As we approach year end, this is a friendly reminder to our clients that the Curran Wealth Management Team is here to assist with any questions regarding your account(s).
Custodians cannot guarantee RMD requests will be processed by the deadline if they are submitted last minute.
We recommend clients plan ahead to avoid adverse tax ramifications.
Failing to take your RMDs before the end of 2022 could result in a 50% penalty of your account's shortfall amount.
QCDs allow you to make charitable gifts directly from your IRA (Individual Retirement Account) to help satisfy your Required Minimum Distributions.
Fidelity recommends all QCDs are submitted by December 15th to avoid:
Tax Benefit of QCD: The amount of the QCD is an above the line deduction that lowers one’s adjusted gross income.
Important Note to Realize Tax Benefits:
If you are unsure of the amount of your 2022 QCDs, please contact your Private Wealth Manager directly.
To qualify for tax year 2022, a donation by check must be received by the charity no later than 12/31/2022.
For 2022, the annual exclusion for Family Gifting has been raised to $16,000.
If you plan to convert assets to a Roth IRA in 2022, the conversion must be completed by 12/31/2022.
If all of this information makes your head spin, we understand and are here to help! If you qualify to take RMDs, please schedule a meeting with your Private Wealth Manager if you haven't done so already.
At Curran we value service over sales and believe quality service yields happy clients. Below is our 4-step process (the first three steps at no cost to you).
A short introductory call for us to get to know one other. During this call we will discuss your financial goals, concerns and hopes for the future.
In this meeting we will go over your current financial situation, take a deeper look at your goals, discuss your risk tolerances, and collect the data necessary to build a formal proposal.
Based on our data gathering session, our Private Wealth Managers will present you with a custom proposal tailored to your needs. We encourage individuals to take the time to evaluate this proposal.
If you are comfortable with the proposal and choose to invest with Curran, our team will be there every step of the way assisting in opening the recommended accounts and facilitating all necessary parts of your onboarding process.