| Table of Contents |
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Key Points
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| Reference_description_with_linked_URLs__________________________ | Notes__________________________________________________________________ |
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| mason-fin-plan1. gd | |
| invest-analysis1. gd | |
| jm estate plan1. gd | |
| C:\Users\Jim Mason\Google Drive\_save\Finance\tools\txf_creator | TXF Creator to build TXF net gains files for import to HR Block |
C:\Users\Jim Mason\Google Drive\_save\Finance\tools\software https://drive.google.com/open?id=0BxqKQGV-b4WQSnFEdmp0WlRIdTA | TXF Creator to build TXF net gains files for import to HR Block |
| https://finance.yahoo.com/news/7-end-wealth-moves-094206315.html | Year end smart financial planning and tax moves ** |
| IRS online estimated payments - direct pay. ** | |
| MA DOR online estimated payments. ** | jm9-Syn# |
| tax folder | |
| tax planning doc - tax-notes2 gdoc. *** | |
| SkyPalms folder in finance | |
| Florida Beneficial Ownership reporting for LLC initial report filing dates info | |
Taxes for Dummies - 2024.pdf link *** | Part 5 and 6 are useful guidelines on minimizing taxes with some good wealth building tips as well. SWH - Smart Wealth Help has many part 5 items including the JimK plan |
| Future Value Calculator link **** | easily shows the value of compound interest for many scenarios > very helpful calculator.net. has many other calculators including mortgage ones |
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States That Don't Tax Income
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming
States That Don't Tax Retirement Distributions
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Another way to reduce RMDs is by buying a deferred income annuity. You can invest up to 25% of your IRA or 401(k) account (or $135,000, whichever is less) in a type of deferred income annuity known as a qualified longevity annuity contract (QLAC). When you reach a specified age, which can be as late as 85, the insurance company turns your deposit into payments that are guaranteed to last the rest of your life
The portion of savings used for the annuity is excluded from the calculation to determine your RMDs. For example, if you have $500,000 in an IRA and transfer $100,000 into a QLAC, your RMD is based only on the remaining $400,000. This doesn’t eliminate your tax bill—it just defers it. The taxable portion of the money you invested will be taxed when you start receiving income from the annuity.
QLACs offer other advantages to retirees who want guaranteed income later in life. Because you’re deferring the income stream, payouts are much higher for deferred income annuities than they are for immediate annuities, which start payouts right away. For example, a 65-year-old man who invests $100,000 in an immediate annuity will receive a payout of $493 a month, according to www.immediateannuities.com. That same amount invested in a deferred-income annuity that begins payments at age 80 would pay $1,663 a month.
define options for accumulation period, investment guaranteed minimum returns, principal return to beneficiaries etc
Medicare Premium Fees for Part B for 2024
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