As a “remote-first” financial advisory and tax services firm, we are proud to have worked with clients across several states across the US, including Hawaii. This geographic reach allows to provide a broader perspective and more planning options for our clients.
Q1: I’ve been hearing about the Mega Backdoor Roth (MBR). How do I actually know if my company’s plan offers it? A1: The answer is always hiding in your Summary Plan Description (SPD). Even if you call your brokerage, the SPD is the actual rulebook. You need to check for two specific things: You need both of these to do an MBR. If your plan only has one or the other, MBR is almost certainly off the table. Q2: If
For many higher income earners, the OBBBA tax law changes mean that they will be itemizing on their 2025 income tax returns due to the increased state and local tax (SALT) deduction from $10k to $40k. This change helps those who have consistently been capped by the $10k SALT limit on their federal tax returns. You can double-check how this has affected you in the past by adding up your W2 state/local wage taxes paid and your real estate property
With the passage of the OBBBA, the energy efficiency and electric vehicle (EV) credits will be expiring sooner than originallly planned. This chart shows the individual credits and their new expiration dates. The common credits are the popular EV credits and the energy efficient home improvement credits. If you are in the market for an EV, you will want to take delivery on or before 9/30. But note that if you are on the upper end of the AGI limit,
Rollover IRA Inherited IRA (Beneficiary IRA) SEP IRA SIMPLE IRA “Spousal” IRA Nondeductible IRA Self-Directed IRA You have heard of the traditional IRA and the Roth IRA. But from time to time, you may come across other types of IRAs and wonder what they mean. Here is a brief listing of the major IRA types and their special characteristics. Rollover IRA: This is typically a traditional IRA type of account, but the difference is that the source is from another
Withholding can be useful as you get older For distributions with less than $1000 tax impact, it may be smarter not to withhold. For Roth conversions, in most cases it is better not to withhold taxes, especially if you are not 59.5 yet. You are retired and are planning to withdraw some of your tax-deferred money from your traditional IRA or 401k. As you click through the screens, there is a message about withholding taxes. Should you withhold taxes or
Method 1: Regular Roth IRA Contribution Method 2: Roth Conversion Method 3: Backdoor Roth IRA (similar to Roth Conversion) Method 4: Mega Backdoor Roth Method 5: Roth 401k Rollover to Roth IRA Method 5.5: 529 Rollover to Roth (starts in 2024) This is Part 2 of a two-part series on how to get money into a Roth IRA. (Part 1 is found here.) Method 4: Mega Backdoor RothWhoever came up with this name should have thought of a different
Method 1: Regular Roth IRA Contribution Method 2: Roth Conversion Method 3: Backdoor Roth IRA (similar to Roth Conversion) Method 4: Mega Backdoor Roth Method 5: Roth 401k Rollover to Roth IRA Method 5.5: 529 Rollover to Roth (starts in 2024) This is Part 1 of a two-part series on how to get money into a Roth IRA. Alongside the many advantages offered by the Roth IRA, one of the benefits is that there are no less than five legitimate
Vanguard’s ETF as class of MF was innovative. Brokerage practices have made much of this patent no longer as desirable. While the patent’s technique makes Vanguard great to invest in, its usefulness ironically shines when you are moving money to a different brokerage. Since 2005, market experts have known about the unique characteristics of Vanguard’s patent regarding its ETFs, which were simply another “class” of their mutual funds. This patent allowed Vanguard to make its mutual funds more tax efficient
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