Morris Armstrong

Enrolled Agent
Personal Finance, Taxes, Lifestage Based Planning
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“Morris Armstrong operates under a fiduciary standard all of the time, whether he is advising clients on financial matters or representing them before the Internal Revenue Service, his mission is to help clients achieve their goals, not his.”
Firm:

Armstrong Financial Strategies

Job Title:

Owner

Biography:

Morris Armstrong founded Armstrong Financial Strategies in 2001 as fee-only firm. The firm does not accept commissions or referral fees and the only source of its income is from the client.  Morris has taught at Marymount College in Tarrytown, NY and has written extensively on the subject of investments, taxes and planning for Multex Investors, which Reuters purchased in 2003.

Morris has also been active in the field of divorce planning, and in 2008, the Connecticut Law Tribune recognized his efforts. The lawyers in the state voted him as one of the top three planning firms in the state.

Morris has written for and been quoted in numerous publications including the Wall Street Journal, New York Times, Financial Planning magazine, Wealth Manager Magazine and Yahoo Finance. His investment philosophy has been shaped by both John Bogle and Eugene Fama, and is his portfolios, which are a blend of passive and active vehicles, reflect this.

While he enjoys divorce planning, it can be draining and he prefers not to work with those couples who believe that “War of the Roses” was a manual for divorce. He enjoys his role as an Enrolled Agent helping people resolve their issues with the IRS, whether it is a notice or something more involved such as an audit or offer in compromise.

Education:

BBA, Banking, Pace University

Assets Under Management:

$12 million

Fee Structure:

Fee Only
Hourly

CRD Number:

127983

Disclaimer:

The answers presented on Ask an Advisor, together with any commentaries, articles or other opinions should be considered general information presented to inform the public. They are based on the information provided in the question, which may have omitted important details that would have changed the answer had they been known. 

Articles and answers are not intended as a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy. Armstrong Financial Strategies and Morris Armstrong, EA. are not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within this site. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.

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October 2017
    Personal Finance
February 2018
    Taxes, Income Tax
December 2017
    Personal Finance, Tax Deductions / Credits, Taxes
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August 2017

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    Debt, Social Security, Investing, Annuities, IRAs
Can qualified charitable contributions be used as required minimum distributions (RMDs) from a variable annuity tax-deferred IRA to minimize taxable income?
100% of people found this answer helpful

If I read your question correctly, you do not need your RMD money and you also like to make charitable contributions.  The QCD is made for someone like you!

You will need to ask your annuity company what their procedures are since each firm has their own paperwork.   Usually, it will involve your filling out a form listing the charities and the amount that you want them to receive.  You must be 70 1/2 or older when the money leaves your account.  The annuity firm will then issue checks to the charities and either mail them directly or give them to you to mail.  I have them mailed directly.

You will get a 1099R from the annuity company showing the 16,500 as being distributed to you.  You or your tax person will indicate that 16,500 was a QCD.  That will result in a ZERO taxable amount appearing on your tax return.  You do not claim the charitable contribution on Schedule A.

You must keep the acknowledgment letters from each charity and also DO NOT ACCEPT ANY GIFTS from the charities.  That tee shirt or CD will cost you the whole contribution that you made to the charity.

You are 100 percent correct that this may help you avoid paying higher Medicare B premiums and also state income tax.

September 2018
    IRAs, Charity
Can I write a check from my IRA to use as a qualified charitable distribution (QCD)?
100% of people found this answer helpful
September 2018
    Debt, Retirement
Should I borrow from my thrift savings plan (TSP) to pay off $45,000 of credit card debt?
100% of people found this answer helpful
September 2018
    Stocks, Taxes, Charity
How do I donate stock gains to my IRS approved nonprofit charity, and what tax reduction advantage does that offer?
100% of people found this answer helpful
3 weeks ago
    Marriage / Divorce, Retirement, 401(k)
Can I take cash from my QDRO without the 10 percent penalty?
100% of people found this answer helpful
September 2018