Defer, Manage, Reduce
The IRA and 401K contribution limits for individuals that are 50 or older in the year 2020.
What is $7,000 and $26,500?
The required minimum distribution age in the year 2020.
What is 72?
The 2020 standard deduction amount for a couple married filing jointly.
What is $24,800.
Strategy involved when moving company stock out of plan and into a non-retirement brokerage account.
What is Net Unrealized Appreciation?
The order of events that happens with most stock options.
What is grant, vest, exercise?
The 4 main ways to manage investment taxes as featured in our TEI brochure.
What is:
1. Tax-Loss Harvest
2. Avoid capital gain distributions
3. Avoid short term gains
4. Municipal Bonds/ETFs?
Time new time frame to deplete non-spousal inherited IRAs.
What is 10 years?
The 2020 child tax credit amount.
What is $2,000 per qualifying child?
Strategy used when high income earners make a non-deductible IRA contribution and immediately convert to a Roth IRA.
What is a Back-door Roth IRA?
A grant of company stock that cannot be sold until it is vested.
What is restricted stock?
The 4 main ways to reduce taxes featured in our Fidelity TEI brochure.
What are:
1. Charitable Giving
2. HSAs
3. Roth contributions and coversions
4. 529s?
The new age limit for IRA contributions.
What is.... there is no age limit, it has been removed.
Adjsuted gross income + non-taxable social security + tax-exempt interest + excluded foreign income equates to this tax term.
What is modified adjusted gross income?
The maximum amount allowed to fund a QLAC contract.
What is 25% of qualified assets or $135,000, which ever is less?
The main reason ISOs are preferred over NQSOs.
What is ISOs give you better tax treatment if it meets certain requirements?
The age that an FPRA must be annuitized or surrendered.
What is age 95?
The penalty free withdrawal amount from 401ks to cover adoption costs.
What is $5,000?
The amount of student loan interest that can be itemized as a deduction.
What is $2,500?
Your total charitable deductions, when giving shares, are limited to this percentage of your adjusted gross income.
What is 30% of adjusted gross income?
An investor does not get shareholder voting rights with this type of employer stock grant.
What is restricted stock units?
The maximum tax rate applied to short term cap gains, interest and non-qualified dividends?
What is 40.8%
Maximum tax credit amount per year to small business employers who create a 401k or Simple IRA plan.
What is $500?
The 5 main sources included in calculating an individuals gross income.
What are:
1. Wages
2. Pension income
3. Interest
4. Dividends
5. Rental Income?
Your total charitable deductions, when giving cash, are limited to this percentage of your adjusted gross income.
What is 60% of adjusted gross income?
Holding period requirement for obtaining the favorable tax treatment of ISOs.
What is two years from the date of grant and one year from the date of exercise?