Category Archives: Reminder

Another SLOA – Standard Letter of Authorization Reminder, No Action Needed

Due to new rules which came out several years ago an annual notification is mandated by our transaction Vendor. This notification is dubbed SLOA reminder!

The More Than Annual SLOA Reminder

Sharp eyed folks with a good memory who maybe poured over our Q 1 2021 Newsletter will recall we reminded of the annual SLOA – Standard Letter of Instructions both here at Street-Cents and in paper form in the Newsletter….

Here is what it looks like, and the reason we are repeating our selves as several showed up in our personal mailbox at the start of the week…. much to our repeat confusion!

Pretty vanilla, and only shows accounts connected that we can move money to and from for you!

Hmmmmm…. but why the duplicate?

At the bottom of our paper copy, we noticed the Schwab copyright…. a new addition to the letter.

Bet the merger created a duplicate need for SLOA letters…

Take a look and see if any old or unused accounts remain, let us know if they do and we will disconnect!

Oh… and if a bank has changed names (bought out or sold) but has the same bank account number, there is likely no need for an update…

Have a Great “Why the Duplicate SLOA Letter” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Stimulus Funds Further Explained, Rounds 1-3, Those Near Phase Out Likely Very Important Information For You Here!

Last Friday here in this post we mentioned that we had accidentally stumbled onto an explanation of the stimulus checks and especially with regards to those folks near the phaseout area.

If you have received all of your and your family’s stimulus checks or if you have received no stimulus checks and your income is the same or higher please carry on this article is not for you but feel free to share with a friend or colleague who might be in this situation.

Round One Stimulus $1200 adult, $500 Qualifying kids

Stimulus Rounds Reminder From Our Q 2 2020 Newsletter

Round 1 : $1200 adult, $500 qualifying kids

Checks Being Sent to Over 90% of the population 

Each person to receive $1200, kids UNDER age 17 credited to parents at $500 each, no limit in headcount. 

This Rebate is NOT TAXABLE! 

The payout is likely to be sent out end of April or early May! 

There is a phase out: 

The applicable AGI phase out threshold amounts are as follows: 

  • Married Joint: $150,000 
  • Head of Household: $112,500 
  • All Other Filers: $75,000 

This phase out is based on either your 2018 or 2019 tax return, whichever is most recent. If your income exceeds the threshold and you are phased out completely, and your 2020 income is below the threshold when you file your 2020 tax return, you will receive your Recovery Rebate at the time of your 2020 filing. 

If you did not originally receive round 1 or were partially phased out the key is this last underlined sentence. If your 2020 Income drops into the threshold of receiving some or all of the prior stimulus assuming your 2019 income was higher and you did not receive any or all of your 2020 rebate, it is showing up on the new sneaky Line 30 of the 1040!

But hold on that’s not all  January 2021 – Round 2 $600 Stimulus

Another new phase out:

For every $100 of Adjusted Gross Income (AGI) a taxpayer exceeds their applicable threshold, $5 of Additional Recovery Rebate will be phased out. Thus, the phaseout range varies from taxpayer to taxpayer, depending upon the size of their ‘base’ Additional Recovery Rebate in the first place (i.e., the more eligible individuals, the larger the dollar amount to be phased out at $5 per $100 of AGI, and the more income it will take to fully phase out the rebate check!

If you were phased out based on 2019 return and qualify based on your 2020 return, this will also show up on the sneaky Line 30 of your 1040!

But hold on that’s still not all- Round 3 the $1400 check -Sept 1, 2021 Lookback

Another More Cliff (Fast) Phase Out

Individuals earning $75k will be phased out at $80k and JT $150k phased out at $160k

Individuals/Families who had a higher 2019 income that knocked them out of some or all of the stimulus original money but a lower 2020 income assuming this person would have qualified for the $1400 per person stimulus based on year 2020 … what the IRS is going to do concerning this matter is on September 1st 2021 they’re going to review all of the 2020 tax returns for folks who had not received the $1400 credit for them and their family and if they meet that threshold they will then receive the $1400 credit period remember this is the much faster phaseout of only $160k and $80k Joint and for an individual.

But Hold on that’s still not all – Not Kidding! Tax Return Year 2021 Look Back!

Assuming you were not below the thresh hold for 2019 or 2020 return, If a person’s income in 2021 were to drop below the new thresholds .. think next year around this time… you will still qualify for the $1400 credit . They are using the same play book as the original March 2020 rebate look back to give an extra year of the $1400 being credited and it would then show up on sneaky line 30 form 1040 tax return for 2021!.

It’s very likely that this will cause great confusion next year … even more than it is causing this year because it will be so much farther in the future .

Important planning technique for this year for people who have failed the 2019 and 2020 income tax level. Should you be able to control your income in some way form or fashion it may be worth you keeping an eye on your total income this year tax year 2021 and attempting to keep it below the current quick phaseout levels in order to receive the $1400 per person benefit next year. Just a thought  

To Summarize Round 1, 2 and 3

A lower 2020 income may bring some or all of the Round 1 and 2 onto Line 30 of your 1040 at the time of fling your 2020 Form 1040 income tax return.

The IRS will look at all returns who did not already receive the Round 3 $1400 stimulus on September 1, 2021 and if you qualify, sometime shortly there will be another $1400/person sent. If you fall into this category, or think you may, DO NOT FILE AN EXTENDED EXTENSION – If you file after September 1, 2021 you will have missed the look back window!

If you fail all of these tests, there will be one last check this time next year for your 2021 return, and if that is lower you will receive the $1400 at that time.

Wow…. Clear as we could be, but it is confusing!

We will have a more detailed article in the coming Newsletter as well as reminders here as we hit deadline dates!

Have a Great “Round 1-3 Stimulus Update” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Why You Should Check Your Social Security Earnings Credits No Matter Your Age

While many may argue contrary to our fantastic Social Security speaker whom we have had twice now Mr. Tom Clark who assures us that Social Security will always be there, many do not believe this for various reasons. 

No matter your beliefs or age we highly encourage you to check your Social Security Statement and most importantly your Social Security Earnings Record.  

Earnings Benefit Credit Statement

Do not be concerned if just as this example, does not show your 2020 earnings posted as of yet there have been some delays and normally this is not posted at an early time in the year anyway . 

What we want to be concerned about is if there are gaps in our earnings history or a partial credit (change of employers) that should have been credited. there are many reasons that this can occur such as just a lost document in the Mail or an employer was bought out or closed and did not report your hard earned earnings period. 

How Do I Find This Statement? 

In 1999, the Social Security Administration mailed a paper copy to everyone every year. Budget cuts a dozen years later stopped this handy paper copy, leaving all of us to easily forget to double check our statement annually. 

For the record according to the Administration folks at age 60 are supposed to receive a paper copy, but our informal poll shows a low hit ratio. 

Not to worry, it is not that hard set up an account, ESPECIALLY if it is your first time. 

Go to and either log into your account or create an account and pull down your statement…

Oh, keep your credentials safe … lost mine and was a huge pain getting logged back into the site!

Have a Great “Social Security Earnings History Check Reminder” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Where’s My Stimulus Check Link – BREAK IN- Possible Third Stimulus Information …. Friday, Reminder Monday Financial Institutions Closed, Early Day for Us Today!

The Appropriations Act of 2021, signed into law very late in December, as mentioned here, provided for a $600 per qualified person in your household, stimulus deposit.

With multiple data points of folks receiving their stimulus, most on January 4th or 5th of this month via ACH Deposit from the IRS, if you have not and were thinking you should…. read on!


Yesterday afternoon, the first crumbs of an outline of a third stimulus began hitting our screens. As mentioned in the original post (link above) there were some debate on a $600 or $2000 amount, with the afore mentioned $600 already being processed. The new stimulus plan, so far (not in law yet) calls for a $1400 amount, basically getting the total to the argued $2000 amount. Nothing iron clad yet, but since we were on he topic, thought we would give you a heads up….

Now back to our regularly scheduled Post!

Who and Where on the Stimulus Check

This stimulus deposit is being provided through the Internal Revenue Service office and as such they are using 2019 Tax Return information to send the stimulus. If you have had a change of bank account or other information since filing your 2019 US Tax Return there may be confusion on getting the funds to you.

Who is eligible for the second Economic Impact Payment?

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. For filers with income above those amounts, the payment amount is reduced.  (This from the IRS site)

Here is the link to the US Government tracking site:

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!

Holiday Reminder

Monday, in honor of Martin Luther King (MLK), banks, Capital Markets and our offices will be closed. With kiddos hitting the ground via early release today, we will also be out of the office early in order to keep the streets safe (haha), but tethered electronically for emergency needs.

Have a Great Friday and Weekend!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Corrected Tax Forms Update, First Round Due Today, Then Every Two Weeks – Friday

Break In – We had three (you lucky ones have already been notified) corrected’s as of this writing, and Corrected’s appear to have been dropped first thing this AM… those waiting the Green Light, we will update first thing Monday- but so far so good!


Later today, maybe even tonight, the first round of Corrected Tax forms, (1099 Misc) will occur… Our biggest correction year, about eight ago, led to over half receiving corrected Tax forms.

Steadily over the past years, this Corrected percentage has fallen (Hopefully not jinxing us!)

Those of you that have contacted us, and are idling at the finish/starting line, we appreciate your patience, but hold off just yet, as the number/% of actual Corrected Tax Documents will give us confidence in moving forward!2019 1099 Consolidated snapshot

New to the Corrected Schedule is an every two week Friday Corrected’s Drop! Nice… Prior years were randomly scattered and left us clamoring for the day… especially as we neared the April filing date.

Behind the scenes we can electronically check everyone at once throughout the day….in year’s past, while due today, they may not post until very late in the day or even tonight, leading to a delayed victory lap until tomorrow!

Fingers crossed for a small number corrected’s!

Here is a link to the 2019 Consolidated 1099 Handbook explaining the 1099 in great detail, for those so inclined…. using the diary feature here of our post for future reference.

Those of us lucky ones, we will reach out to you immediately!

Today is a Friday, and as we log another Rainy Cold Week for the record books… Spring, We Welcome You!

Have a Great Weekend and Talk to you Next Week!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.

First Travels of the Year, Keeping Goals – Friday – Office Hours

Wow…. Thanks for all the feedback on the Homestead Post earlier this week… with such positive feedback, we plan on making it a reminder in the future… much like we have been doing with the ES Tax Payments

First Travels Of the YearIMG_1250

Tons of travels with the Tennis Player Daughter last year, a goal to spend more time with the frequently left out Wanna be Guitar player, and avid snowboarder Son was established and shared with the team during our beginning of the year goals sessions…

Time to keep those goals… which leads us to the next update…

Office Hours

Monday is a Government, Capital Market and National Holiday… with the kiddos out early today and off Monday, our office will be closed early today and all of Monday in honor of Martin Luther King Day!


Have a Great Friday and Super Weekend!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.

Did You Buy a New Primary Residence Last Year? – Homesteading Your Property – Most States are January 1st Residence Requirement – Possible Property Tax Savings –

Because of the various state rules and regulations, we want to remind you that this post is not meant as a guide, but only as a reminder, if you are in the appropriate state, and in the appropriate situation, you may be able to Homestead your home, saving your property taxes (property tax exemption.)

If you hit up Homestead on your favorite search engine you’re likely going to get an article about moving to the country somewhere and building a log cabin home to retire.

That’s not what this is about.

landscape-3417201__480 homestead

We want to reminders especially that live in Texas who may have moved into a new home on last year on or before January 1st to be sure in Homestead their home in order to have a significant savings on your taxes.

Those living in other states should check their central appraisal district website to see the rules and regulations – this is likely a timely reminder as most just paid the property tax … or are about to pay them.

Not all states offer Homestead exemptions and many states do offer them but do no good because of the tax structure of their states, thereby making it important that you check each situation.

All of the above being said, using our home state of Texas as an example, there is a significant tax savings by homesteading your home.

In many states, including Texas once again, there are very special exemptions for those age 65 and it’s likely the January 1 residence date may not apply for those turning age 65. Special tax considerations are given for those 65 and older to school, property, other taxes with frequently freezes in escalations as part of the exemption … In order to qualify, you most likely will need to raise your hand (fill out another form) …notifying your taxing authority of your new tax saving age.

In educating ourselves on the various state homestead tax savings, we found the following information the best coverage:

This From Wilkipedia


  • California exempts the first $7,000 of residential homestead from property taxes.
  • Colorado allows a 50% deduction for up to the first $200,000 (equivalent to a $100,000 exemption if the property is valued at $200,000 or above) for seniors (over age 65) who have lived in their property for ten consecutive years.
  • Georgia allows a 1% HEST only in a few counties.
  • Florida‘s homestead exemption allows an exemption of 160 acres outside of a municipality and one-half an acre inside a municipality.[5]
  • Kentucky, for 2013 and 2014, the exemption has been set at $36,000. Once it is approved, homeowners who are 65 or older do not need to reapply for the homestead exemption each year.[6]
  • Louisiana exempts the first $75,000 of residential homestead from local property taxes.[7]
  • Michigan exempts the homeowner from paying the operating millage of local school districts.
  • Mississippi exemption from all ad valorem taxes assessed to property; this is limited to the first $7,500 of the assessed value or $300 of the actual exempted tax dollars.[8]
  • New York‘s School Tax Relief (STAR) program exempts the first $30,000 of a primary home’s assessed value from school district taxes; the exemption is limited to owners with incomes under $500,000. Additional exemptions are available for people over 65 with a limited income. The STAR program applies only to school taxes; no homestead exemption exists for taxes levied by other municipal entities. New York prevents a New York resident claiming this exemption if the New York resident owns property in another state and claims a similar exemption in that other state.
  • Oklahoma allows a $1000 deduction of the assessed valuation, about $75 to $125 of savings per year, if owners file for homestead exemption with the local county clerk.
  • Rhode Island exempts the first 20% of the home value from property taxes.
  • Texas allows a deduction, with additional exemptions available for county taxes, people over 65 and people who are disabled. It also requires school districts to offer a $25,000 exemption (but not other taxing districts, such as cities and counties).[9] Texas further limits the assessment increase on a homestead to 10% of the prior year’s value.

In most cases, there is a deadline for filing your Homestead Exemption, so do not dilly dally around or you may lose that tax savings at the end of this year or early 2021!

Just a friendly reminder to jog your memory, and maybe give you a nice tax savings!

Have a Great “Homesteaded Tax Savings” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.

Confusing Tax Form 5498 Coming to Your Mailbox if any Qualified/IRA Activities

So we all trudged through the two decades of changed tax laws, and for the most part put them behind us … at least until extension filing deadline for some….

Just as we are forgetting about Forms, notifications, and tax documents, here comes one more!

Not to worry!

Form 5498 Reminder2019 Form 5498

The late arriving Tax Form 5498 can be confusing as it arrives seemingly late, but not to worry, its’ purpose is settlement …. Here at the Form 5498 IRS website it is noted as “An Info Copy Only” meaning this form is for our information only and no action is required.

So why does this form arrive so late?

Form 5498 captures movement into IRA/Qualified accounts and since we can contribute to IRA’s until the filing date of this year, they have chosen to have the form reported to them AFTER the regular April filing date to capture as many as possible this year contributions for last year….

Getting into the weeds for a moment as an example, if you roll over a 401k into your IRA Rollover… a Form 5498 will find its way to your mailbox …. not to worry, this seemingly late form settles up with the IRS in crazy accurate fashion one year later…showing them that you did NOT take the funds personally and absolving you of any tax burden.

Bottom line – This seemingly alarmingly late form needs to be tossed in your 2019 Tax File and kept for this years taxes, when we file in April of 2020!

Have a Great “No Alarming Tax Form” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.