In this episode Dennis Prout talks about the economy and current situations such as the Coronavirus that could have an impact globally. Also discussed is the Secure Act and and the Required Beginning Date (RBD), which is the date an individual is required to begin taking their Required Minimum Distributions (RMD).
Chances are you have heard about the 3.8% surtax that went into effect in 2013 under the Affordable Care Act – but do you know if and when you might need to pay it? Despite changes to the tax code in recent years, the Medicare tax and net investment income tax remain in effect. This surtax requires that an additional tax be paid by those with investment income, whether from interest, dividends, capital gains or rental properties when they are above the annual income threshold. Trusts and estates are hit especially hard; they reach the income threshold at only $12,950 in 2020. For those still earning wages or self-employment income, there might be an additional 0.9% Medicare tax to consider as well.
New Legislation called The Secure Act passed in 2019 that will be effective for 2020 tax year. Also discussed in this episode is the new IRS form W4.
Dennis, Heidi and the team are back from their annual TD Ameritrade Conference in Orlando, Florida. It’s always a mind-blowing experience to hear from global experts in the world of finance and beyond. So today, we’ll cover exciting topics from blockchain to bitcoin. The global market is getting close to home. In fact, it’s already in your backyard.
And speaking of your yard, if you expect to find a pot of gold buried there, think again. Most families plan on leaving their treasures to charities, which isn’t such a bad idea considering that Millennials are turning out to be the most generous generation yet.
Did you know that Heidi and I (Shea) have been working together for 11 years now? Over the last few years we have developed a workshop for women called “Flourish.” This event teaches women how to look at planning for their financial future from the bird’s-eye view. This broad perspective helps us decide where we want to land in retirement.
Turns out, men want to hear the information too!
You’re in luck! Heidi and I are taking over the studio to share portions of our workshop with you. This is also a great show for younger family members who are trying to understand how and why they should get started.