CAPA NoVa tax planning workshop summary, by Mike Nie 2/21/2023

All parents and supporters.
Please access the workshop recording at the CAPA NoVa membership zone

  • Bob Tucker is a Certified Financial Planner and Christian-based advisor. His firm is called Reston Wealth Management located in northern Virginia.
  • SECURE ACT 2.0 has many new provisions that can benefit us, the mid-aged working class.
  • With the retirement account required minimum distribution age stretched to 75 (by 2030?), we have longer window to conduct Roth conversion.
  • Parents and grandparents should consider custodial Roth IRA for underage children. Parental match is an express way to max out annual contribution (up to $6.5k per year). Assuming your child has earned income over $3.25k this year, parents can do a 1-to-1 match
  • Set up a 529 for your child or grandchild. Apply distribution waterfall among multiple children or grandchildren. Unused money can roll over to beneficiary’s Roth IRA account. Pay attention to the 15- and 5- year rules and annual cap.
  • Similar to annual medical exam, we should do an annual financial planning assessment. Seek CFP firms that have powerful planning software to run multiple screens and scenarios to optimize your financial performance.
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Click to open theSECURE ACT 2.0 and Tax Strategy slide deck.

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