The summer 2024 financial planning newsletter is now available. In addition to the investment market update, it includes updates on inherited IRA required minimum distributions, HSA contribution limits, and the new Fincen filing requirement for business entities. The newsletter also highlights … [Read more...]
Spring 2024 Financial Planning Newsletter
The Spring 2024 financial planning newsletter is now available. In addition to the investment market update, we include financial spring cleaning ideas and links to some of our team's favorite financial podcasts. We also provide a gentle nudge on keeping your estate planning up-to-date, along with … [Read more...]
Using a 529 Plan to Fund a Roth IRA
You may have heard that you can use 529 Plan money to fund a Roth IRA. But how does it work? And why would you want to do this? College savings (529) plans are popular tools for saving for college. But the big concern is always: what if my child doesn't go to college? Will I end up paying … [Read more...]
Summer 2023 Financial Planning Newsletter
Our summer 2023 financial planning newsletter is now available. In addition to the investment market updates, it includes tips on retirement contributions including the new rules for 2024 401(k) catch-up contributions. We also cover last week's IRS guidance about Required Minimum Distribution (RMD) … [Read more...]
Financial Planning 2023 Q1 Newsletter
The 2023 Q1 financial planning newsletter is now available. It includes highlights of the Secure Act 2.0 and how it will affect you, as well as student loan and investment market updates. In addition, we cover 2023 retirement plan contribution limits and tax season reminders. Please click here to … [Read more...]
Q1 2022 Financial Planning Newsletter
Our Q1 2022 financial planning newsletter is now available. In addition to an investment market update, we discuss the potential for a bear market and how that affects your actions now. We also dig into how inflation affects your financial plan and cover the upcoming student loan interest and … [Read more...]
Q4 Financial Planning Newsletter
This quarter's financial planning newsletter is now available. This edition is chock-full of actionable ideas including: Year-end tax legislation planning considerations Updates and reminders for maximizing retirement plan contributions and HSAs, Medicare open enrollment, required minimum … [Read more...]
Build Back Better 2021 Year-End Planning Considerations
We want to share a few items for 2021 year-end planning consideration as a result of the Build Back Better reconciliation bill introduced in Congress on September 13. One of the biggest changes is the elimination of Roth conversions of after-tax dollars beginning in 2022. Please see our full … [Read more...]
Roth conversion of after-tax contributions – limited time only?
We don’t normally invest much energy in discussing pending legislation until it becomes law. However, the Build Back Better reconciliation bill introduced in Congress on September 13 creates a time-sensitive opportunity for Roth conversions of after-tax dollars. Beginning in 2022, after-tax … [Read more...]
FAQs on RMDs from Inherited IRAs
When the SECURE Act was passed by Congress at the end of 2019, the rules changed for most future Inherited IRA holders. But wait… wasn’t there also the CARES Act in 2020 that allowed ALL IRA owners to forego taking their required minimum distribution (RMD) for 2020? Yep. Between the SECURE Act … [Read more...]
Should You Do Tax Planning Now for the Biden Administration
A lot's being written right now about how to prepare for the Biden tax plan. There are click-bate headlines warning of actions you must take now before December 31, 2020. Before we take any tax planning actions, we need to consider the various scenarios that could unfold. First, we won't know … [Read more...]
How Stocks Perform in Election Months
As we wait for votes to be counted this morning, it may be helpful to put stock market returns in historical context. The attached graphic from Dimensional Fund Advisors shows performance of stocks in the months of presidential elections going back to 1926. You'll notice there's not a consistent … [Read more...]
Coronavirus Financial Planning Updates
The tax filing and payment deadline for your 2019 taxes has been extended to July 15. It may still make sense to file your 2019 taxes sooner if it enhances your ability to qualify for the direct payment or receive it via direct deposit. Estimated tax payments due on April 15 for 2020 are also … [Read more...]
2020 SECURE Act Changes to IRAs and Required Minimum Distributions
The SECURE Act stands for Setting Every Community Up for Retirement Enhancement. It was signed into law on December 20, 2019 and most provisions went into effect on January 1, 2020. Lawmakers mostly focused on enhancing options and eligibility for retirement plans. However, one significant change … [Read more...]
Planning with Medicare Premiums in Mind
Depending on your income, premiums for Medicare Part B could cost more than the standard rate ($144.60 per month in 2020). This is referred to as IRMAA – the income related monthly adjustment amount. In 2020, Part B premiums will cost more if your modified adjusted gross income (MAGI) is higher than … [Read more...]
January 2016 Financial Planning Newsletter
The January 2016 financial planning newsletter is now available. It includes an update on the investment markets with perspective on the volatility of the last two weeks, plus an overview of 2015 market returns. In addition, we cover what you need to know when filling out the FAFSA and the tax … [Read more...]
Tax Provisions Extended for 2015 and Beyond
In one of its final actions for calendar year 2015, Congress passed the Consolidated Appropriations Act, 2016. It addressed a host of popular but temporary tax provisions that had expired at the end of 2014. The Act extended some and made other provisions permanent. The major provisions are … [Read more...]
November 2015 Financial Planning Newsletter
Our November 2015 is now available online. It includes details about the social security law changes enacted last fall, as well as action that those ages 66 - 69 before April 29 this year will want to consider taking. In addition, it provides 2016 retirement plan limits, and the Medicare Part B … [Read more...]
Major changes in social security strategies for retirees
As a result of the budget bill passed last week, two social security strategies that we've recommended to many clients over the years are no longer available or significantly limited. File and Suspend The strategy involves one spouse filing an application for retirement benefits when he or she … [Read more...]
June 2015 Personal Finance Newsletter
The June newsletter is now available. In addition to the regular investment update, it includes highlights and take-aways from a book I just read and highly recommend -- Happy Money: The Science of Happier Spending by Professors Elizabeth Dunn and Michael Norton. The newsletter also has updates on … [Read more...]
Converting After-Tax 401k contributions to Roth
It's time to reconsider whether making after-tax contributions to a 401k is a good financial planning strategy. Prior to the IRS' ruling last fall, it was unclear whether you could convert after-tax 401k contributions to Roth. And if you did convert them, there was disagreement in the financial … [Read more...]
Tax provisions extended for 2014
While Congress took the extension of many popular tax provisions down to the wire, the Tax Increase Prevention Act of 2014 passed before the end of December. All of the following provisions were among those retroactively extended, and are now effective through the end of 2014. So for those of us … [Read more...]
May 2013 Personal Finance Newsletter
The May personal finance newsletter is now available. In addition to the introduction of our new staff members Jordan Nightingale and Rachel Songer, it includes financial planning information on understanding your expenses in your 401k as you plan your retirement, how to use payable on death … [Read more...]
January Personal Finance Newsletter
The January 2013 personal finance newsletter is now available. It includes lots of financial planning news and updates. Starting with a review of the 2012 investment year, we also review the details of the fiscal cliff compromise and how it may affect you. In addition, there are articles on … [Read more...]
November/December Personal Finance Newsletter
The November/December Personal Finance Newsletter is now available. It includes information on the 2013 retirement plan limits and an update on investment market performance. There are also two articles relevant to the fiscal cliff negotiations -- a review of the considerations in harvesting long … [Read more...]
Q&A on 2013 tax changes
As you might imagine, whether I'm sitting at my financial planning office in Dallas or Keller, I'm having a lot of conversations right now about the tax changes scheduled for the end of the year. Following are some of the most common questions, as well as my perspective on them. Q: Do … [Read more...]
June 2012 Personal Finance Newsletter
The June newsletter is now available. With the Supreme Court upholding the healthcare law last week, you will want to read the article and watch the video on how the new 3.8% Medicare tax works so you can begin incorporating this into your financial plans if it affects you. Also in this newsletter … [Read more...]
May 2012 Personal Finance Newsletter
The May 2012 personal financial planning newsletter is now available online. If you've been waiting for it's arrival, you may want to sign up to receive it through email on the same day it's sent to clients and friends. Sign up is available at https://keenerfinancial.com/about. The May … [Read more...]
February 2012 Personal Finance Newsletter
The February 2012 personal finance newsletter is now available. In the newsletter, we have financial planning inspiration from Keller High School seniors to refocus on paying yourself first. For investing, it includes an investment market update and information on the new cost basis rules. For … [Read more...]
February Personal Finance Newsletter
The February personal finance newsletter is now available. In addition to the investing market update, the topics are: Extension of tax-free charitable contribution option from IRAs for those over 70 1/2 New cost basis reporting rules (important for those with taxable investment … [Read more...]
January 2011 Personal Finance Newsletter
The January newsletter is now available with a 2010 investment market recap, a humorous look at investing resolutions for the new year, and details on the estate tax changes enacted in December. It also includes an announcement of topics for the Keller Public Library personal finance workshop … [Read more...]
December Personal Finance Newsletter
The December 2010 personal finance newsletter is now available. It includes an important update on social security rules, 2011 IRS mileage rates, considerations in rolling your traditional 401(k) to a Roth IRA, and changes to the adoption assistance program. As always, there's also an investment … [Read more...]
October Personal Finance Newsletter
The October 2010 personal finance newsletter is now available. It includes information on social security, medicare open enrollment season, year-end investment planning, and the new small business jobs act provisions. In addition, an investment market update and information on free financial … [Read more...]
September Personal Finance Newsletter
The September 2010 personal finance newsletter is now available. It includes information on opportunities unique to 2010 for year-end tax planning, tips on teaching your college-age child about money, how a stronger dollar affects your portfolio, information on FDIC insurance now that higher limits … [Read more...]
August 2010 Personal Finance Newsletter
The August 2010 personal finance newsletter is now available. It includes information on how college scholarships are taxed, how the new healthcare law affects Medicare drug plans, and, as always, an investment market update. Enjoy! Click here to view the newsletter. … [Read more...]
April 2010 Monthly Newsletter
The April 2010 monthly newsletter is now available. It includes information on how the new healthcare law may affect you as an individual and new student loan and financial aid provisions. Also covered are an investment market update and a discussion on the merits of dollar cost averaging to make … [Read more...]
New Health Care Law Highlights
If you're like me, you found it challenging to keep up with the provisions of the health care bills as they worked through the legislative process. But now that the bill is law, it's helpful to understand how it may affect your individual situation and any changes that need to be made to your … [Read more...]
March 2010 Newsletter
The March 2010 Newsletter is now available. It includes an investment market update, Part II in my series on how to tap into your home equity in retirement, considerations in evaluating an early retirement offer, information on 2009 tax deduction for 2010 Haitian relief contributions, 2011 tax rate … [Read more...]
January 2010 Newsletter
The January 2010 newsletter is now available. Beginning in 2010, it will be published the second week of each month. This month's newsletter includes a brief 2009 market update, an update on the estate tax for 2010, how to conduct a home inventory, and more. Click here to read it. … [Read more...]
Buying a home to cash in on home buyers tax credit?
You may have heard that the first-time home buying tax credit was extended through April 30 next year, and that it now includes a credit for some non-first-time home buyers also. For details on the extension and who is eligible, visit the IRS website. This is great news if you fall into the … [Read more...]
2009 Year-End Tax Planning Checklist
Reviewing your tax situation for the year when you still have time to do something about it is always a good idea. You have many more options to affect your tax liability by acting before the year ends. This year, it's still important to review all the regular opportunities available every … [Read more...]
Roth IRA Conversion Overview
Through 2009, converting an IRA from a traditional IRA to Roth is only available for those with household incomes under $100,000. Beginning next year, that changes. However, a lot of people aren't aware of the upcoming changes -- according to Financial Planning magazine, only 42% of advisor … [Read more...]
Education Funding Recap
The world of higher education has received some attention in Washington this year. I've done several posts on the topic, but wanted to offer this summary of both what's passed and what's proposed in the budget for FY 2010. The American Recovery and Reinvestment Act of 2009 (ARRA) was signed into … [Read more...]
July 2009 Newsletter
The July 2009 newsletter is now available online. It reviews some blog information on FDIC insurance limits, establishing an emergency fund, and down market estate planning opportunities. It also covers new information on whether or not you should refinance your mortgage and considerations in … [Read more...]
Keep an eye on your credit
The Credit Card legislation passed last month should ultimately help consumers. However, in the short term, many people are being squeezed. We have a combination of factors: banks attempting to shore up their financial statements by reducing the available credit on credit cards, home equity … [Read more...]
Do Build America Bonds Make Sense for You?
Investors have a new mechanism for investing in municipal bonds, courtesy of the American Recovery and Reinvestment Act of 2009. As part of the Obama administration's economic stimulus program, the bill authorized a subsidy for local and state governments that issue what are known as Build America … [Read more...]
$250,000 Bank Deposit Account Insurance Limit Extended
On May 20, 2009, President Obama signed the Helping Families Save Their Homes Act of 2009. Included in the legislation was a provision that postpones until January 1, 2014 the expiration of the $250,000 limit on Federal Deposit Insurance Corp. (FDIC) insurance for bank deposit accounts. The limit … [Read more...]
June 2009 Newsletter
The June 2009 newsletter is now available. It includes articles on the new credit card law provisions, energy-efficient tax credits, estate planning for second marriages, and social security planning. Click here to read it. … [Read more...]
New credit card law provisions
The key provisions of the credit card law that Obama signed last Friday, May 22 are below. But first, my two cents ... I've heard a lot of talk about how these changes might make it more difficult to get credit and could result in higher fees in general and annual fees in particular for people … [Read more...]
April 2009 Newsletter
The April 2009 newsletter is now available online. It includes an update on market conditions, plus information on the Cobra subsidy, writing off worthless securities on your taxes, an estate planning pitfall to avoid, a conversation for parents about saving for retirement vs. college, and a how-to … [Read more...]
Detail on COBRA subsidy
If you've lost your job since September 1 of last year, you'll want to read this post. The American Recovery and Reinvestment Act (the Act) provides COBRA premium assistance, which offers a temporary 65% reduction in COBRA premiums for eligible beneficiaries. This new provision will affect former … [Read more...]
March Monthly Newsletter
The March monthly newsletter is now out. It includes information on current economic conditions, how to create your own Equity Indexed Annuity, figuring out if your insurance company is secure, Roth IRA conversions, and the Making Work Pay tax credit. To view it, click here. … [Read more...]
The Stimulus Act and You
On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (the 2009 "Stimulus Act"). The legislation carries a projected cost of $787 billion, and contains hundreds of provisions. Key provisions that may be relevant to you include: New Making Work … [Read more...]
January 2009 Newsletter
The January 2009 newsletter is now available. It contains information on investing, saving for retirement, FDIC insurance, social security, financial preparedness for natural disasters, and information on upcoming events. … [Read more...]
FDIC Insurance
What's protected? Bank deposits are protected by the Federal Deposit Insurance Corporation (FDIC), an independent agency backed by the full faith and credit of the U.S. government. FDIC insurance covers both demand deposits, such as checking, NOW, savings, and money market deposit accounts, and … [Read more...]
Higher Education Act
One of the big pieces of legislation that passed in 2008 was the Higher Education Opportunity Act (the Act). Aside from reauthorizing the Higher Education Act of 1965 for another six years, the Act includes many other provisions intended to improve college affordability, access, and accountability. … [Read more...]
Year End Tax Planning Techniques
Many tax provisions that had already expired or were scheduled to expire at the end of the year were extended as part of the Emergency Economic Stabilization Act of 2008, signed into law on October 3, 2008. Included in the list of extended provisions is an additional one year alternative minimum tax … [Read more...]
2009 Key Numbers
This document is a really handy reference. If you look at your finances on any sort of ongoing basis, you may want to print it out and keep it on your desk. It has everything from tax brackets to retirement plan limits, mileage deduction amounts, adoption credits, phase-outs, education tax … [Read more...]
New help for college funding
Student loans staged a disappearing act in 2008, as the credit crisis drove some lenders out of the student loan market and forced others to become more selective. But the Higher Education Opportunity Act, which became law in August, contains several provisions that will help families and students … [Read more...]
Bailout Bill Tax Changes Affecting Business
The Emergency Economic Stabilization Act of 2008, referred to by some as the "bailout bill," or, as others prefer to call it, the "rescue plan," was recently enacted in an attempt to help stabilize the turmoil in the U.S. economy. While a great deal of the attention has been focused on the bailout … [Read more...]
Bail-Out Bill Tax Changes Affecting Individuals
The Emergency Economic Stabilization Act of 2008, referred to by some as the "bailout bill," or, as others prefer to call it, the "rescue plan," was recently enacted in an attempt to stabilize the turmoil in the U.S. economy. While a great deal of attention has been focused on the true bailout … [Read more...]
2009 contribution limits announced
On October 16, 2008, the IRS issued news release IR-2008-118 announcing cost-of-living adjustments to dollar limitations for pension plans. Items addressed for 2009 include: Elective deferrals * The annual elective deferral limit for 401(k) plans, 403(b) plans, 457(b) plans, SAR-SEPs, and the … [Read more...]
October 2008 Newsletter
View our October 2008 Newsletter. … [Read more...]
FDIC limits changed as of October 3, 2008
October 7, 2008 The bail-out bill that passed congress last week included a provision to increase the FDIC coverage limits from $100,000 to $250,000 per individual per bank. This increase went into effect immediately, but it's important to note that it's only valid through the end of 2009. … [Read more...]