Tax Considerations 2023

By Theresa Cagle Fry, Senior Vice President and Manager IRAs, Retirement & Education Planning

You have a little more time to make your IRA contributions this year thanks to the Emancipation Day holiday in Washington, D.C. By law, Washington D.C. holidays impact tax deadlines for everyone thereby making Tuesday, April 18, the tax filing deadline and the deadline for making 2022 IRA contributions. Keep in mind that applying for your own extension of time to file your income tax return does not extend your IRA contribution deadline.... 

By Ed O'Neal, Senior Vice President and Manager, Retirement Plans

As we move into “crunch time” for tax season, many taxpayers are carefully assessing their tax situation for the 2022 tax year. And for business owners, this is now the time they often have a better understanding of their 2022 revenues and are actively looking for ways to help reduce their taxable income and limit tax liability...

By Jeffrey R. Wolfe, Senior Vice President and Manager, Wealth Planning Strategies 

Tax rules have generally remained unchanged, which is a good thing given rates are historically low.  However, even though the tax rules haven’t changed that doesn’t mean you may not be impacted by higher taxes. Below are two areas that might require your attention...

By Theresa Cagle Fry, Vice President and Manager of IRAs & Education Planning

Did you take a retirement account distribution in 2020 due to the COVID-19 pandemic? Or take a distribution because of a federally declared disaster in your area?  If you also repaid those distributions, a refund of taxes paid in previous years is available if you amend your income tax returns...

By Ashlee Ogrzewalla, Vice President and Manager, Financial Planning & Marketing

Mutual funds continue to be one of the most popular tools investors use when creating a diversified portfolio. Mutual funds can have exposure to both domestic and global companies and markets, depending on which fund you select...

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

Qualified Longevity Annuity Contracts (QLACs) are issued by insurance companies, and offer deferred future lifetime income, purchased with retirement plan dollars. Income payments on this type of contract are usually structured to begin much later in life. A requirement of a QLAC is that income payments must begin no later than the month following the month when the client reaches age 85, although they can begin earlier. The annuity income payments are guaranteed by the carrier to be paid for the rest of the policyowner’s life regardless of how long they may live, meaning that these types of contracts can provide a significant hedge against longevity risk. Policyowners also have the option of choosing a joint payout option to benefit a surviving spouse or a lump-sum distribution to beneficiaries if the QLAC payments are never needed. Once QLAC payments begin, the amounts are subject to ordinary income tax just like any other traditional retirement account distribution...