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TCJA

How Much Can You Take Home in 2018? – Reviewing Your Form W-4 after TCJA

With the tax deadline having just passed, now is the perfect opportunity to start planning for next year. Last year’s return should be readily available, and you may even have many important items committed to memory. Additionally, four months into the year is the perfect time to begin making current year projections. Of course, this year is different. That’s because 2018 will be the first that we file under the changes created by the Tax Cuts and Jobs Act (TCJA).

401(k) Hardship Distributions for Casualty Losses: Another Unintended "Victim" of Tax Reform?

A few weeks ago, I discussed the seemingly unintended impact the Tax Cut and Jobs Act (TCJA) had on the repayment of overpayments from employer plans. In essence, by eliminating the deduction of itemized miscellaneous expenses subject to 2% of adjusted gross income, the new law negatively impacted some repayments to employer plans - namely, repayments that are $3,000 or less. Similarly, by amending the tax code section on casualty losses, Congress has limited the ability of some plan participants to qualify for a casualty loss hardship distribution.

What Tax Reforms Means for Your "Back-Door" Roth IRA Conversion

You may be interested in contributing to a Roth IRA but think your income is too high. You are probably aware that there are income limits that apply to Roth IRA contributions. For 2018, if you are married, your ability to make Roth IRA contributions phases out when your Modified Adjusted Gross Income (MAGI) is between $189,000 - $199,000 and between $120,000 - $ 135,000 if you are single. Are you out of luck if you are a high earner? The answer is "no" and tax reform makes this clearer than ever.

Employer Plan Overpayments: Collateral Damage from the Tax Cuts and Jobs Act

The U.S. Tax Code is a 74,000-page document with interrelating laws and regulations. Therefore, any time Congress enacts a piece of legislation as massive as the Tax Cuts and Jobs Act (TCJA), there are going to be unintended consequences, or as I like to call it, collateral damage. After passage, it's up to the IRS to sift through the damage and clarify any unresolved issues.

Roth Recharacterization Update from IRS

It has been widely reported that the Tax Cuts and Jobs Act eliminated the ability to recharacterize Roth IRA conversions as of January 1, 2018. On the other hand, it kept the ability to recharacterize IRA and Roth IRA contributions. Despite all of the above, an unanswered question on Roth IRA conversions done in 2017 lingered. At the time of those conversions the taxpayer had the ability to recharacterize the conversion up to October 15, 2018. Was that option still available to them?

Tax Reform and Your IRA – 5 Things You Need to Know

The Tax Cuts and Jobs Act made sweeping changes to the tax laws. Brackets have been changed, deductions have been eliminated, and retirement plans have been affected. You may be wondering what the new law means for your IRA. Here are 5 things you need to know.

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