Billy McCarthy interviews Anthony McCallister about basic info about 401(k) plans. Topics include what a 401(k) plan is, how to enroll in one, what happens to your plan when you change jobs, how important beneficiary forms are, and penalties of withdrawing from a plan early.
If your adjusted gross income (AGI) is below a certain amount, you may be eligible to receive a nonrefundable tax credit for contributions to your retirement accounts, thereby lessening the cost of making the contributions. This nonrefundable credit is referred to as the savers tax credit (savers credit), and can reduce your federal income tax on a dollar-for-dollar basis.
Your IRA should be given a check-up at least once per year.
You should check to make sure your IRA agreement and documentation are consistent with your estate-planning needs. This is especially important for beneficiary designations, and more critically so if you need to make special provisions for any of your beneficiaries.
Scott Bales interviews Marshall Bolden about the past quarter of the stock and bond market returns as well as what the future economic outlook might be like. Topics include the impact of the government shutdown and the debt ceiling debate, Federal Reserve’s quantitative easing, fixed income market’s 3rd quarter performance, and interest rate movements.
Donald Bolden interviews Anthony McCallister from CapSouth Partners about 401(k) plans and the technicalities behind them. Topics include the “Three ‘F’s'”, certain code sections, documentation, what makes a fiduciary, and who oversees the plan. Donald Bolden and Anthony McCallister are both from CapSouth Partners’ Dothan Office.
Moving assets between your retirement accounts should be a simple and easy process. Unfortunately, that is not always the case; there are many mistakes that can be made, some of which are irreversible and can result in IRS-assessed penalties and unintended income tax owed. The following are some tips that can help you to avoid some of these mistakes.
Donald Bolden interviews Kay Dempsey, CEO of Dempsey Companies, about different types of Long Term Care Insurance. Medicaid is also discussed in addition to buying insurance. Other topics include: the cost of long term care, using an annuity for long term care, what kinds of things can prevent from having long term care, and when to buy the insurance.
Lewis Robinson interviews Carter Bates from James, Bates, Brannan, Groover LLP in Macon, Georgia discussing topics surrounding special needs trusts. Topics include what the trust can pay for, difference between first and third party trusts, whom should be named trustee, and what responsibilities they might have and questions you should ask an attorney before making the trust.
Deciding whether one should convert assets from a traditional retirement account to a Roth IRA can be a daunting task, and in order to make a reasonable and educated decision, many factors must be taken into consideration. While the decision might involve making certain assumptions, such as future income tax rates, other constant factors, such as who your beneficiary will be can play a significant role in your decision-making process.
The following are only five of the many factors that should be taken into consideration,
Lewis Robinson interviews Ray Pippin, CPA, CVA, CFF, from McNair, McLemore, Middlebrooks & Co., LLC in Macon, Georgia about the 2012 Taxpayer Relief Act and other topics relating to tax breaks and deductions. Other topics covered include the difference between a tax deduction and tax credit, giving clothing and donating to a church to receive tax credit, what is the standard deduction for 2013, and tax credits many people do not know about.