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Money Manager Monthly
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WrapManager.com | Contact Us
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February 2012
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TurboTax Discount for WrapManager Clients
WrapManager clients are eligible for a 25 percent savings on TurboTax Online Federal Products.
Take advantage of this offer, available starting February 14th, by
logging into your Access Online > Education > Turbo Tax Downloads.
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Prepare Now - Potential Tax Changes in 2013
Thomas D. Wilson, Senior Wealth Strategist
 As
the laws stand now, 2012 is the sunset year for many of the Bush era
tax breaks. Many tax rates are set to increase if these breaks aren't
extended. With the 2012 Presidential election heating up, the
possibility of any tax related legislation by Congress becomes even more
uncertain.
It's a good idea to know
these potential tax increases and how they would affect your lifestyle,
investments and beneficiaries. It may be prudent to speak with your
Wealth Strategist about accelerating your income this year given the
following potential hikes.
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FINANCIAL TIDBIT
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Calculating Required Minimum Distributions
If you
are still working as an employee at age 70½, you don't have to take RMDs
from a profit-sharing plan, a pension plan, or a 401(k), 403(b) or 457
plan. Your initial RMDs from these accounts will only be required after
you retire. However, you must take RMDs from these types of accounts if
you own 5% or more of a business sponsoring such a retirement
plan. You must take RMDs from IRAs after you turn 70½ regardless of whether you are still working or not. - Multiple IRAs.
Should you have more than one traditional, SEP or SIMPLE IRA, the
annual RMDs for these accounts must be calculated separately. However,
the IRS gives you some leeway about how to withdraw the money. You can
withdraw 100% of your total yearly RMD amounts from just one IRA, or you
can withdraw equal or unequal portions from each of the IRAs you own.
- 401(k)s and other qualified retirement plans.
A separate RMD must be calculated for each qualified retirement plan to
which you have contributed. These RMD amounts must be paid out
separately from the RMD(s) for your IRA(s).
- Inherited IRAs.
The same applies; a separate RMD must be calculated for each inherited
IRA you have, and these RMD amounts must be paid out separately from
RMD(s) for your other IRA(s).
If
you skip an RMD or withdraw less than what you should have, the IRS
will find out and hit you with a stiff penalty: you will have to pay 50%
of the amount not withdrawn. If you have any questions, feel free to contact your Wealth Strategist at (800) 541-7774 or info@wrapmanager.com. |
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Warm Regards,
Thomas D. Wilson
WrapManager, Inc.
(800) 541-7774
twilson@wrapmanager.com |
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The
attached report and information have been prepared or produced by
WrapManager, Inc. from sources and data believed to be reliable.
Although these sources are deemed reliable we cannot guarantee its accuracy and the information may be incomplete or condensed. Information
provided in this report is for educational and illustrative purposes
only and should not be construed as individualized investment advice, as
an offer to sell, or the solicitation of an offer to buy any security
in any states where such an offer or solicitation would be prohibited by
regulations. Past performance may not be indicative of future results.
No assumption that future performance of any specific investment or
product made reference to directly by WrapManager, Inc., on its Web site
and in marketing materials, will be profitable or equal the
corresponding indicated performance level(s). The views and
opinions expressed do not constitute specific tax, legal, or investment
or financial advice to, or recommendations for, any person, and the
material is not intended to provide financial or investment advice and
does not take into account the particular financial circumstances of
individual investors. Before investing in any investment product,
investors should consult their financial or tax advisor, accountant, or
attorney with regard to their specific situation. To
the extent this presentation includes any federal tax advice, the
presentation is not intended or written by WrapManager, Inc. to be used,
and cannot be used, for the purpose of avoiding federal tax penalties.
WrapManager, Inc. does not advise on any income tax requirements or
issues. Use of any information presented by WrapManager, Inc. is for
general information only and does not represent tax advice either
express or implied. You are encouraged to seek professional tax advice
for income tax questions and assistance. Opinions
expressed are those of WrapManager, Inc. and are subject to change
without notice and are not necessarily those of Prospera Financial
Services, Inc., its directors, parent company or its affiliates.
Securities offered through Prospera Financial Services and cleared
through First Clearing, LLC. Prospera Financial Services - Member
FINRA/SIPC. © 2012 WrapManager, Inc. (800) 541-7774 | info@wrapmanager.com | www.WrapManager.com
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