As mentioned here, the all encompassing 1099 Misc Tax form posted to our Vaults last Friday afternoon … Expect good ole fashion paper versions to eventually make their way to our collective mailboxes…
We say eventually as the postal service is struggling with consistent delivery as mentioned here, and our continued experience as well. We actually received a Holiday Card last week that was post marked early December … not sure what happened, but it seems to continue.
Recall the 1099 Misc is a summary of all taxable investments, reported from all asset classes. Due to the multiple party reporting, there are frequently “Corrected” 1099 Misc forms as any one asset having a restatement mandates a completely new form.
Good News, next week will be our first Corrected Run and we should have a good idea of total correction quantities based on the first correction…. In years past we have had from almost everyone getting a correction, in which we ask everyone to hold off on filing until the next corrected run, to in most recent years only a handful of corrections, which gives us a soft green light to those ready to file sooner!
Auto Tech Collaboration Pre-View
Not sure if you have caught wind of this yet, but there has been a sudden partnering of Tech Companies with Auto manufacturers in somewhat hurried fashion …. We have taken note … the partnerships are occurring with heavy duty name brands and likewise Tech titans….
Look for more on this soon…. maybe later this week if we do not get another good Part II Capital Market Valuation chart…
Hope your team won last night…..
Have a Great “1099’s are here” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
January 2021 Financial Planning and Capital Market Review – By John Kvale
Hello and Welcome to our January 2021 (First Monthly Review of the New Year) Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!
Hope you enjoy!
January 2021 Video – First of Year
YouTube
Financial Planning Tips
Required Minimum Distributions Now 72
As mentioned here in our post, do not feel bad if you lost track of changes, as in just over 12 months there were THREE – yes three major laws implemented.
Late December of 2019, the SECURE act (Setting Every Community Up for Retirement) among other things, upped the first mandatory RMD (Required Minimum Distributions) from Qualified/IRA/401k type plans to 72!
The Covid 19 related Cares Act passed in late March of 2020 nullified RMD’s for all of 2020, making for some confusion.
Second Stimulus Check Update
In this post, we review the new Stimulus check amounts, and where you can CAREFULLY go to check the status of your check…. here are the highlights…
Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment.
Here is the link to the US Government tracking site:
https://www.irs.gov/coronavirus/get-my-payment
Once open need to Click on “Get My Payment” Tab
Be very careful when opening this site to NOT allow your browser to jump to any other site than that associated with the IRS as you will be asked for confidential information!
Capital Market Comments
Buffett Back Of Napkin Valuation Metric
After happily receiving an “OK” to reprint graphs directly from the CEO of this industry publication – Look Out, there are tons of Great Articles that we look forward to bringing you!
Up first, a great broad Buffett “Back of the Napkin” Market Value Metric- This is the Market Capitalization of the S&P 500 divided by the US Gross Domestic Production…. This measure has never been this high before- sending a warning signal for Current Valuations.
“Price is what you pay, value is what you get!”
Happy Start to the New Year!
Have a Great Day and Super Start to the New Year!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents
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Posted in Care Act, Economy, General Financial Planning, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Retirement Planning
Tagged Buffett, Buffett Valuation, Cares Act, GDP to SP 500, Review, RMD, Secure Act, Stimulus Check, Stimulus Check Link