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IRAs and Rollovers

IRAs Medicare

Personal Finances

IRAs Medicare

Earned Taxable Compensation

by Kristin P. Sinclair - A Accu Tax - March 21, 2018 Medicare Professional Insurance Kristin Sinclair The IRS describes taxable compensation in general terms as what you earn from working. This specifically includes wages, salaries, tips, professional fees, bonuses, and other amounts you receive for personal services rendered. The IRS considers as taxable compensation all amounts properly shown on your W-2 in Box 1, provided that amount is not reduced by any amount entered in Box 11. This does not include unearned income, which may also be taxable. For IRS purposes, scholarship and fellowship payments are taxable compensation only if shown on Form W-2 in Box 1. Consult your tax advisor and/or for more information.   Updated in Rock Hill SC and Charlotte NC by Kristin P. Sinclair A Accu Tax (803)329-0609 December 5, 2017   KPS: More information is available at See Publication 590-A and Publication 590-B.

IRA Risks and Expenses

Insurance Professional Donn Sinclair by Donn J. Sinclair, MBA — July 25, 2018 A few words about risks and expenses. You should carefully consider any mutual fund’s investment objectives, risks, charges, and expenses. Not all mutual funds may be appropriate for everyone. Every individual has their own unique investment objective that may or may not match any particular mutual fund. Also, prior to any decisions or investing in any fund, you should carefully read the prospectus as this will outline the specifics of the mutual fund. The information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results.

Updated in Rock Hill SC and Charleston SC
by Donn J. Sinclair, MBA
(803)329-0609     July 25, 2018
Note: More information is available at
See Publication 590-A and Publication 590-B.

@Sinclair Financial Solutions is independently owned and operated. Donn J. Sinclair, MBA is SC insurance licensed in CT, GA, IL, NC, SC, and VA (NIPR NPN#1722815). SC Real Estate License #76530, and NRDS #554027312. Securities offered through Fortune Financial Services, Inc,3582 Brodhead Road, Suite #202, Monaca, PA 15061;branch office of record located at 948 Myrtle Drive Rock Hill, SC 29730, Member FINRA/SIPC. @Sinclair Financial Solutions and Fortune Financial Services, Inc are separate entities.


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  • What is a Traditional IRA?

    • by Kristin P. Sinclair – A Accu Tax- August 15, 2018

      An IRA is an Individual Retirement Account that you set-up with a financial institution, often with the help of a financial professional. One of the first and most popular IRAs is the Traditional IRA; which is also known as the Original IRA. The Traditional IRA is a tax-deferred retirement savings account. That means you normally do not pay current income taxes on your contributions, and only pay taxes on your money later when you make withdrawals in retirement. By deferring taxes, any dividends, interest payments, and capital gains can compound each year without being hindered by taxes. Thus the Traditional IRA has the opportunity to grow much faster than a taxable account. Often retirees find themselves in a lower tax bracket than during their pre-retirement working years. Then the Traditional IRA funds should be withdrawn and taxed at a lower rate.

      Traditional IRAs come in two varieties: deductible and nondeductible. Qualifying for a full or partial tax deduction typically depends on your income, and whether you or your spouse have access to an employer sponsored retirement account like a 401k.

      The Traditional IRA has promising advantages for those qualified:

      • Depending on your circumstances, you may be able to deduct some or all of your IRA contributions from current income.
      • Funds in your IRA, including earnings and gains, are normally not taxed until they are distributed.


      In 2018 Susan is single, and she is covered by a retirement plan at work in Charlotte NC. With a Traditional IRA, she is able to figure out that her adjusted gross income should be less than $50,000, and she should receive the full 2018 Traditional IRA deduction. In May 2019 Susan plans to marry George. He is also covered by a retirement plan at his Winthrop University position in Rock Hill SC. George earns a considerably higher income than Susan. As a result of their upcoming marriage, George and Martha will need to determine with their tax advisor if they will qualify for a partial or full deduction for their Traditional IRAs in 2018.


      Updated by Kristin P. Sinclair: A Accu Tax

      in Charlotte NC and Rock Hill SC

      August 15, 2018   (803) 329-0615

      KPS: More information is available at

      See Publication 590-A and Publication 590-B.

  • Asset Allocation in Your IRA

    • by Donn J. Sinclair MBA July 30, 2018

      Asset allocation refers to the mix of investments inside your IRA portfolio. That is, how much of your IRA portfolio you invest in stocks, bonds, cash, and other asset classes. The IRA could be a Traditional IRA, IRA Rollover, Roth IRA, SEP-IRA, or SIMPLE-IRA. Your allocation should also consider your investments within each asset class and your temperament for risk.

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  • Roth and Traditional IRA Considerations

    • by Kristin P. Sinclair – A Accu Tax – March 22, 2018

      Which is best for you ? Maybe both should be part of your 2017 and 2018 retirement savings plans. With Traditional IRAs and other pre-tax retirement plans the contributions may be tax deductible in 2017 and 2018. Your earnings grow tax-deferred until you withdraw them. Normally it should be best to withdraw Traditional IRA funds in retirement when you may have less income, and therefore pay less in taxes.

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  • Part B covers 2 types of services, and it’s great to have those protections

    • by Kristin P. Sinclair – A Accu Tax – August 15, 2018

      Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.

      Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

      You pay nothing for most preventive services if you get the services from a health care provider who accepts assignment.

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  • Medicare Part B: Let’s Review Some More Detail

    • by Kristin P. Sinclair – A Accu Tax – August 15, 2018


      Abdominal Aortic Aneurysm Screening

      This is a one-time covered test.

      So if you and your Doctor Feel that you need to have this test done again sometime after the initial testing, this would be an example of you having some out of pocket costs for the testing.

      There is a potential way to get several items reviewed and supply your Doctor with the results. Many of you have heard of Life Line Screening. You can have several tests done for a low fee. All in the convenient location of where the Life Line Screening is being done in your area.

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  • Medicare and Yes, I have Choices

    • by Kristin P. Sinclair – Charleston SC – August 15 2018

      Other items to include in your decision making when it comes time think about health care.
      Which Health Care practitioners(s) you wish to offer your health care during the year. Does the provider accept Medicare, if yes, then they will accept your Medicare supplement as well.

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  • What is Term Life Insurance?

    • by Donn J. Sinclair, MBA – August 15, 2018

      Term Life Insurance

      This is the most basic form of life insurance, and term life insurance is normally the best value for your life insurance dollar. Term life insurance provides life insurance coverage for a specific period of time or term.   This term period can be a 1-year term, 5-year term, and as long as a 30-year term.

      The policy owner pays a premium normally monthly, quarterly, semi-annually, or annually. As long as the premium is paid on time, then the life insurance policy is in effect until at least the end of the term.

      The term life insurance period selected

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  • What are Long Term Care and Home Health Care?

    • By Donn J. Sinclair, MBA — July 28, 2018

      Long-term care is the type of assistance people need to perform activities of daily living which include eating, bathing, continence, dressing, toileting and transferring. Long-term care needs typically arise as part of the normal aging process, but can also be due to an injury or illness, such as multiple sclerosis, stroke, rheumatoid arthritis, or due to a cognitive impairment, such as Alzheimer’s disease.

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  • Designating Term Life Insurance Beneficiaries ?

    • by Donn J. Sinclair  – Charlotte NC – April 5, 2018

      You select beneficiaries to receive the insurance proceeds of your term life insurance policy should you die during the term period. Normally you designate beneficiaries on your insurance application, and you also normally retain the right to update that designation as you desire. Designating and keeping current your term life insurance beneficiary designations provides you the final say in whom receives your insurance proceeds. Please note that your insurance carrier and state may have limitations on your beneficiary designations with special considerations for spouses and minors.

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