02.24.2022 - 1040
How To Plan With the New 1040
Presented by Larry Pon, CPA,
Here are ideas that the attendees learned from Larry:
| Ability to purchase I-Bonds from refund, CapGainsValet.com, using RMDs to cover estimated tax liability, once-in-a-lifetime IRA rollover to HSA |
| Brief insights into the numbered schedules - what they focus on. Good review of planning opportunities throughout the return. |
| It reminded me of several strategies I knew about but they weren't up close to the surface where I could easily access them in front of a client. It's important to be in the right frame of mind for tax season because clients aren't always as receptive during other times of the year. |
| It's always a nice reminder about which line item is a planning opportunity and why. |
| need a solution for outsourcing health insurance/Medicare eval. Value of getting W2 or year-end pay stub. Learn more about mega back door Roth |
| Reviewing SPD was a great idea because clients are not aware what their plan offers. |
| That was a great presentation, very informative, paced well, and covered a big variety of relevant topics. |
| Use RMD to pay extra taxes - reduce the chance will need to pay estimated taxes. Buy I bonds with tax return. |
| Using the full amount of the RMD to pay the client's taxes. I never thought of that. |
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