The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2022, Single filers can claim $12,950, Head of Household $19,400 and Married Filing Jointly $25,900. Additionally, the maximum amount that can be deducted for state and local…
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results in taxable income. Here are 4…
President Trump recently signed legislation called “Setting Every Community Up for Retirement Enhancement” (SECURE Act). This legislation has 29 provisions in it and will affect many investors saving for retirement. One of the biggest changes is the removal of the…
Investors with earned income can fund a Roth IRA for up to $6,000 annually. Investors age 50 and older can fund an additional $1,000 with a ‘Catch-up” contribution for a total of $7,000 annually. Earned income is from working as…
A Roth Conversion is when you take a distribution from an IRA, tax it and rollover the proceeds within 60 days into a Roth IRA. In lieu of getting a check, have the funds sent from the IRA to the…
