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Calculating the Pro-Rata Rule

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Calculating the Pro-Rata Rule

What is the pro-rata rule? The pro-rata rule is the formula used to determine how much of a distribution is taxable when the account owner holds both after-tax and pre-tax dollars in their IRA(s). For the purposes of the pro-rata rule, the IRS looks at all your SEP, SIMPLE, and Traditional IRAs as if they were one. Even if you have been making after-tax contributions to a separate account for years, and there have been no earnings, you cannot isolate your after-tax amounts and must take your other IRAs into consideration.

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Planning for Health Savings Account (HSA) Distributions

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Planning for Health Savings Account (HSA) Distributions

A Health Savings Account is a tax-advantaged medical savings account that helps people pay for qualified out-of-pocket medical expenses. What are the withdrawal rules for HSAs? Are there special considerations that must be taken into account?

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How the Results of the Election Could Impact the Markets and Your Financial Plan

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How the Results of the Election Could Impact the Markets and Your Financial Plan

The votes have been cast and now it’s a waiting game. Our country now faces days of a counting, recounting, accusations, potential lawsuits and a runoff election or two. Only then will we know the results of the 2020 election.

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How Estate and Gift Taxes Can Impact Your Financial Plan

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How Estate and Gift Taxes Can Impact Your Financial Plan

Heath Ledger’s death in 2008 is another tragic story of an extremely talented artist gone too young. The unfortunate circumstances of his death compounded the complexity of his estate, leaving lawyers and family in a difficult position.

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How to Take Advantage of Donor-Advised Funds and Special 2020 Tax Deductions for Donations

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How to Take Advantage of Donor-Advised Funds and Special 2020 Tax Deductions for Donations

As a CPA, one of the questions that I have been getting more frequently is, “What is a donor-advised fund?” This is not surprising as the number of individual donor-advised fund accounts has grown by over 50% for the second year in a row, according to the National Philanthropic Trust’s 2019 DAF Report.

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Navigating Qualified Charitable Distributions

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Navigating Qualified Charitable Distributions

What is a qualified charitable distribution? A QCD is a distribution from an IRA that goes directly to a qualifying charity and is not included in the taxable income of the IRA owner.

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Determining Tax on Roth IRA Distributions

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Determining Tax on Roth IRA Distributions

What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.

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To Convert or NOT To Convert

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To Convert or NOT To Convert

What is a Roth IRA conversion? A Roth IRA conversion is the process of moving IRA or employer plan assets to a Roth IRA.

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How to Make Charitable Giving Part of Your Financial Plan

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How to Make Charitable Giving Part of Your Financial Plan

COVID-19 caused an economic shockwave that we’ll feel for a long time. Nonprofits, from large global networks to the local churches, have been hit hard, too. In a recent survey of 110 nonprofits, 80% of them said revenue had fallen across the board.

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6 Ways Chessman Wealth Adds Value for CPAS

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6 Ways Chessman Wealth Adds Value for CPAS

Download our guide to see how we can help you!

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