A Money Moment with Jane - A Few Financial Planning Suggestions for the Fall

By Jane M. Young, CFP, EA
Colorado Springs, CO
www.pinnaclefinancialconcepts.com/

» Required Minimum Distributions were not required for 2009. However, if you are at least 70½ you will be required to take a distribution in 2010.

» If you are planning to convert some of your regular IRA to a Roth IRA, do so in 2010 to spread the taxes over 2011 and 2112.

» Have you maximized your Roth IRA and 401k contribution? The 2010 contribution limit for the Roth is $5,000 plus a $1,000 catch-up provision if you are 50 or older. The 2010 contribution limit for 401k plans is $16,500 plus a $5,500 catch-up provision if you are 50 or older.

» This is a good time to do some tax planning to make sure your withholdings or estimates are adequate to cover the taxes you will owe in April.

» Do you have any underperforming stocks or mutual funds that should be sold to take advantage of a tax loss in 2010?

» Now is the time to go through your home for items to be donated to charity. These can provide a nice deduction on your 2010 tax return.

» Start planning for Christmas now and save money by working to a plan.