DIRS.INFO The most relevant business & tech news

☆ This is the 'sweet spot' for Roth individual retirement account conversions, expert says
▼ + stars: | 2024-05-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're weighing a Roth individual retirement account conversion, you could save on taxes by leveraging a limited window of time, experts say. Roth conversions transfer pretax or nondeductible IRA money to a Roth IRA, which kickstarts future tax-free growth. After you stop working, but before you start required withdrawals from retirement accounts, is "the sweet spot" for Roth conversions, according to JoAnn May, a Berwyn, Illinois-based certified financial planner at Forest Asset Management. Plus, many investors want to leverage lower income tax brackets through 2025 before provisions could sunset from former President Donald Trump's signature tax overhaul, she said. After a Roth conversion, you'll owe regular income taxes on the converted amount.

Persons: Roth, JoAnn May, IRAs —, Donald Trump's, you'll Organizations: Roth IRA, Asset Management, Finance Locations: Berwyn , Illinois

☆ Here's how to avoid getting 'hammered' on inherited individual retirement account taxes, experts say
▼ + stars: | 2024-05-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Inherited individual retirement accounts can be a financial boost for heirs, but the windfall can trigger tax issues, experts say. Withdrawals from pretax inherited IRAs incur regular income taxes. Since 2020, certain heirs can no longer "stretch" retirement account distributions over their lifetime to reduce yearly taxes. Now, certain heirs, including most adult children, must deplete inherited accounts within 10 years, known as the "10-year rule." While only about 20% of May's clients have inherited IRAs, she expects more heirs to face the tax-planning issue as baby boomers age.

Persons: IRAs, Ed Slott, Roth, Slott, JoAnn May Organizations: Finance, IRS, Asset Management Locations: Berwyn , Illinois

☆ I'm a certified financial planner and tax reporter at CNBC. How I tackle my own retirement tax planning
▼ + stars: | 2024-03-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Now, as a tax reporter for CNBC, I focus on tax strategy all year, including how retirement contribution decisions may affect long-term plans. Pretax vs. Roth retirement contributionsOne of the biggest questions from investors is whether to save money into a pretax or after-tax Roth account. Early in my career, I focused on Roth savings, which made sense with lower income and decades until retirement. I've prioritized my employer match with pretax and Roth 401(k) deferrals, while also making Roth individual retirement account contributions. There's also a small nest egg in my health savings account, which I added to during my years of self-employment.

Persons: Seksan, I've, Ashton Lawrence, Roth, you'll, pretax, There's, JoAnn May Organizations: CNBC, CFP, Mariner Wealth Advisors, Asset Management Locations: Greenville , South Carolina, Berwyn , Illinois

☆ This simple calculation will show if you’re withholding enough taxes from your paycheck
▼ + stars: | 2024-02-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Witthaya Prasongsin | Moment | Getty ImagesIf your tax refund or bill is bigger than expected, it could be time to adjust your paycheck withholding — and a simple calculation could help, experts say. How paycheck withholdings workWhen you start a new job, you fill out Form W-4, which tells employers how much to withhold from each paycheck for federal income taxes. You calculate your effective tax rate by dividing your total tax (line 24) by taxable income (line 15). If your 2024 earnings are similar to 2023, you'll want your federal paycheck withholdings at roughly last year's effective tax rate, Loyd said. For example, if your gross paycheck is $1,000 and last year's effective tax rate was 12%, you'll want about $120 withheld in federal taxes, he said.

Persons: Witthaya, John Loyd, JoAnn May, —, Loyd, you'll Organizations: Forest Asset Management Locations: Fort Worth , Texas, Berwyn , Illinois

☆ This costly withholding mistake is 'always a surprise,' tax pro says
▼ + stars: | 2024-02-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Guido Mieth | Stone | Getty ImagesAs millions of Americans start filing returns, experts warn that last year's tax withholding errors could trigger an unexpected bill. The IRS requires tax payments throughout the year and many workers do that via automatic employer paycheck withholdings. By contrast, you may see a tax bill if you didn't pay enough. For filers with multiple jobs, withholding issues are "always a surprise," according to certified financial planner JoAnn May, principal at Forest Asset Management in Berwyn, Illinois. If you didn't adjust your withholding to reflect your new single status, you may not pay enough taxes during the year.

Persons: Guido Mieth, JoAnn May, it's, you've, John Loyd Organizations: Asset Management Locations: Berwyn , Illinois, Fort Worth , Texas

[1/4] A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. In precious metals, gold hit a six-month high with a boost from the softer dollar and expectations for a pause in Fed tightening. There's a growing sense the economy is slowing, that price growth will likely continue to fall, that profit growth will likely fall," said Jack Ablin, chief investment officer at Cresset Capital, in Chicago. The U.S. dollar index slid against most major currencies on Monday and was on track for a monthly decline of more than 3%, which would be its biggest monthly drop in a year. The dollar index was down 0.203%, with the euro up 0.11% to $1.0951.

Persons: Brendan McDermid, Brent, Jack Ablin, Ablin, Christine Lagarde, Jim Barnes, Sterling, Sinéad Carew, Chuck Mikolazczak, Harry Robertson, Wayne Cole, Stephen Coates, Ed Osmond, Chizu Nomiyama, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, U.S, Federal Reserve, Cresset, Dow Jones, Nasdaq, European Central Bank, Central, Reuters Graphics Oil, Thomson Locations: New York City, U.S, Europe, OPEC, Chicago, Bryn Mawr, Berwyn , Pennsylvania, Israel, New York, London, Sydney

☆ The Only People Who Understand What a Caregiver Goes Through
▼ + stars: | 2023-11-11 | by ( Paula Span | ) www.nytimes.com time to read: +1 min

Both men are patients at Penn Memory Center in Philadelphia, which began this mentorship program for caregivers in September. Dr. Dunbar, a nurse-practitioner who lives in Wallingford, Pa., is younger, at 61, but has coped with caregiving for far longer: Her husband, Jeffrey Draine, 60, was diagnosed with early-onset Alzheimer’s in 2017. Philip Sadtler, 80, received his diagnosis just two years ago, so his wife has long lists of questions about what lies ahead. How can she handle the guilt of leaving him at home sometimes while she volunteers or sees friends? How long can the couple, who live in Berwyn, Pa., continue traveling to California to visit their daughter and her family?

Persons: Julia Sadtler, Debora Dunbar, Alzheimer’s, . Dunbar, Jeffrey Draine, “, I’ve, ”, Philip Sadtler, Philip Organizations: Penn Memory Center Locations: Philadelphia, Wallingford, Pa, Berwyn, California

☆ Opinion | Are We Looking at George H.W. Biden?
▼ + stars: | 2023-11-09 | by ( Frank Bruni | ) www.nytimes.com time to read: +3 min

It breaks your heart, but as Carly Simon sang, there is more room in a broken heart. And yet here we are, atoms with consciousness, each of us a living improbability forged of chaos and dead stars. Flagg’s highlight mixtapes are downright gratuitous — look at him reducing these poor kids into piles of gristle and bone! It should honestly come with a content warning.” (Matthew Dallett, Brooklin, Maine)In The Wall Street Journal, Jason Gay rendered a damning (and furry!) Maybe the dog lies down and chews a big stick.” (Paul Shikany, the Bronx)

Persons: Anne Lamott, Carly Simon, ”, Melissa France, Steve Aldrich, Maria Popova, “, “ Oppenheimer, Jo Radner, James Bennet, Donald Trump, Mitt Romney, Trump, Romney, bankrupting bender, Roger Tellefsen, Luke Winkie marveled, Cooper Flagg, Flagg, Matthew Dallett, Jason Gay, Paul Shikany Organizations: Washington Post, Times, Republicans, Duke basketball, Street Locations: Washington, Flemington, N.J, Minneapolis, Bulgarian, Lovell , Maine, Berwyn, Pa, Brooklin , Maine, Bronx

☆ Insight: What happens when a $2 million gene therapy is not enough
▼ + stars: | 2023-08-12 | by ( Deena Beasley | ) www.reuters.com time to read: +13 min

Their experience raises broader questions around other high-cost gene therapies coming to market, sometimes after accelerated regulatory approvals, drug pricing experts said. Gene therapies work by replacing genes – the body's blueprint for its development. The gene Zolgensma delivers instructs the body to make a protein vital for muscle control. If gene therapies do fall short, it becomes harder to justify prices that researchers have argued are already poor value. More recently, the first hemophilia gene therapy approved by the U.S. Food and Drug Administration was priced by CSL Behring at $3.5 million; 26 more gene therapies are in late-stage development, according to IQVIA.

Persons: Elizabeth Kutschke, Ben, Zolgensma, Ben Kutschke, neurologists, Sitra Tauscher, Wisniewski, Ben's, Roger Hajjar, Brigham Gene, Kutschke, Vasant Narasimhan, Stacie Dusetzina, Roche's, Biogen, Roche, Maha Radhakrishnan, Steven Pearson, It's, Sree Chaguturu, Amanda Cook, Weston, Jackson, Cook, Elizabeth, Jerry Mendell, Russell Butterfield, –, Biogen's, Mendell, UMR, Spinraza, Eric Cox, Caroline Humer, Sara Ledwith Organizations: Reuters, U.S, Novartis, IQVIA Institute, Human Data, Novartis Gene Therapies, Mass, Cell Therapy, U.S . Food, Drug Administration, CSL Behring, CSL, Nashville's Vanderbilt University School of Medicine, Clinical, Economic, CVS Health, Aetna, SMA, Nationwide Children's Hospital, University of Utah Health, Children's, UnitedHealth, Thomson Locations: Oak Park, Berwyn , Illinois, Swiss, U.S, Lebanon , Virginia, United States, Columbus , Ohio, Russia, Kazakhstan, Chicago

☆ You can avoid paying surprise taxes by picking the best investment accounts. Here's how
▼ + stars: | 2023-02-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're looking for ways to trim your yearly tax bill, experts may check your portfolio, since some assets are more likely to trigger taxes in certain accounts. Your 401(k) account offers tax-deferred growth, meaning you won't owe levies on yearly income, such as dividends and capital gains. By contrast, you may owe taxes for selling assets or receiving income in a brokerage account, which may be a surprise for some investors. If you have three types of accounts — brokerage, tax-deferred and tax-free — you can pick the best spot for each asset, said May, who is also a certified public accountant. Since bonds may have less growth but distribute income, they may be suitable for tax-deferred accounts like your 401(k) plan, she said, and investments most likely to appreciate may be ideal for tax-free accounts, like a Roth individual retirement account.

☆ Roth IRA conversion taxes may be trickier than you expect. Here's what to know before filing — or converting funds in 2023
▼ + stars: | 2023-01-22 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

For example, let's say you have a pretax IRA of $20,000 and you made a non-deductible IRA contribution of $6,000 in 2022. Of course, the bigger your pretax IRA balance, the higher percentage of the conversion will be taxable, May said. Alternatively, a larger non-deductible or Roth IRA balance reduces the percentage. But here's the kicker: Taxpayers also use the Form 8606 to report non-deductible IRA contributions every year to establish "basis" or your after-tax balance. Typically, he aims to "fill up a lower tax bracket," without bumping someone into the next one with Roth conversion income.

☆ Robber, clerk fatally shoot each other in Chicago grocery store
▼ + stars: | 2022-11-14 | by ( The Associated Press | ) www.nbcnews.com time to read: 1 min

CHICAGO — A robbery suspect and a grocery clerk fatally shot each other during an attempted holdup in the store, authorities said. Williams entered the store around 6:20 p.m. and produced a handgun in an attempt to rob the store, but Hassan pulled a gun from his waistband and shot Williams in the chest, police said. Williams returned fire and shot Hassan in the chest and back. Williams ran from the store but collapsed about a block away and died, police said. Hassan, a Palestinian immigrant, was transported to University of Chicago Medical Center and was later pronounced dead.

Search resuls for: "Berwyn"

12 mentions found