Listen as I talk tax with Becky Heptig and Bill Yount on the Catching Up to FI podcast. You can access the podcast on Apple Podcasts. We discuss tax planning for financial independence, particularly planning for those catching up later in their careers...
Folks love health savings accounts, and why not? A tax deduction or exclusion on the way in, tax-free growth, and then tax-free withdrawals when used for qualified medical expenses or reimbursements of qualified medical expenses. Tastes great and...
Here are the slides for my 2023 Econome Conference presentation. Follow me on Twitter at @SeanMoneyandTax This post and the accompanying slides are for entertainment and educational purposes only. They do not constitute accounting, financial, inve...
Inherit a Roth IRA in 2023 or later? Thinking about leaving a Roth IRA to heirs at your death? Then this article is for you. Note that it is an educational resource. It is not advice for any individual’s particular situation. Further, this article does...
Below I’ll discuss the ins and outs of the new SECURE 2.0 529-to-Roth IRA rollover provision. While an understanding of the details is great, the more important issue is this: does this new rule fundamentally change financial decision making and ...
Thanks to the SECURE 2.0 bill, it’s time for the FI community to reexamine 529 plans. This post shares my two cents on 529s in general, and specifically as applied to the FI community. The next post, dropping February 15, 2023, addresses in detail the ...
Want to make a bad financial decision? I’ve got an account that can help you do that tax and penalty free! Of course, I do not recommend making bad financial decisions. However, at times it is useful to look at extremes to help us better understand and...
The newly passed SECURE Act 2.0 has put a renewed focus on the use of retirement funds to cover pre-retirement emergencies. This post discusses the options available with respect to using tax-advantaged retirement accounts to fund emergency expenses. T...
Congress just passed a very long retirement tax bill, colloquially referred to as SECURE 2.0 or the SECURE Act 2.0. The FI community is interested in anything affecting tax-advantaged retirement accounts. This post dives in on the impact of SECURE 2.0 ...
Early in the morning on December 20th, Congress released the 4,155 page omnibus bill. It includes, starting at page 2046, a revised version of SECURE 2.0. Here is the bill text. Where We Stand As of December 21, 2022, 12:11PM PST: The bill has not yet ...
As I write this, we’re nearing the beginning of 2023. The stock and bond markets are down over the past year. For 2023, that means two things: Some retirees may think that they will have lower taxable income in 2023 (due to reduced RMDs). It might occu...
There are some new developments in the world of the Solo 401(k). Here are the highlights: New Solo 401(k) Employee Contributions Limit for 2023 The IRS announced that for 2023, the employee deferral limit for all 401(k)s, including Solo 401(k)s, will b...
An Open Letter to the Members of the 118th Congress Dear Senators and Congressmen, Congratulations on your victories in the Senate and House elections. I write with respect to one aspect of your legislative endeavors in the 118th Congress: reforming ou...
Below are the main tax planning items for the year 2022 as I see them. Of course, this is educational information for the reader, and not tax advice directed toward any particular individual. The first two tax loss harvesting items are particularly un...
During a recent Econome Encore presentation, a questioner asked a question that caused me to do a double take: Do Roth conversions create MAGI (modified adjusted gross income) for purposes of determining whether someone exceeds the MAGI thresholds to m...
This week I’m on episodes of The Stacking Benjamins Show and the Earn & Invest podcast talking about taxes, retirement savings, and my new book, Solo 401(k): The Solopreneur’s Retirement Account. I’ve also recently recorded, and w...
There is a tax loss harvesting opportunity in 2022 that has not existed in recent years to the scope and scale it exists today: tax loss harvesting with bonds and bond funds. In most recent years, many bonds and bond funds have not had significant buil...
These are the slides for my presentation at CampFI in Julian, CA on October 8, 2022. FI Tax Guy can be your financial planner! Find out more by visiting mullaneyfinancial.com Follow me on Twitter at @SeanMoneyandTax This post is for entertain...
Financial independence encourages thinking about one’s financial future in a different way. You were told to “build a career and retire at age 65.” Financial independence says you should write your own financial script. The system, your parents, and a ...
The FIRE community loves the accumulation phase. Build up assets towards the goal of financial independence. Questions increasingly creep in when it comes to the distribution phase. Members of the FIRE community wonder: what do I live on when I get to ...