AMJ Financial Blog

Category: Uncategorized

What Would You Do?

New jobs often come with a lot of excitement and steep learning curves. Consider this example scenario: Charlotte, a freshly-hired employee is a little bit overwhelmed. She’s meeting new co-workers, setting expectations, figuring out the coffee situation, and completing form after form. Charlotte’s new employer has a retirement savings plan, and this fact jogs her… Read More

Planning For a Disclaimer – 5 Easy Steps

Estate Planning:  While it may seem unlikely, there are situations where beneficiaries decide to turn down an inheritance. Whether it’s to avoid the taxes associated with the assets, or to pass them along to another beneficiary, a disclaimer can help a beneficiary with the option to refuse an inheritance. Executing a disclaimer, however, is not… Read More

Tax Info: A Guide to 1099s

If you’ve started taking distributions from your retirement account, you will soon receive a new form that will play a crucial role as you file your 2017 taxes. A 1099-R form is issued for all IRA distributions that are made payable to an IRA or Roth IRA account owner or beneficiary and for all IRA… Read More

Calculate your RMD in 5 Easy Steps

One of the greatest advantages of retirement savings accounts are the opportunities for tax-deferred or tax-free growth; however, the government sets a time limit on how long these benefits can last by way of establishing required minimum distributions (RMDs). An RMD is the minimum amount that must be taken out of your retirement accounts each… Read More

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TAX – Calculating the Pro-Rata Rule in 5 Easy Steps

If you hold both pre-tax and after-tax money in your IRA, you’ve likely heard of the pro-rata rule. It’s important to understand how this rule is calculated and how it can impact your retirement funds. In simple terms, the pro-rata rule is used to determine how much of a distribution is taxable when you have… Read More

Estate Planning: Using Power of Attorney for an IRA

There may come a point in your life where you will need to select a loved one to make significant financial decisions on your behalf. This process is by no means easy, but in the event that you are unwilling or unable to manage your own finances, having someone assigned as a power of attorney… Read More

Avoiding Charitable IRA Beneficiary Mistakes

Are you considering donating your retirement assets to a charity? Naming a non-profit organization as an IRA beneficiary may be something you’ve yet to consider, but doing so can benefit both you and your charity, as neither of you will pay income tax on the account. However, using a retirement account for charitable gifting can… Read More

Cyber Security – Protect Yourself

At our recent Fall Seminar, we shared information with you regarding cyber security and protecting yourself against cyber threats.  Here are links to the handouts we shared at that event that you can download for reference. —Ransomware Tips —Secure Your Password —Red Flags–Phishing! —Tips for Using WiFi Safely If you have any questions, please call… Read More

MAXIMIZE your Social Security Benefits

Maximizing Your Social Security Benefits Retirement and Social Security are inextricably linked. Not only did Social Security help establish the official U.S. retirement age at 65, it also provides a significant portion of today’s retirees’ incomes. Some of the earliest company pension programs began paying benefits at age 65.1 The economics made sense since life… Read More

Determining Tax on Roth Distributions

When you created your Roth IRA account, you might have been under the impression that the money you take out of it will always be tax free. Unfortunately, there are exceptions to this rule that could leave you surprised and frustrated once you receive your tax bill. Roth IRA distributions can consist of contributions, converted… Read More

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