Krilogy Tax Update | December 9, 2022

Roth Conversions in a Bear Market 2022 has been a difficult year for investors, but the market decline can present the potential to capitalize on a long-term tax savings plan by converting traditional IRA funds to a Roth IRA. What Is a Roth IRA? Roth IRAs are individual retirement accounts that are set up with contributions from assets on which…

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The IRS Waives Missed RMD Penalty for Certain Required Minimum Distributions

On October 7th, 2022, the IRS released Notice 2022-53 announcing they intend to waive the 50% excise tax on certain required minimum distributions (RMDs) from retirement plans in 2021 and 2022. Listed below is a brief backstory to get you up to speed. Backstory: In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement Act of 2019…

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Tax Relief for Missouri Flood Victims

The Internal Revenue Service and Missouri Department of Revenue have granted tax relief for victims affected in the severe storms and flooding that began July 25, 2022. Individuals and households affected by the severe storms and flooding qualify for tax relief if the individual resides or has a business located in: The Independent City of St. Louis; Montgomery County; St….

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Why do I still owe taxes?

There can be many answers to this question, but for the vast majority of U.S. tax filers paid as W-2 employees, the likely culprit is the under withholding of taxes. There are several things that may occur during the year that can lead to a shortfall of tax withholding. Because of this possibility, we encourage you to review your W-4…

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Top Ten Common Mistakes to Avoid as You Prepare for Tax Season

The Krilogy® Tax team is gearing up for another successful tax season, and we want to help you feel as confident and prepared as possible. As we kick off the season, we wanted to share a few common tax mistakes that we have come across recently to help you avoid doing the same before you file your 2021 tax return….

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Qualified Charitable Distributions

At Krilogy, we work with clients through all phases of their retirement planning, investment strategies, and tax strategies. A key point in this journey occurs when a client reaches 72 years old, the age at which they must begin taking Required Minimum Distributions (“RMD”) from their retirement accounts. However, in some cases the individual may not want or need this…

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