Many of you may be wondering why we are so firm of completing RMD’s in what may seem like “Early” Calendar Fashion…
This year marks the first year of full force RMD’s since the new age 72 (recall it was 70.5 a couple of years ago)
Let’s not forget the following headline from just a few months ago too!
From the IRS statement on RMD’s here:
Consequence for failing to take required minimum distributions
If you do not take any distributions, or if the distributions are not large enough, you may have to pay a 50% excise tax on the amount not distributed as required.
- To report the excise tax, you may have to file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.
- See the Form 5329 instructionsPDF for additional information about this tax.
Financial Institutions are Mandating an Early Completion or Going Best Efforts
In addition to the full force of participants … Many institutions are Mandating a December 1 completion or it will be “A Best Efforts Basis” …
Bottom line, the consequences are too large in delaying your RMD – if you have not, take them NOW before the rush ….
Have a Great “RMD’s taken now” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
August 2021 Financial Planning and Capital Market Review – By John Kvale
Hello and Welcome to our August 2021 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!
August 2021 Video
YouTube
Financial Planning Tip(s)
Unemployment Fraud Alert
Multiple frauds occurring in continuous weeks, led us to write this post, reminding those that the fraudsters are still at it.
Their latest game…using stolen Socials and Employment information to gain unsuspecting employers Unemployment compensation.
While likely some accidentally fall through the cracks, we have yet to experience anything other than a mild inconvenience….
But do not let your guards down and if a victim, keep your eyes peeled for other items for the near term!
Child Tax Credit Confusion
After repeated confusion, here in this post we outline the new ADVANCED child tax credit payments than sneakily commenced several months ago…
Also a warning of an overworked IRS to keep line of sight to the funds in case we need to pay them back in the form of a higher tax bill when completing our 2021 Form 1040 Personal income tax return in April of 2022!
Capital Market Comments
Kyle Bass Forecasts
In this podcast derived post, we re-visit Kyle Bass again after a few year hiatus…
Here are his latest forecasts…. hopefully they come true
Have a Great Day, Talk to You at the End of September!
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 Audio, Clients/Clients Only, General Financial Planning, Investing/Financial Planning, Market Comments, Monthly Review, Retirement Planning, Tax Related, Video
Tagged Advanced Child Tax Credit, Child Tax, Child Tax Credit, Fraud, IRS, IRS Refunds, Kyle Bass, Unemployment Fraud, Unemployment Insurance