SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
November/December 2022
Make Key Financial Moves Before Year's End
While buying gifts and holiday supplies might seem to be your biggest priority, the end of the year is the right time to make moves that can impact your future finances.
Take Your RMD
Generally, if you’re age 72 or older, you must take required minimum distributions (RMDs) from your tax-deferred retirement accounts before December 31. Failure to take an RMD could result in a 50% penalty on the amount you were supposed to withdraw.*Sell Your Losers
Consider selling shares of stock that have lost value since you acquired them. You can use the loss to offset capital gains on other investments. If your capital losses exceed your capital gains, you can use up to $3,000 to reduce ordinary income. Excess losses can be carried over to future tax years.Add to Retirement Accounts
If you haven’t yet contributed the maximum amount to your 401(k) plan, you may be able to increase your pretax contributions before December 31st. For 2022, you can contribute up to $20,500 ($27,000 if you’re age 50 or older) and lower your tax bill in the process.Take a Qualified Charitable Distribution
You can transfer up to $100,000 from a traditional IRA to a qualified charity. To count as your RMD for the year and avoid being taxed, funds must be transferred directly from your IRA to the charitable organization by your IRA custodian.Give Money
The Annual Gift Tax Exclusion allows you to make tax-free gifts of up to $16,000 each to as many people as you choose. If you have significant assets, making annual gifts can reduce your taxable estate.Rebalance Your Portfolio
Review your asset allocation and your portfolio’s performance with your financial professional. If your investment mix has shifted or if your goals and risk tolerance have changed, rebalancing can bring your portfolio in line with your current thinking.Review Your Beneficiary Designations
Make sure your beneficiary designations on retirement accounts and life insurance policies are up to date.*You have until April 1 of the year following the calendar year that you turn 72 to take your first RMD.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.