Wealth Management

secure-2-0-helps-you-save-for-retirement

SECURE 2.0 Helps You Save for Retirement
SECURE 2.0 Helps You Save for Retirement 1488 875 smolinlupinco

Built on the original SECURE Act of 2019, the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. 

The SECURE Act of 2019 made major changes to retirement provisions, including the required minimum distribution (RMB) rules. Here are some additional changes you should be aware of with SECURE 2.0. 

Increased age for beginning RMDs 

Employer-sponsored qualified retirement plans, traditional IRAs, and individual retirement annuities are all subject to RMB rules, which require that distribution begins by a specified start date. 

Under the SECURE 2.0 law, as of January 1, 2023, the start date will increase from age 72 to age 73. On January 1, 2033, this will increase to age 75. 

Higher “catch-up” contributions

Currently, participants in certain retirement plans are able to make additional catch-up contributions once they reach age 50 or older, with a limit on catch-up contributions to 401(k) plans of $7,500 for 2023. 

With SECURE 2.0, this limit is increased for individuals between the ages of 60 and 63 to $10,000 or 150% of the regular catch-up amount, whichever is greater. The provision will be effective for taxable years beginning January 1, 2025 (along with increased catch-up amounts for SIMPLE plans). 

After 2025, the increased amounts will be indexed for inflation.

Allowance of tax-free rollovers

With SECURE 2.0, beneficiaries of 529 college savings accounts will be permitted to make direct trustee-to-trustee rollover contributions from a 529 account to a Roth IRA in their names, without tax or penalty. 

This provision is effective for distributions after December 31, 2023, and several rules still apply. 

“Matching” contributions for employees with student loan debt

SECURE 2.0 will allow employers to make matching contributions to 401(k) and certain other retirement plans for qualified student loan payments. As a result, employees who are repaying student loan debt and cannot afford to save for retirement can still receive matching contributions from employers in their retirement plans. 

This will be effective beginning January 1, 2024. 

Changes to ABLE accounts

There are also changes to non-retirement plan provisions, including a change to tax-exempt Achieving a Better Life Experience (ABLE) accounts, which are designed to assist individuals with disabilities. 

Currently, ABLE account beneficiaries must have experienced a disability or blindness before age 26. With SECURE 2.0. This age limit is increased to 46, making more people eligible for ABLE account benefits. 

This is effective for tax years beginning after December 31, 2025. 

Questions? Contact us

These are only some of the many changes brought about by SECURE 2.0. If you have any questions about how the new law will affect you, contact us.

save-for-your-childrens-college-education-the-tax-wise-way

Save for Your Children’s College Education the Tax-Wise Way
Save for Your Children’s College Education the Tax-Wise Way 1600 941 smolinlupinco

If you have children, you’ve likely got college savings on your mind. Here are some tax-favored ways to save for future education costs so that you can take advantage of your options. 

Savings bonds

When used to finance college expenses, Series EE U.S. savings bonds offer two tax-saving benefits: 

  1. Until the bonds are cashed in, you don’t have to report interest on them for federal tax purposes. 
  2. If the bond proceeds are put toward qualified college expenses, interest on qualified Series EE and Series I bonds may be exempt from federal tax. 

To qualify for the college tax exemption, bonds must be purchased in your name or jointly with your spouse—not in your child’s name. Additionally, proceeds must be used for education-related expenses only (i.e., tuition and fees but not room and board). If only some of the proceeds are used for qualified expenses, then only some interest will be exempt. 

Note that if your modified adjusted gross income (MAGI) exceeds certain thresholds, the exemption will be phased out. For example, the exemption for bonds cashed in 2023 begins to phase out when MAGI hits $137,800 for married joint filers (or $91,850 for other returns). The exemption is completely phased out when MAGI is at or above $167,800 (or $106,850 for others).

529 plans

Qualified tuition programs, or 529 plans, are established by state governments or private institutions. These programs allow you to purchase tuition credits or contribute to an account specifically designed for your child’s future education costs. 

These contributions are not deductible and are calculated as taxable gifts to the child. They are, however, eligible for the 2023 annual gift tax exclusion of $17,000. Donors who contribute more than the annual exclusion limit for the year may treat the gift as if it were given in increments throughout a five-year period. 

Until college costs are paid from the funds, earnings on these contributions accumulate tax-free. Distributions from 529 plans are also tax-free to the extent that the funds are used to pay for qualified higher education expenses, including up to $10,000 in tuition costs for elementary or secondary school. 

Distributions of earnings not used for qualified higher education expenses will generally be subject to income tax in addition to a 10% penalty. 

ESAs 

For each child under the age of 18, you can establish a Coverdell education savings account (ESA) and make contributions of $2,000. Note that this age limit does not apply to beneficiaries who have special needs. 

Once AGI is above $190,000 on a joint return ($95,000 for others), the right to make contributions will begin to phase out. If the income limit becomes an issue, the child can then contribute to their own account. 

Despite contributions not being deductible, income in the account is not taxed and distributions are tax-free when put toward qualified education expenses. If the child does not pursue higher education, the money must be withdrawn when they turn 30, and any earnings will be subject to tax plus penalty. However, those unused funds can be transferred to another family member’s ESA if they have not yet reached age 30. (This age requirement does not apply to those with special needs.)  

Talk to a financial advisor today

This is not an exhaustive list of all the tax-wise ways to save for your children’s college education. If you would like to discuss these options or learn about others available, contact us to speak with a certified CPA. 

getting-the-most-out-of-your-401k-plan

Getting the Most Out of Your 401(k) Plan
Getting the Most Out of Your 401(k) Plan 1594 938 smolinlupinco

The best way to reduce taxes and set yourself up for a comfortable retirement? Putting money toward a tax-advantaged retirement plan. If you’re not already making the most of an employer-offered 401(k) or Roth 401(k), now is the time to start. The sooner you start contributing to your retirement plan, the more substantial your nest egg will be. 

Looking to build up that nest egg even more? Consider increasing your contribution (if you’re not already contributing the maximum amount allowed). Thanks to tax-deferred compounding—or, in the case of Roth accounts, tax-free—boosting contributions can significantly impact the amount of money you’ll have once you retire. 

Retirement plan contributions in 2023

With a 401(k), an employee can elect to have a certain payment amount deferred and then contributed to their plan by an employer on their behalf. Due to inflation, these amounts are unsurprisingly increasing—the contribution limit in 2023 will be $22,500, compared to $20,500 in 2022. 

Employees who will be 50 years of age or older by the end of the year will also be able to make additional “catch-up” contributions of $7,500 in 2023 (compared to $6,500 in 2022). As a result, these employees can save a total of $30,000 in 2023 (compared to $27,000 in 2022). 

401(k) contributions

There are many benefits to contributing to a traditional 401(k). For example: 

  • Contributions are pre-tax, which reduces your modified adjusted gross income (MAGI), and can also help to reduce or avoid the 3.8% net investment income tax.
  • Plan assets can grow tax-deferred, which means you don’t have to pay any income tax until you take distributions.
  • All or some of your contributions can be matched by your employer pre-tax. 

If you’re already contributing to a 401(k) plan, you may want to take a closer look at your contributions for 2023, aiming to increase your contribution rate to get as close to the $22,500 limit as possible—with an extra $7,500 for those aged 50 or older. 

Note that your paycheck will be reduced by the amount of contribution only, as these are pre-tax and income tax is not withheld. 

Roth 401(k) contributions

High-income earners may benefit from Roth 401(k) contributions, as they don’t have Roth IRA contributions as an option. This is because if your adjusted gross income exceeds a certain threshold, your ability to contribute to a Roth IRA is reduced or eliminated. 

If your employer offers a Roth option in their 401(k) plans, you can designate some or all of your contributions as Roth contributions. While these contributions won’t reduce your MAGI, qualified distributions will be tax-free. 

Plan your financial future with Smolin

If you’re not sure how much to contribute, or how to determine the best combination of traditional and Roth 401(k) contributions, our knowledgeable tax advisors can help. 

Contact us to get the most out of your 401(k) plan or to discuss other tax and retirement-saving strategies.

iras-and-rmds-answering-your-faqs

IRAs and RMDs: Answering Your FAQs
IRAs and RMDs: Answering Your FAQs 1600 941 smolinlupinco

You may be aware of the fact that you can’t let funds sit in your traditional IRA indefinitely. Once you reach age 72, you’re required to start taking withdrawals. 

You may also be aware that the rules for taking required minimum distributions, or RMDs, are complex. Here are some answers to frequently asked questions about taking withdrawals from a traditional IRA (including SIMPLE IRA or SEP IRA). 

Can I withdraw money before retirement?

The simple answer: yes. 

That said, if you want to take money out of a traditional IRA before the age of 59.5, those distributions are taxable and you may be subject to a 10% penalty tax. 

That 10% penalty tax—but not regular income tax—can be avoided if you pay: 

  • Qualified higher education expenses
  • Up to $10,000 of expenses if you’re a first-time homebuyer
  • Health insurance premiums if you’re unemployed 

When can I take my first RMD for an IRA?

You must take your first RMD by April 1 of the year after the year in which you turn 72. Note that this rule applies whether or not you’re still employed. 

How do I determine my RMD? 

When calculating your RMD, take the account balance from the end of the preceding calendar year and divide it by the distribution period from the IRS’s Uniform Lifetime Table. 

If the sole beneficiary is a spouse who is 10 or more years younger than the owner, a separate table will be used. 

What if I have multiple accounts? 

For those with more than one IRA, the RMD for each must be calculated separately each year. 

However, you don’t have to take a separate RMD from each IRA—you may combine the RMD amounts for all IRAs, and either withdraw the total from one IRA or a portion from each. 

Can I withdraw amounts exceeding my RMD? 

Yes—you can always withdraw more than your RMD. Note, however, that you cannot put excess withdrawals toward RMDs in future years. 

When planning for RMDs, weigh your income needs against the ability to maintain the IRA tax shelter for as long as possible. 

Can I withdraw more than once a year? 

Yes. As long as you withdraw the total annual minimum amount by December 31 (or, if it’s your first RMD, April 1), you may withdraw your yearly RMD in any number of distributions throughout the year.

What if I don’t take an RMD? 

If your distributions for any given year are less than your RMD, you’ll be subject to an additional tax. This tax is equal to 50% of the amount that was not paid out but should have been. 

Plan ahead with us

Questions about your retirement planning? Our knowledgeable tax advisors can help. Contact us to learn more. 

Thanks to Inflation, You Can Save More for Retirement in 2023
Thanks to Inflation, You Can Save More for Retirement in 2023 1600 941 smolinlupinco

Do you know how much you and your employees can contribute to your retirement plans next year? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the monetary limitations for pensions and other qualified retirement plans for 2023. 

Because of inflation, these amounts have increased more in comparison to recent years. 

401(k) plans

In 2023, the contribution limit for employees who participate in 401(k) plans—along with 403(b) plans, most 457 plans, and the Thrift Savings Plan—will increase from $20,500 to $22,500. 

For employees over the age of 50 who participate in the above-mentioned plans, the catch-up contribution limit will increase from $6,500 to $7,500. As a result, these individuals can contribute up to $30,000 in 2023. 

SEP and defined contribution plans

In 2023, the contribution limit for defined contribution plans, including Simplified Employee Pension (SEP) plans, will increase from $61,000 to $66,000. 

To participate in a SEP, eligible employees must receive at least $750 (increased from $650 in 2022) for the year. 

SIMPLE plans

In 2023, SIMPLE plan deferrals will increase from $14,000 to $15,500. For employees over the age of 50 who participate in SIMPLE plans, the catch-up contribution limit will increase from $3,000 to $3,500. 

IRA contributions

In 2023, the limit on annual individual IRA contributions will increase from $6,000 to $6,500. The IRA catch-up contribution limit for those over the age of 50 is not subject to a cost-of-living adjustment and will remain the same as in 2022: $1,000. 

Additional plan changes

The IRS also announced the following changes for 2023: 

  • The annual benefit limitation under a defined benefit plan will increase from $245,000 to $265,000. Limitations for those who separated from service prior to January 1, 2023, will be calculated by multiplying their compensation limit (as adjusted through 2022) by 1.0833.
  • Limitations concerning the definition of “key employee” in a top-heavy plan will increase from $200,00 to $215,000.
  • For determining the maximum account balance in an employee stock ownership plan subject to a five-year distribution period, the dollar amount will increase from $1,230,000 to $1,330,000. For determining the lengthening of the five-year distribution plan, the dollar amount will increase from $245,000 to $265,000.
  • The limitation for “highly compensated employees” will increase from $135,000 to $150,000. 

Plan ahead with our financial advisors

Because contribution amounts will be significantly higher in 2023 than in previous years, you and your employees will be able to save more in your retirement plans. 

If you have questions about your tax-advantaged retirement plan, or if you’re interested in exploring other retirement plan options, please contact our experienced tax services team. 

how-owning-a-family-business-complicates-estate-and-business-succession-planning

How Owning a Family Business Complicates Estate and Business Succession Planning
How Owning a Family Business Complicates Estate and Business Succession Planning 1600 941 smolinlupinco

For small business owners, planning their estates and their companies’ succession often overlap. If your venture is family owned and operated, a significant portion of your assets is invested in your business. 

Comprehensive estate planning is essential to ensure your organization continues after your passing. Failing to take the proper steps in preparing your company for this eventuality could mean additional financial and legal risks to sort out later.  

Management succession for separate ownership 

One of the challenging aspects of transferring your family business is distinguishing between a succession of ownership and management. Compared to third-party business sales, where ownership and management succession coincides, family-run companies may need to approach these processes separately. 

When considered through the lens of estate planning, it may be wiser to transfer your assets to the next generation sooner. This can further minimize any estate tax liability for your family and business because you’ve reduced future appreciation. Of course, you may not be willing to change leadership just yet if they aren’t ready for the responsibility. 

Fortunately, there are several approaches you might consider that can enable you to transfer ownership of your family business while still retaining control: 

  • Consider using a family limited partnership, trust, or another ownership alternative to transfer most of the ownership interests to your future stakeholders without giving up managerial control 
  • Use nonvoting stock to transfer ownership
  • Create a stock ownership plan for your employees

Separating ownership and succession planning would be beneficial if you have family members who aren’t part of your business. You can still share the wealth of your company’s earnings by giving your beneficiaries nonvoting stock or forms of equity interests that don’t give them any control over managing your business. This effectively prioritizes the rights of those who work for your organization. 

Resolving disputes

When planning your business succession, you may run into conflicts regarding the financial needs of the older and younger generations involved. This doesn’t have to end in a tragic family rift since there are methods to create cash flow for owners while minimizing the burden on future company leadership and employees.  

Suppose you plan to sell your business to your beneficiaries through an installment sale. This creates liquidity and eases the financial burden placed on your children or other heirs. It’s also possible that these generated cash flows can fund the purchase. You should be able to avoid gift and estate tax liabilities so long as transactions are much like arm’s-length transactions between parties who aren’t related. 

Start sooner than later

No matter what strategy you choose, planning works best when you begin early. By taking the time to transition your family business over several years or more, you get more time to share your succession philosophy and educate your family about it. 

Additionally, this makes it possible to give up control over time and create a business structure and process that are tax savvy. Contact our offices today to learn more about succession strategies that will support the unique goals you have for your family business. 

© 2022

is-the-time-right-for-a-roth-conversion

Is the Time Right for a Roth Conversion?
Is the Time Right for a Roth Conversion? 1600 941 smolinlupinco

A downturn in the stock market may cause the value of your retirement account to decrease. However, if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.

Roth vs. traditional IRAs

Roth IRAs differ from traditional IRAs in a few key ways: 

Roth IRA

Contributions to Roth IRAs are never deductible. However, withdrawals and their earnings are nontaxable if you’re over 59 ½ years of age and your account is at least five years old. Additionally, contribution withdrawals are always allowable and are tax and penalty-free. RMDs are also not mandatory until you reach age 72.

There are, however, contribution limitations to a Roth IRA based on your modified adjusted gross income (MAGI). You can always convert your traditional option to a ROTH so long as you pay any income tax owed. 

Traditional IRA

Traditional IRA contributions may be deductible based on your MAGI and if you or a spouse participate in a qualified retirement plan, like a 401(k). The funds in this account can grow tax-deferred. 

One disadvantage to this is that withdrawals are usually taxed as income. If you make any withdrawals before the age of 59 ½, there are also penalties that may be imposed, unless you qualify for certain exceptions. You still have a required minimum distribution requirement starting after age 72.

Reducing your tax bill

When the stock market takes a downturn, you may see a benefit. For example, suppose your traditional IRA loses some of its value. You could save on your taxes by converting to a Roth sooner than later. You’ll also sidestep appreciative taxes when the market rebounds. 

Before you decide to convert, take the following considerations into account: 

Do you have enough funds to cover the tax bill? Those without much cash on hand for conversion taxation costs may need to withdraw this expense from their retirement savings, which is detrimental to your goals. Remember, tax brackets increase according to how much money you convert, which means a hefty tax obligation later. 

What retirement plans do you have? Whether you should convert or not might hinge on what stage in life you’re at. If you’re close to retiring, going from a traditional to Roth IRA option doesn’t make sense since you’ll draw on those accounts immediately. Typically, you choose a conversion if you still have time for funding growth and to let them compound over time.

Converting from a traditional IRA to a Roth doesn’t require you to commit all your money at once. This is a flexible process where you can use whatever percentage you wish, allowing you to slowly change over and take years to absorb the tax hit instead. 

Keep in mind that before going through with a Roth IRA conversion, there are additional steps and considerations to account for. If you think converting to a Roth is ideal for your financial goals, reach out today to learn more.  

© 2022

clts-leading-charitable-trust-philanthropists

CLTs: The Leading Charitable Trust Option for Philanthropists
CLTs: The Leading Charitable Trust Option for Philanthropists 1600 941 smolinlupinco

If you are interested in donating assets to a charity you support but don’t want to permanently give up this property, consider a charitable lead trust (CLT). This trust functions as an alternative to charitable remainder trusts (CRTs). 

CLTs revert your donated assets to your family instead of the charity after a specified amount of time has passed. However, your chosen charitable organization will enjoy a steady source of revenue for the period you gave them temporary ownership. 

How CLTs work

Although a CLT trust is irrevocable, you can continue to fund it throughout your lifetime or create a testamentary trust in your estate plan or will. This is an ideal approach to incorporating your philanthropic goals into your estate plan. 

The basic idea of how a CLT works can get complicated, but typically you would contribute assets to a trust for a specified term. The charity you designate as the beneficiary would receive payouts from the trust during this period. You can also select multiple charities as beneficiaries if you wish and what portion of earnings they should receive. 

How these payments get made depends on your CLT’s structure. Usually, these are made as a percentage of the trust or as fixed annuity payments. 

Tax implications for charitable deductions 

One of the primary motivators for creating a CRT is the tax deduction you receive for the remaining interest value. However, this deduction may be limited, or you might not receive one, depending on whether your CLT is a grantor or non-grantor trust type.  

Grantor CLTs allow you to deduct the current value of any future payments to your chosen charity, though this is subject to imposed deduction limits. The downside to this situation is that the investment income the trust generates is taxable for that term and is the grantor’s responsibility to pay. 

However, if you use a non-grantor CLT, the trust is now the owner of the assets and liable for any taxes owed on undistributed income. This allows your trust to claim the deductions for charitable contributions that are distributed to charitable organizations. Despite the uniqueness of each trust situation, it’s not uncommon for grantor tax liabilities to take precedence over current tax deduction benefits. 

Still, CLTs that are structured correctly create gift or estate deductions based on the portion designated for the charity involved. This is how the transference of remaining interest to family members is possible at a lower tax rate. 

Additional responsibilities for CLTs 

Every year until the term expires or during the life of your beneficiaries, your CLT must make at least one payment to one of your chosen charities. There is no mandatory 20-year timeframe imposed (as is the case with CRTs), and the trust doesn’t need to set a minimum or maximum requirement every year either. Once a CLT’s term expires, the heirs you originally named will have the remainder passed to them. 

© 2022

ira-charitable-donations-required-taxable-distributions

Using IRA Charitable Donations as an Alternative to Required Taxable Distributions
Using IRA Charitable Donations as an Alternative to Required Taxable Distributions 1600 941 smolinlupinco

If you’re a philanthropist that receives traditional IRA distributions, there’s a charitable tax advantage you should know about involving cash donations to a charity approved by the IRS. 

What are qualified charitable distributions?

The most relied upon method of transferring your IRA assets to your preferred charity is through an age-restricted tax provision. If you’re an IRA owner over the age of 70 and a half, you can send up to $100,000 annually of your distributions to your qualifying charitable organization. Qualified charitable distributions (QCDs) still count toward your required minimum distribution (RMD) amount but won’t trigger taxes or raise your adjusted gross income (AGI). 

Since your donation doesn’t increase your AGI, it will allow you to: 

  1. Qualify you for additional tax breaks such as threshold reductions for medical expenses, which have a cap of 7.5% of your AGI. 
  2. Circumvent Social Security’s 3.5% investment income tax taxation triggered by your investment income.
  3. Potentially avoid Medicare Part B and D high-income surcharges on your premiums when your AGI exceeds certain levels.
  4. Prevent the charity receiving your QCD from needing to pay federal estate taxes and avoid state death tax liability in most cases. 

Key considerations

You can’t claim deductions for any  QCD that isn’t included in your income. Also, remember that at 72 years of age, you must start taking your RMDs, although you can make QCDs starting at age 70 and a half. 

In 2022, you have to set up direct charitable payments to your qualified charity by December 31st to benefit from a QCD. You’re also allowed to use these QCDs to meet the RMD requirements for your IRA. For example, if you must take $15,000 in RMDs for 2022 and pay a QCD of $10,000, you would need to withdraw $5,000 to fulfill the remaining distribution requirement for this year. 

Other rules and limits may apply. Want more information? Contact us to see whether this strategy would be beneficial in your situation.

© 2022

using-crummey-trusts-take-advantage-annual-gift-tax-exclusion

Using Crummey Trusts to Take Advantage of the Annual Gift Tax Exclusion
Using Crummey Trusts to Take Advantage of the Annual Gift Tax Exclusion 1600 941 smolinlupinco

For 2022, the unified gift and estate tax exemption is set at $12.06 million, adjusted for inflation, up from $11.7 million for 2021. For many families, this means estate tax liability won’t be a concern. However, others may still benefit from using the annual gift tax exclusion as an estate planning strategy, especially since future tax law changes may lower the gift and estate tax exemption. 

For this reason, a Crummey trust can still serve as an important part of your estate planning strategy.

Limitations on the annual gift tax exclusion

For 2022, the annual gift tax exclusion allows you to give gifts valued up to $16,000 per recipient without incurring any gift tax. This $16,000 amount is indexed for inflation, but only in $1,000 increments.

For instance, this means that if you have four adult children and six grandchildren, you can gift each of them $16,000 this year (for a total of $160,000) without paying any gift tax. Since this exclusion is per donor, the amount is doubled for married couples.

However, when giving outright gifts, there is always the risk that the money or property could be wasted, especially if you’re giving to a recipient who may be young or irresponsible. 

As an alternative, you can transfer assets to a trust that names your child (or another recipient) as a beneficiary. This setup allows your designated trustee to manage the assets until the recipient reaches a specified age.

But this strategy comes with a catch, because gifts must be a transfer of a “present interest” to qualify for the annual exclusion. In this context, a “present interest” means the recipient has an unrestricted right to the immediate use, possession, or enjoyment of the income or property included in the gift. 

Because of this, a gift made to a trust won’t qualify as a gift of a present interest unless certain provisions are made in the trust language. Instead, it will be considered a gift of a “future interest” and won’t be eligible for the annual gift tax exclusion.

How a Crummey trust can help

A Crummey trust can offer a solution here. Crummey trusts satisfy the rules for gifts of a present interest but don’t require the trustee to distribute the assets to the beneficiary.

In a Crummey trust, periodic contributions of assets can be coordinated with an immediate power that gives the beneficiary the right to withdraw the contribution for a limited time. The expectation of the donor, however, is that the power won’t be exercised. (This cannot be expressly provided for in the trust document.)

These gifts will not be treated as a gift of a present interest due to the beneficiary’s limited withdrawal right, allowing gifts to the trust to qualify for the annual gift tax exclusion. Note that the tax outcome is determined by the existence of the legal power and not the exercise of it.

Additional requirements

To ensure your Crummey trust will hold up under IRS scrutiny, you must give the beneficiary actual notice of the withdrawal right, as well as a reasonable period (typically at least 30 days) to exercise it. 

If you have further questions regarding the use of a Crummey trust, contact us.

© 2022

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