Emergency Access to Retirement Accounts

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...

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SECURE 2.0 and the FI Community

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 ...

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SECURE 2.0 Resources

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 ...

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2023 RMDs and Roth Conversions

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...

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2023 Solo 401(k) Update

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...

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2023 Retirement Tax Reform

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...

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2022 Year-End Tax Planning

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...

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The MAGI Limitation on Roth IRA Contributions

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...

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Sean on New Podcast Episodes

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...

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The Special Tax Loss Harvesting Opportunity for 2022

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...

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Sean Presentation at CampFI

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...

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Three Ways the Solo 401(k) Supports Financial Independence

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 ...

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Baby HSA

Are you married? Age 55 or older? You might have an opportunity to open up a small health savings account and get a $1,000 annual tax deduction! HSA Contribution Limits Health Savings Accounts (“HSAs”) have annual contribution limits. The limits depend...

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TikTok Tax Advice

There’s tax advice available on TikTok. Is it worth following? Does it miss the big picture? Retirement Saving Through Various Forms of Life Insurance TikTok tax advice often boils down to something like the following: don’t save in traditional retirem...

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The Mystery of the Disappearing Tax Basis

Tax loss harvesting is all the rage in a down stock market. Did you know that it can create a mystery worthy of the Hardy Boys? Read on to find out how tax basis can disappear because of tax loss harvesting and the wash sale rule.  Tax Loss Harves...

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Four Ways to Fight Inflation

Decisions you make today can subject you to more inflation tomorrow! Read below about ways to increase or decrease your exposure to inflation tomorrow. Tax Planning As a practical matter, most Americans have the majority of their retirement savings in ...

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The Tax Increase in SECURE 2.0

There’s a tax increase in the new SECURE Act 2.0 legislation. Unfortunately, it falls largely on those least equipped to shoulder it. Catch-Up Contributions Since enacted in 2001, “catch-up” contributions have been a great feature of ...

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The Four Backstops to the Four Percent Rule

Introduction Worried about an early retirement based on the Four Percent Rule? Might the 4% Rule work because of natural backstops most early retirees enjoy?  The 4% Rule The 4% Rule is a rule of thumb developed by the FI community. For example, J...

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