Tax Return Reporting for Net Unrealized Appreciation

By Sean Mullaney and Andrea MacDonald Net Unrealized Appreciation Planning Net unrealized appreciation is a tax planning opportunity that applies to the gain attributable to employer stock inside an employer retirement plan. Plans that can have employe...

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The Spousal IRA

Is earned income required to contribute to an individual retirement account (an “IRA”)? If you’re married, it may not be, thanks to the Spousal IRA.  The Spousal IRA is a great opportunity for families to build financial stability, and perhaps get...

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SECURE 2.0 Comment Letter

SECURE 2.0, passed in December 2022, made dozens of changes to the rules governing tax-advantaged retirement accounts. When Congress passes a major tax law change, the IRS and Treasury issue regulations and other guidance regarding the change. Practiti...

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Retire on 72(t) Payments

Want to retire before age 59 ½? Have most of your wealth in traditional tax-deferred retirement accounts? Worried about the 10 percent early withdrawal penalty?  This post is for you! Picture it: You’re age 53, have $50,000 in a savings acco...

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The Basis Isolation Backdoor Roth IRA

If you have basis in an IRA, you will want to read this post. Basis in an IRA creates all sorts of confusion, but it also presents a great planning opportunity for many of those still working. I refer to this opportunity as the Basis Isolation Backdoor...

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2024 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 2024 The IRS announced that for 2024, the employee deferral limit for all 401(k)s, including Solo 401(k)s, will b...

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2024 IRA Contributions for Beginners

There are only three types of annual contributions to individual retirement accounts (“IRAs”). They are: This post discusses when a taxpayer can make one or more of these types of annual contributions. Let’s dispense with what we are not talking about....

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2023 Year-End Tax Planning

It’s that time of year again. The air is crisp and my favorite football team is surging. That can only mean one thing when it comes to personal finance: time to start thinking about year-end tax planning. I’ll break it down with three categories: Urgen...

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CampFI 2023 Presentation

Here are my presentation slides for my presentation delivered October 7, 2023 at CampFI Southwest. FI Tax Guy can be your financial planner! Find out more by visiting mullaneyfinancial.com Follow me on Twitter: @SeanMoneyandTax This post is f...

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Traditional Versus Roth 2023

The debate continues: what’s preferable, traditional retirement accounts or Roth retirement accounts? Fortunately, there are plenty of shades of gray in this debate. There’s no “right” answer, but I do believe that there are good insights that can help...

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It’s Not Too Late, California!

I’m glad that title intrigued you enough to stop on by. It’s not too late for most Californians to make a 2022 IRA contribution, a 2022 Roth IRA contribution, a 2022 HSA contribution, and/or do a 2022 Backdoor Roth IRA contribution.  You’re probab...

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FI Tax Guy Nominated for a Plutus Award

I’m pleased to announce that FI Tax Guy has been nominated for the Best Tax-Focused Content Plutus Award at the upcoming 14th Annual Plutus Awards. The Plutus Awards honor personal finance independent media content creators. The award winners wil...

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Time to Stop 401(k) Contributions?

Ed Slott believes most Americans should not contribute to traditional 401(k)s. His recent essay on the subject is a great opportunity for the FI community to reassess its love for the traditional 401(k). My conclusion is that for many in the FI communi...

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The Taxation of Roth IRA Distributions

Roth IRAs allow tax-free distributions to fund retirement. However, to help secure retirement savings and avoid premature raiding of Roth IRAs, Congress did not give them blanket exemption from taxes and penalties. Thus, there are times where distribut...

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Medicare Resources

You know what doesn’t get enough coverage in the personal finance space: Medicare! It’s complicated, and frankly, I have neither the time nor the mental bandwidth to become a Medicare expert. However, recently I have seen some excellent YouTube Videos ...

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Saving Social Security and Medicare

America has a retirement savings problem. To varying degrees, Social Security and Medicare support retirees. Other than for the very wealthy, a significant diminution in either program would materially hurt retirees.  Most can agree with a simple ...

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Sean on the Catching Up to FI Podcast

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...

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Inherited Health Savings Accounts

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...

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