Advanced Wealth Strategies
Joe Inskeep is a graduate from Texas State University where he received his Bachelors in Political Science with a minor in Business Administration. He currently holds his Series 7 and 63 securities registrations, as well as the General Lines Insurance License. He has been an advisor since 2009 working for a CPA and Wealth Management firm in South Austin. Joe is also on the Building Standards Commission/Fire Code Board of Appeals for the city of Round Rock and sits on the Board of Directors for the Financial Planning Association of Austin.
His expertise is in Assisting individuals with understanding and implementing investment allocations for client portfolios ranging from $100,000 to $5 million, Coordinating tax and estate planning with client’s existing attorneys and CPA’s, Investment research and analysis, and Economic analysis.
Joe and his family live in the Paloma Lake Neighborhood of Round Rock, where they are raising their two, soon to be three kids. In his free time, Joe enjoys sports, traveling, and spending time with family and friends.
BA, Political Science, TSU
Assets Under Management:
Investment Advisory services through Integrated Advisors Network, LLC., a SEC Registered Investment Advisor.
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IRA deductions are based on Modified Adjust Gross Income(MAGI), not AGI. However, if your AGI is $125,000, then your MAGI could be higher or the same. Based on the figures you gave us, you are more than likely phased out of a Traditional IRA contribution. However, if you have a Health Savings Account, you can invest the maximum of $6,850 as a family contribution.(A lot of HSA also have an investment sleeve that will permit you to invest a portion of your savings into the market for potential gain.) HSA contributions will also lower your MAGI and AGI that could potentially allow you to invest in a Traditional IRA. The only issue is, you would have to add back your Traditional IRA contributions to your AGI to get your MAGI to see if you are eligible for the Traditional IRA deduction. Crunch some numbers and see if it works.
Again, great question. I hope this helps.
First and foremost, I am very sorry to hear about the departure of your loved one.
A few questions to ask yourself:
- How much money do you need to cover the PA taxes?
- Are you going to be needing cash to pay for a replacement home? If so, how much and will the proceeds of the sale cover the PA tax bill and the purchase of a new home?
Personally, if I already had a home or if I were to purchase a new home, and could cover the inheritance tax with the house proceeds, I would use that strategy and let the investments continue to work for you. To make it simple, use the house proceeds.
I hope this helps.
Yes. You can purchase equity positions at any time while the account is open, funded, and there are no restrictions placed on your funds. The only time you may have to wait to purchase positions in your account is, the account is being funded with a check and if you recently sold out of one position and are trying to purchase another position before the settlement cycle is complete. For stocks/equity, it is Transaction Date plus 2 business days.
Ex- you sold stock, xyz on Friday before the close of the stock market. You should not purchase a new position until Wednesday after the funds settle. If you do purchase funds prior to settlement, this is called a "Good-Faith Violation". You will be given a warning for the first, "Good-Faith Violation", but the 2nd through 4th will result in trades restricted to settled cash only for 90 days. You can also receive a permanent restriction of trading on settled cash only.
Great Questions, I hope this helps.
It will be considered 2018 income along with your 2018 RMD. Depending upon your tax rate, distributions amount, and other income, this could put you in a higher tax bracket. One caveat, if you were turning 70 1/2 last year, you have the one-time option of deferring your RMD into this next year. An ideal situation if you are in a very low tax bracket. Great job on taking the initiative in filing form 5329.
Great question. I hope this helps.
I agree, if you are concerned then you need to reassess your investment strategy. Personally, at your age, you should have at least 20-30% in cash. That would give you $160,000-$240,000 or 5-8 years of living expenses without worry. Next step, Probably no more than 30-40% stock funds and 40-50% bonds. If you can earn an average of 3% on your money, with a withdrawal rate of $2,500 per month, and increasing your withdrawal rate by 5% annually, your money should last 20 years from today. Considering the money is in a retirement account your RMDs will be or eventually be more than $30,000 per year, that is why I included the 5% increase in withdrawal rate.
Great question, I hope this helps.