Are Distributions Taxable?

by Kristin P. Sinclair (April 12, 2017)
Roth IRA qualified distributions, or distributions that are a return of your regular contributions are normally not included in your gross income. Roth IRA distributions that you roll over from one Roth IRA into another normally also are not included into your gross income for that tax year. It may be that you must include part of other distributions into your income.

To learn more about Taxable Distributions click here.

What is an Asset Allocation IRA?

Donn Sinclairby Donn J. Sinclair (March 30, 2017)
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.

To read more on Asset Allocation IRA’s click here.

Must You Withdraw or Use Your Roth IRA Assets?

by Kristin P. Sinclair (April 12, 2017)
The Traditional IRA rules Required Minimum Distribution (RMD) rules do not apply to Roth IRAs. That is as long as long as the Roth IRA owner is still alive. After the death of the Roth IRA owner, some of the minimum distribution rules that apply to Traditional IRAs, should at that time also apply to the decedent’s Roth IRAs.

Please note that your Roth IRA may not be used to satisfy your RMD from your Traditional IRA. Neither may you use a Traditional IRA distribution to satisfy any RMD from a Roth IRA.

To learn more click here.

2014 What is a SEP IRA?

by Kristin P. Sinclair (April 12, 2017)
The SEP IRA is an excellent low cost retirement plan for small employers to save for retirement on a tax-deferred basis. Eligible small employers may Kristin Sinclairhave just one employee. The plans are frequently funded with the same assets as Traditional IRAs.

Other SEP IRA advantages are that the setup is easy and low cost. Annual maintenance costs are low, and often less than $20 per employee. Contribution requirements are flexible and can be profitability dependent. These employer contributions may vary year to year, there are no requirements to make continued contributions, and the plan may be discontinued at pretty much any time.

To read more about SEP IRA’s click here.

When Can You Withdraw or Use Your Assets?

by Kristin P. Sinclair (April 2, 2017)
Normally you may withdraw your IRA Assets at your discretion. These withdrawals may be subject to any trustee or custodian early withdrawal charges. There are also IRS restrictions prior to age 59.5 which may subject your withdrawal to a 10% penalty tax.

To lean more about your IRA Assets click here.

What Actions Result in IRS Penalties or Additional Taxes?

by Kristin P. Sinclair (April 5, 2017)
There are definite tax advantages for using a Traditional IRA, and there are also penalties if the rules are not properly followed. There is the consequence of additions to regular income taxes when using your IRA assets to engage in prohibited transactions…

To read more of this article click here.

Earned Taxable Compensation

by Kristin P. Sinclair (March 7, 2017)
The IRS describes taxable compensation…

To read more on this article click here.

2017 Medicare Part D

by Kristin P. Sinclair (December 14, 2016)
2017 Medicare Part D is PDP or Drug coverage, and Medicare Part D has different stages. Some plans will have a deductible of $400.00 and then co-pays and co-insurance begins based upon your specific plans cost sharing formula. Some plans do not have a deductible which needs to be met, and those plans could have higher monthly premiums – or possibly some other format which helps to limit your exposure. Co-pays and co-insurance will apply until the true cost of the medications covered by the Part D plan have reached $3,700. Then you go into the Coverage Gap stage. Your cost sharing then is a 60% discount off the cost of name-brand medications in the formulary. With your cost sharing you pay the other 40% for your medications while you are in the coverage gap. This gap is often referred to as the donut hole. For generic drugs on the formulary you get a 49% discount. This means you pay the remaining 51% of the cost of your generic medication in the formulary while in the donut hole.

To read more of this article click here.

Considerations for Charitable Deductions

by Kristin P. Sinclair A Accu Tax(March 28, 2017)
If you donated money or items to a charity in 2016, then you may be able to claim a deduction on your federal tax return. You should consider the following about charitable deductions.

To read more from this article click here

Donn Sinclair

Donn Sinclair

Questions for Home Health Care Provider Interviews

by Donn J. Sinclair (December 17, 2016)
Medicare, and your Medigap or Medicare Supplement may pay some of the Home Health Care costs you incur. When selecting a home care agency for you or a loved one, there are important questions to ask when interviewing home health care agencies.

To read more of this article click here.

How Much Can Be Contributed for 2016/2017?

by Kristin P. Sinclair (December 22, 2016)

For 2016 and 2017 the IRS allows you to make IRA contributions up to $5500, and those 55 plus may contribute up to $6500 for this tax year. Please note that there may be additional limitations on how much you can contribute to an IRA based on your income and any retirement plan participation by you or your spouse.

To read more of this article click here.

2016/2017 Roth IRA and Traditional IRA Considerations

by Kristin P. Sinclair (November 28, 2016)
Which is best for you ? Maybe both should be part of your retirement plans. With Traditional IRAs and other pre-tax retirement plans the contributions may be tax deductible in 2016 and 2017. 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.

To read more of this article click here.

2017 IRA Changes

by Kristin P. Sinclair (November 28, 2016)
There are very few changes from 2016 to 2017. In 2016 and 2017 both the Traditional IRA and Roth IRA contribution limits remain the same at $5,500. For those 50 and over the $1,000 additional catch-up provision remains at $1,000 per person.

To read more of this article click here.

Medicare Supplements 2017

by Kristin P. Sinclair (November 10, 2016)
Let’s look at what a Medicare Supplement is. Well it is a Supplement to the Original Medicare program. Let us look at this idea a little further. For this review we are going to look at figures familiar for 2016. Since Medicare deductibles and cost sharing are still being reviewed by Congress for 2017.

To read more of this article click here.

2017 Medicare Update

by Kristin P. Sinclair A Accu Tax (April 4, 2017)
The 2017 cost sharing figures for the original Medicare have been provided by Congress.  Many of us have some additional coverage which helps limit our out-of-pocket exposure.   This coverage may be a Medicare Supplement, Medicare Advantage, or Retiree health benefits, and in some instances Medicaid,. The following figures may be helpful to know….
To read more of this article click here.

Affordable Care Act: Deadline Extended by IRS to Distribute 2016 Forms 1095-C & 1095-B

by Kristin P. Sinclair (November 23, 2016)
Friday November 18, 2016 the IRS issued Notice 2016-70. This notice delays the deadlines for employers and health insurers to distribute Forms 1095-C and 1095-B to their employees.

Kristin Sinclair

Kristin Sinclair

With this delay employee statements must be distributed no later than March 2, 2017 (previously January 31). The deadlines for IRS transmittals (Forms 1094-C and 1094-B) were not delayed. Forms 1094-C and 1094-B still must be submitted to the IRS by February 28, 2017 if in hard-copy; and by March 31, 2017 if in electronic format via AIR. As with this past year’s reporting, copies of all 1095-Cs and 1095-Bs distributed to employees are required with the IRS submissions.

To read more of this article click here.

Term Life Insurance

Donn Sinclair

Donn Sinclair

by Donn Sinclair (November 28, 2016)
@Sinclair Financial Solutions we feature some of the lowest term life insurance rates available. Whether you live in Charleston SC, Rock Hill SC, Charlotte NC, or Wilmington NC we are just a click away from shopping rights to help you save money. We compare rates with 25 or more national insurance companies to find you the best policy on the best terms.

To read more of this article click here.

Regarding Social Security 2017

by Kristin P. Sinclair (November 11, 2016)
Folks who are receiving Social Security will be seeing a 0.3% increase for 2017. That will benefit 65 million folks who receive Monthly Social Security and Supplemental Security Income. The 0.3% is a Cost of Living Adjustment (COLA). You have probably heard the term COLA which is an Acronym or an Abbreviated way of saying Cost of Living Adjustment.

This will be of interest as well, 2017 maximum earnings for Social Security tax withholding purposes will be $127,200. 173 million folks who are workers will pay into the Social Security system. This is one of the taxes you pay with tax withholdings from your pay check. For those that are Self-Employed the payment is usually paid quarterly to the Department of Revenue with your quarterly tax payment. Of the 173 million folks who will pay into the Social Security system in 2017, roughly 12 million folks will see their maximum going from the old figure of $118,500 to the new figure of $127,200. What does this mean; well most people do not earn a salary of $118,500 but would certainly be very happy to see their income increase to $127,200. Most of us would be happy to pay more taxes if it meant we were also making more money right??? We can dream right……

So how do these figures come into play for you later in life? Once you become eligible to receive your Social Security benefits you will receive benefits based upon the income you made; and the contributions you paid into the Social Security system in your working years. For folks who were high wage earners for many years this is what it could look like when it comes time to slow down a bit. Your full retirement age is 66 years of age and retires at age 66; it is possible that you could receive a benefit of as much as $2,687 monthly. If your full retirement age is 66 but you have decided that at age 62 it is time to start receiving benefits, it is possible that someone could receive as much as, $2,102 per month. Let’s say your full retirement age is 66 years, but you have decided to keep working, keep contributing, and you are waiting to receive your Social Security benefits when you turn age 70, you could potentially see a maximum benefit of $3,576.

But, what can you do now to get an idea of what your benefits would actually be, is to use the Social Security online program to get an idea of what benefits should be at various ages if you wanted to wait to receive benefits. Remember to set up your user name and password. This way you can get back into the system when you want to look at things again as time marches along.
If you decided you wanted to start receiving your benefits prior to full retirement age, and still work, then you may need to pay back some of your benefits if you earn above the
Retirement earnings test exempt amount. It is worthwhile doing some research and deciding with a calm head and thoughtful consideration prior to starting your benefits. When you know you still want to be a wage earner and you are under the full retirement age, and do not want to limit your earnings potential.

The average retired worker in 2016 was receiving a benefit of $1,355 per month and when they see their 0.3% COLA increase, they will be receiving a figure $1,360. If they are on Medicare as well, then they will pay more for their Medicare premium and their COLA increase will help to hold them harmless. So basically the government is covering the cost of their Medicare premium increase by providing the COLA or Cost of Living Adjustment.

Updated in Rock Hill SC
by Kristin P. Sinclair (803)329-0609
November 11, 2016

Limited Time Offer – Fixed Rate… Retirement Income

4.10% Year 1             3.10% Years 2-5

Between your first job and retirement, life-changing events such as: marriage, children, a new home, and college educations, may require different financial strategies. Then once you retire, your priorities may again shift to include: visits with children and grandchildren, more leisure activities, and leaving a legacy for your loved ones. Give us a call at (803) 329-0609, and let’s sit down and discuss some ways that may smooth out your retirement income.

Is an IRA Rollover for You?

IRA-Rollovers can maintain the tax benefits for your retirement plan assets. We will help you do the paperwork to safely send your funds from your 401(k) or other employer-sponsored retirement plan to your IRA without a tax consequence-or 10% penalty. IRA- Rollovers normally do not offer loans like 401(k)s. However, IRA-rollovers are normally subject to less rules and restrictions than many retirement plans, and enable you consolidate several accounts and simplify your paperwork.  We can sit down and discuss balancing current income needs with needed future income increases.

Sinclair Financial Solutions

329-0609 or

(800) 659-9713

150 Oakland Avenue


Rock Hill, SC 29730

Rates terms and conditions are subject to change without notice. This is a fixed rate annuity policy series ACLAN-005. Should you choose to continue the annuity after the five-year guaranteed period, the minimum rate guarantee is 1.00% for contracts issued in 2016. Credited rates effective 11/01/2016 and are subject to change without notice. Interest is credited daily on the initial purchase Premium, less withdrawals that exceed the cumulative amount of interest credited. Quoted rates do not reflect optional liquidity riders. If you choose to add any of the available liquidity riders the interest rate will be reduced accordingly. Early withdrawals may be subject to Surrender Charges and Market Value Adjustments. The IRS may impose penalties for early withdrawals from qualified plans. Contracts issued by Atlantic Coast Life Insurance Company. Not FDIC insured. Rates vary by state.


SWANS: Objectives, Risks, Expenses, and Rewards

SWANS: Sleep Well At Night Stuff. You should carefully consider any savings and investment vehicle’s objectives, risks, expenses, and rewards. Not all savings and investment vehicles may be appropriate for everyone. Every individual is unique, has their own set of financial circumstances, and comfort level with saving and investment risk. Also, prior to any decisions or investing you should carefully read the available material to better understand the specifics of your selected savings or investment vehicle.

Kristin P. Sinclair
Updated in Rock Hill SC on November 1, 2016

Monday, September 11, 2017:
7 Day Outlook for Charlotte,NC & Rock Hill,SC:

Charlotte Today

Showers, mainly after 10am. High near 66. Breezy, with a northeast wind 17 to 23 mph, with gusts as high as 33 mph. Chance of precipitation is 80%. New precipitation amounts between a quarter and half of an inch possible.

Charlotte Tonight

Showers, with thunderstorms also possible after 9pm. Low around 62. Breezy, with an east northeast wind 17 to 24 mph, with gusts as high as 37 mph. Chance of precipitation is 100%. New rainfall amounts between three quarters and one inch possible.

Charlotte Tuesday

Showers likely, mainly before 10am. Mostly cloudy, with a high near 76. East southeast wind around 10 mph. Chance of precipitation is 60%.

Charlotte Tuesday Night

A 20 percent chance of showers before 1am. Mostly cloudy, with a low around 60.

Charlotte Wednesday

Partly sunny, with a high near 80.

Charlotte Wednesday Night

A 30 percent chance of showers after 2am. Mostly cloudy, with a low around 63.

Charlotte Thursday A 30 percent chance of showers. Partly sunny, with a high near 80.
Charlotte Thursday Night

A chance of showers before midnight, then a chance of showers after 1am. Mostly cloudy, with a low around 64. Chance of precipitation is 30%

Charlotte Friday
A 40 percent chance of showers. Partly sunny, with a high near 81.
Charlotte Friday Night

A 30 percent chance of showers. Partly cloudy, with a low around 65.

Charlotte Saturday
Mostly sunny, with a high near 83.

Internet safety while traveling

Whether you’re traveling for business or going on vacation you will most likely want to stay connected while going from destination to destination. Traveling and using your laptop or mobile device you face two main risks by using a hotspot/Wi-Fi. One is hackers having the ability to track your online movements through the network you’re using/logged on to. The second is by tricking you into using a “fake” hotspot, cybercriminals do this by offering the Wi-fi for free or impersonating the name of a legitimate hotspot.
You also need to take safety a measure in case your device is stole or becomes lost during travels. Make sure to set your devices to the highest security level, in case your device is stole your personal information is protected.
To read more and find tips click here