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Question:
After a portfolio review, what comes next in the process of becoming a client of Annex Wealth Management?
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Question:
Under the new federal tax law for 2018, the standard deduction for joint filers has been increased to $24,000. Previously seniors, who filed jointly were allowed to increase their standard deduction of $12,700 by $2,500. Does the new tax law still allow seniors this increase? Or do seniors get the shaft again?
Answer:
The new tax law did not remove the additional deduction for those over 65, blind or disabled. The amount for an unmarried taxpayer is $1,600 and for married couples it is $1,300 per person. For a couple over 65 their standard deduction would be $26,600, which is $24,000 plus $1,300 for each taxpayer.
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If you’re in a lower tax bracket (10% / 12%), it may be beneficial to take an additional amount out over and above what your required minimum distribution is. Rather than putting that amount into a managed taxable account, you could do a Roth Conversion and put it into a Roth IRA. This will allow the earnings to grow tax free, and there’s no age limitation on Roth Conversions.
Question:
Looks like the Federal Reserve Board could cause major disruptions for the stock market if they continue to raise interest rates. what are your thoughts about how the Fed will move forward in the short and long term given their mission?part of Annex Wealth Management’s financial plan and comprehensive wealth management.
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