Tag Archives: RMD

ES Payment Reminder … Confirming another “NEW” RMD (Required Minimum Distribution) age of 73 … First Week in the Books … Was a busy but good one!

Posted on January 6, 2023 by | Leave a comment

Attention all ES IRS payment filers….January 17th is our due date this year for our Q4 2022 Estimated taxes!

With continued slow mail, we still like to direct everyone to the electronic filings of your state and the Federal payments system.

Tax Due Dates

Payment Due Dates


You can pay all of your estimated tax by April 18, 2022, or
in four equal amounts by the dates shown below.
1st payment . . . . . . . . . . . . . . . . . April 18, 2022
2nd payment . . . . . . . . . . . . . . . . June 15, 2022
3rd payment . . . . . . . . . . . . . . . . . Sept. 15, 2022
4th payment . . . . . . . . . . . . . . . . . Jan. 17, 2023*

  • You don’t have to make the payment due January 17,
    2023, if you file your 2022 tax return by January 31, 2023,
    and pay the entire balance due with your return.

Electronic Payment of ES Taxes

Here is the IRS tax website link, which is very easy to make electronic estimated taxes. Be sure to follow the instructions carefully as there are a lot of different options for making payments to taxes, and be sure to carefully enter your personal information so the IRS knows it’s you.

RMD Changed (again) this time to 73

As mentioned earlier, those turning 72 in the year of 2023, your new RMD age starting time is now 73! yay…. boy do they keep moving this target… at least farther out!

Hope you had a Great first week of the year… we were busy as expected, thanks for your patience on any delays!

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 General Financial Planning, Investing/Financial Planning, Tax Related

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December 2022 Financial Planning and Capital Market Review – Secure Act 2.0 – By John Kvale CFA, CFP

Posted on January 4, 2023 by | Leave a comment

Hello and Welcome to our December 2022 … 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 thoughts and current events!

Hope you enjoy!

December 2022 Video


YouTube

Financial Planning Tip(s)

Secure Act 2.0 – Passed on 12-27-22 Quietly …. Shhhhh we are working through the details

On December 27, 2022 a HUGE bill … over 4000 pages, was passed…. while not sweeping in our neck of the woods, there is one main adjustment….

RMD – Required Minimum Distributions are pushed out again to age 73! Not Kidding!

Capital Market Comments

Rate Increase – Fed Raised rates for the Holidays

In December the FOMC (Federal Open Market Committee) led by Jerome Powell raised rates, but only by .50% … but it was a raise…

Have a Great Day, Talk to You at the End of January – Happy 2023!

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

Leave a comment

Posted in Audio, Economy, FOMC, General Financial Planning, Interest Rates, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Retirement Planning, Video

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November 2022 Financial Planning and Capital Market Review – RMD’s and Rate Review – By John Kvale CFA, CFP

Posted on November 30, 2022 by | Leave a comment

Hello and Welcome to our November 2022 … 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 thoughts and current events!

Hope you enjoy!

November 2022 Video

YouTube

Financial Planning Tip(s)

RMD’s (Required Minimum Distributions) not taken can be taxed at 50%

In this reminder post (somewhat meant to frighten) we notify everyone, PLEASE do not delay in your RMD’s as the IRS is readily funded with new staff and the penalty is 50% of the amount not taken if they so desire….

Also with a continued bottle neck lack of workers …. many financial firms are on a “Best Effort” processing as of December 1! Gone are the last minute days of RMD’s act now!

Capital Market Comments

Rate Increase Discussions from “First Time in Long Time Conference”

Happily attending the first conference in over four years, the topic of interest rates came up, especially since a .75% rate increase occurred DURING the conference….

In this post, a chance meeting with Liz Ann Saunders … long time macro market strategist… we share our common thoughts on the fact the FOMC (Federal Open Market Committee) led by Powell are steadfast in their goals to slow the economy i.e. Slow consumption …. no matter what is takes…

Fort the record while short term rates are holding fast at a higher level, longer term rates have slowed their increases…. More on this as it plays out….

Have a Great Day, Talk to You at the End of December – Wow That Came Fast!

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

Leave a comment

Posted in Audio, Economy, FOMC, General Financial Planning, Interest Rates, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Retirement Planning, Video

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RMD’s not taken can be taxed at 50% … Nope not kidding … Yikes … More IRS agents hired … And if missed you have to file special tax forms … Yikes X 2 … Many Financial Institutions are Mandating a December 1 Completion … Take them Now Before the Rush!

Posted on November 14, 2022 by | Leave a comment

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.

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.

jkfinancialinc

street-cents

Leave a comment

Posted in General Financial Planning, Investing/Financial Planning, Reminder, Retirement Planning, Tax Related

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January 2022 Financial Planning and Capital Market Review – By John Kvale CFA, CFP

Posted on January 31, 2022 by | Leave a comment

Hello and Welcome to our January 2022 … the First Month Review of 2022 – YAY … 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 thoughts and current events!

Hope you enjoy!

January 2022 Video

YouTube

Financial Planning Tip(s)

Second In Back to Basics Series – “Protection Planning”

The second post of a neat (well we think so) new idea, series we discuss “Protection Planning” !

This series is a review of the basics, and will serve as somewhat of a semester study of the Financial Planning foundations all the way to more advanced topics later in the series…. We plan on a mid month release of each part and somewhere south of double digit parts…. possibly with a video added to each for additional insights…. thanks in advance for sharing with those who may find this series helpful….

In this Protection Planning section we cover from a high level … Health, Auto/Home/Umbrella and Life Insurance basics and best ways to implement !

New Uniform Table Gives RMD Break – We are all Younger!

In this post we highlight as the calendar turned, we are all viewed as younger (actually the tables have us living longer- semantics)…

A very important result of this change is to give those mandated by RMD’s (Required Minimum Distributions) relief…. since the tables in effect make us younger/living longer, less money is demanded out (Uncle Sam wants his taxes) thereby lowering taxable income!

Capital Market Comments

Re-Review “The Anatomy of a Slowdown/Recession”

With market jitters creating headlines and lower values, in this post we reviewed our luckily timed lead article in our Q 1 2022 Newsletter article, called the “Anatomy of a Slowdown”

The main purpose of the article and the re-run is to remind everyone INCLUDING OURSELVES, slowdowns (markets dropping in value) do occur, and while we don’t want them to, they do anyway!

In this post, we review the following chart and outline the normal 9-12 month slowdown time line… very much unlike the last three we have experienced…

Have a Great Day, Talk to You at the End of February!

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

Leave a comment

Posted in Audio, Back to Basics, Clients/Clients Only, Education, General Financial Planning, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Retirement Planning, Video

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New Uniform Life Tables Gives RMD’s a Slight Break … You are a Few Years Younger in the IRS’s Opinion! YAY

Posted on January 19, 2022 by | Leave a comment

As the calendar turned to 2022, those that are requited to take RMD’s (Required Minimum Distributions) from their IRA and or other qualified taxable accounts, became a few years younger in the eyes of the IRS! YAY !

New Uniform Table Makes You Younger

If you did not feel younger after the turn of the calendar to 2022, don’t feel bad, the IRS sees you as younger … maybe living 10% longer….

What Happened?

The IRS updated their mortality tables as can be seen HERE in this terribly formatted release:

III. Updated Life Expectancy and Distribution Period Tables

The life expectancy and distribution period tables in these regulations have been developed based on mortality rates for 2022. These mortality rates were derived by applying mortality improvement through 2022 to the mortality rates from the experience tables used to develop the 2012 Individual Annuity Mortality Basic Tables (which are the most recent individual annuity mortality tables). As was the case in the proposed regulations, the separate mortality rates for males and females in these experience tables, which were based on the 2000-2004 Payout Annuity Mortality Experience Study,[11] have been projected from the central year of 2002 using the respective mortality improvement rates from the Mortality Improvement Scale MP-2018 for males and females.[12] The mortality table in these regulations was developed by blending the resulting separate mortality rates for males and females using a fixed 50 percent male/50 percent female blend.

What does it mean?

All other things being relatively equal, you will not have to take as much out/(pay taxes on) the distributions of our qualified account, because the amount may be less … YAY … thereby making you younger in the eyes of the IRS, because we are all living longer!

So we are younger, don’t have to take as much of and RMD, which means less taxes? Yep… sign me up!

Have a Great ‘Living Longer, Less Taxes” Day!

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

Leave a comment

Posted in Investing/Financial Planning, Retirement Planning, Tax Related

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Holiday Venue Preview Video VERY NICE Redo, RMD Season, 401k Max Season, Birthday Boy, Friday …

Posted on October 22, 2021 by | Leave a comment

Just by accident, over the weekend the family happened to end up at our Holiday Venue, Dallas Athletic Club (Recall November 20th from 3-5pm) and there was a soft opening of our venue to work the bugs out….

The official opening was Tuesday of this week as an email went out to the entire membership…

Hoping the weather will be nice AND if so, anyone that desires an indoor/outdoor venue, we have you covered… check out the video!

Nice!!!

Hope You Can Make it!

RMD – Required Minimum Distributions Commence

For the great majority that may begrudgingly take those RMD’s, tis the season, we will begin in the coming weeks!

We want to make sure we stay well ahead of any year end disruptions…

401K Maximization Season

In maybe a tit for tat from the afore mentioned RMD, now is a good time to review our retirement contributions for maximizations…

Let us know if you need help, we have systems set up for easy calculations…

Birthday Boy Weekend

Those followers know I frequently end my post with “Spend time with those important in your life, it goes fast!”

Tomorrow he turns 14 – Recall Crazy Over Halloween Family

Ahhhh…but today is a Friday… You know the drill from above…. Talk 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.

jkfinancialinc

street-cents

Leave a comment

Posted in Investing/Financial Planning, John Kvale, Personal, Retirement Planning, Tax Related

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Q2 2021 J.K. Financial, Inc. Newsletter … Video Audio Podcast Review – Reminders ! By John Kvale

Posted on April 5, 2021 by | Leave a comment

Welcome to our Video and Audio Podcast Review of our Q2 2021 Newsletter. For those on the road or just unable to grab the time to read, our podcast type review gives you the behind the scenes insight to our thoughts, observations and deep views of the entire Newsletter.

Click the Download button below, for a direct link to an electronic version (an early peek-good ole fashion paper versions are on their way to you shortly) and here for our Newsletter page

Q 2 2021 J.K. Financial, Inc NewsletterDownload

Let’s get going! We hope you enjoy!

Q 2 2021 Newsletter

(YouTube)

Social Security Earnings Record Check Reminder

In our lead article of the Q 2 2021 Newsletter, we remind all of the importance of checking your Social Security Record, no matter your thoughts on the longevity of Social Security….

Additionally we walk you through step by step on how to do this and also how to set up your SSA on line account!

Secure Act – Possibly Forgotten But Important Changes

With the passing of the SECURE act, the old age of 70.5 mandatory RMD (Required Minimum Distribution) was pushed to age 72.

Many times, it is not appropriate to wait until this age, depending on the location of some assets. EX Large IRA compared to other non iRA investment, Tax Brackets, One Off income Years

For those where it is appropriate to wait until the latest possible date, you can actually wait until the year AFTER you turn 72 as long at you take the distribution before April 1 of the year AFTER turning 72.

Warning, in almost all cases we discourage this last maximum delayed technique as it ends up forcing two RMD’s in the same tax year of your 73 birthday.

Buffet Valuation Indicator

Warren Buffett, the usually closed lip investor, years ago mentioned his macro Valuation indicator which is shown below.

It has never flashed “Over Valuation” as much as it is now!

Expecting tremendous Earnings Growth to help turn this indicator around and head the other direction!

By Jill Mislinki Advisor Perspectives

We hope you enjoy … talk to you in the Summer!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

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Posted in Investing/Financial Planning, Newsletters, Podcast, Retirement Planning, Social Security, Video

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January 2021 Financial Planning and Capital Market Review – By John Kvale

Posted on February 1, 2021 by | Leave a comment

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!”

Chart Via Jill Mislinski 1-5-21 (Advisor Perspectives)

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

Leave a comment

Posted in Care Act, Economy, General Financial Planning, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Retirement Planning

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RMD (Required Minimum Distributions) Changed to Age 72 Reminder … Stimulus Payment Method Reminder … Friday!

Posted on January 22, 2021 by | Leave a comment

Very late in 2019, which sometimes seems like an eternity ago, and with the waiving of mandatory distributions in 2020, due to several comments and questions this week we wanted to briefly remind folks.

RMD – Required Minimum Distributions Commence at age 72 Now!

This week we had several occasions to discuss and remind that as of December 2019 due to the Secure Act RMD’s (Required Minimum Distribution‘s) were moved up from age 70 1/2 to age 72. We will talk about this in much greater detail in our next quarter newsletter along with a more detailed post just directed at the RMD new age requirement and the various other items that were adjusted by the afore mentioned Secure Act!

Stimulus Payment Method Reminder

Also due to repeat conversations …always happy to have as you give us terrific content and others are certainly in the same situation … ok digressing… this week about the method of payment for the stimulus funds. As a reminder the IRS essentially issues us a rebate for the stimulus funds as such they’re using the banking instructions that they had on file for our 2019 tax return. If you had no banking instructions on file they will be mailing the stimulus.

Friday

OK sorry for being a little heavy on a rainy Friday .. here in Texas it’s been very overcast for almost a week which seems like a year this time of the year, but that’s OK enjoy your Friday … have a great weekend will 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.

jkfinancialinc

street-cents

Leave a comment

Posted in Investing/Financial Planning, Retirement Planning, Tax Related

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