1. CPI Indicates Rate Increases May Pause 2.When Do You File Your Taxes? 3. Client Exclusive Webinar: How SECURE Act 2.0 Impacts My Retirement 4. Where Are My Tax Documents? 5. Ask Annex: Online Banks, Retirement Accounts From Previous Employers, Accounts For Grandkids 6. Money is a terrible master… 7. Job Switch Checklist
1 | Week In Review
A benign CPI report showed inflation cooling off, a sign that the Fed could pause increasing the Fed funds rate. The current environment offers alternatives to equities for some investors. Annex Wealth Management’s Dave Spano and Derek Felske discuss.
2 | Poll Recap
The IRS says tax filing season starts January 23rd, but thankfully that doesn’t mean you have to file your tax returns quite that early. The official deadline for filing your 2022 tax return without needing an extension is April 18, 2023.
Last week, we asked when you typically file taxes. February and March are when most polltakers said they get this done, with 67% selecting one of these two months. April was third-most common, with 24%. A mere 2% are early birds and typically file their taxes in January, while 3% file after April with an extension. While most have systems in place to file their returns, 4% of people said it really depends on the year for when they get that done.
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3 | Client Exclusive
Client Exclusive Webinar: How SECURE Act 2.0 Impacts My Retirement
Join us for a presentation exclusively for Annex Wealth Management clients on Thursday, January 26th!
Tax planning, required minimum distribution planning, Roth conversions and new catch-up provisions, retirement plan changes, 529 plans. All of these are affected by over 100 retirement and tax law changes in the newly passed SECURE Act 2.0.
How does this impact you and your retirement plan?
Annex Wealth Management’s Financial Planners discuss what to focus on for 2023 and longer-term strategies to consider in your financial plan.
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Where Are My Tax Documents?
Your custodian will gather all the required data from all fund companies and create your 1099 statements. A 1099 statement is generated if you have one of the following: sales proceeds in a non-qualified account, or a distribution from a qualified account (IRA).
These statements are generated throughout January and February, and the custodian (TD Ameritrade, Schwab or Fidelity) mails the statements to our clients at that time. You can also view your 1099 statements once they are available if you have online access at TD Ameritrade, Schwab or Fidelity. Most clients report receiving their 1099 statements in late February.
If you have any questions please contact your Wealth Manager or Client Service Manager.
Thank you!
Annex Wealth Management
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5 | Ask Annex
Annex Wealth Management’s Sarah Kyle and Matt Morzy answer several Ask Annex questions.
“What is your opinion of online banks?”
“Should I consolidate retirement accounts from previous employers once I become eligible for benefits at my new company?”
“What should I use to set up index funds for my grandkids?”
Do you have a question for Annex Wealth Management? Drop it here: annexwealth.com/ask
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6 | Quote of the Week
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