFP®, CRPC®, has been admitted as a partner with the firm. Her admission is a direct result of her continued commitment to client service, business acumen and technical proficiency. Dan O’Connell, managing partner of PKS, is proud to have Gigi join the partner team. “It’s a privilege to recognize Gigi on this ...
Stocks have been battered by the Federal Reserve’s quest to rein in the highest rate of inflation in 40 years. So far, however, investors have expressed little concern over the crisis that has rocked cryptocurrencies. It’s a far cry from the reaction to Lehman’s demise in 2008, which sparked the financial crisis and nearly wrecked the global financial system. MTD% YTD% ...
An IRA rollover is usually a tax-smart move, because it allows you to continue to defer taxes on the amount you roll over. But Congress has laid traps for the unwary. Here's how to avoid the most common IRA rollover tax pitfalls. Arrange Direct Transfers from Company Plans After leaving a job, you may want to roll over funds from your former employer's qualified retirement plan (or plans) into ...
PKS Investment Advisors LLC is pleased to announce that Colton J. Hastings, CFP® has been authorized by the Certified Financial Planner Board of Standards (CFP Board) to use the CERTIFIED FINANCIAL PLANNER™ and CFP® certification marks in accordance with CFP Board certification and renewal requirements. The CFP® marks identify those individuals who have met the rigorous experience and ethical...
By: Gigi G. LeKites, CFP®, CRPC® Inflation is up, the market is down and now there’s talk about a recession! Just the idea of a recession makes the calmest person sweat. And what if a recession is coming? Is there something we should be doing to prepare? Yes, there are a few things you can do to prepare for a recession. However, first things first: don’t let it steal your joy! ...
For 2022, the amount you can sock away into your 401(k), 403(b) and most 457 plans will rise another $1,000 to $20,500. If you're at least 50 years of age, you can put away up to $27,000 thanks to catch-up contributions. The limit on "total additions" to those plans — that is your deferrals and employer contributions combined — rises to $61,000 in 2022 or $67,500 if you're at least 50. While ...
With autumn coming up, it's time to think about "harvesting" capital gains or losses from sales of securities. In addition, unfavorable tax law changes proposed in President Biden's American Families Plan (AFP) may create an added sense of urgency for some taxpayers. (See "Proposed Tax Law Changes" at bottom.) The Basics When you sell securities and other capital assets, the gains and losses are ...
On July 14, 2021, we hosted a live town-hall webinar offering a look ahead on various investment topics, as well as answers on top-of-mind investor issues. Watch this video hear unique insights on topics such as: is it the right time to invest at market all-time highs? government stimulus spending, inflation and national debt; Bitcoin and the “meme stocks”; market downturn mitigation ...
Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also known as Roth 401(k) accounts. If your employer offers this option and your income is too high to make annual Roth IRA contributions, contributing to a DRA is worth considering. This option also may ...