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IRAs Medicare

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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  • Who Can Open a Traditional IRA ?

    • by Kristin P. Sinclair  –  A Accu Tax  –  September 5, 2018

      You have decided to pursue a Traditional IRA. That is an Excellent Decision ! So what is your next step ? First check to make certain that you are eligible to open a Traditional IRA for 2018 and/or 2019. Normally you should qualify to open and make contributions to a Traditional IRA if:

      • You (or your spouse if you file jointly) received taxable compensation during that tax year (2018 or 2019).
      • You were not age 70 ½ by the end of that tax year (2018 or 2019).

      Whether or not you are covered by another retirement plan you can start your Traditional IRA. If either you or your spouse is covered by an employer retirement plan; however, then it is important to note that your deductible contributions may be limited.

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  • What if you should Inherit an IRA

    • by Kristin P. Sinclair – A Accu Tax – September 1, 2018

      Medicare Professional Insurance Kristin SinclairIf you or your spouse should die, then the survivor generally has several options for the Inherited IRA:

      A.) Spousal survivors can designate themselves as the IRA owner, and then the survivors may elect to treat the Inherited IRA as their own Traditional IRA.

      B.) Treat the Inherited IRA as their own by rolling it over into: their Qualified Employer Plan (such as a 401k plan); their Qualified Employee Annuity Plan (403a plan); their Tax-Sheltered Annuity Plan (403b plan); or their state or local government Deferred Compensation 457 plan.

      C.) The surviving spouse may also elect to treat themselves as the IRA Beneficiary, rather than treating the Traditional IRA as their own IRA.

      Please note that surviving spouses designated as the sole beneficiary, and who have an unlimited right to withdraw funds, will also be considered to have treated an Inherited IRA as their own Traditional IRA if: they do not take the Traditional IRA required minimum distribution (RMD) for a year; or make contributions to the Inherited IRA. Such contributions also include Traditional IRA Rollover Contributions into the Inherited IRA.

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  • What is a Roth IRA?

    • What is a Roth IRA?

      by Kristin P. Sinclair – A Accu Tax – September 19, 2018

      A Roth IRA is a special kind of Individual Retirement Account that may allow your money to grow tax-free. You fund a Roth with after-tax or post-tax dollars – meaning you pay current income taxes on your contribution. In return for no up-front tax break, your money grows and grows tax free. Then you should qualify to withdraw your Roth IRA funds at retirement and pay absolutely no taxes !

      That’s right, every penny goes straight into your pocket. This may be especially important in your early retirement years. Taking money from your Roth IRA should not impact the taxability of your Social Security Income.

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  • Take Advantage of the “Welcome to Medicare” Visit

    • by Kristin P. Sinclair – A Accu Tax – August 21, 2018

      Screenings, shots, and referrals can be achieved. You will find you will be a very important part of your well being, be willing to talk and share information with your health care provider.

      Do yourself a favor and have a written down set of notes that you can provide your health care provider about family history of health concerns. Your doctor will likely have this information added to your records. Make a copy; you will want to share this detail with your various medical care providers.

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  • New Medicare Cards on the Way!

    • New Medicare Cards are Coming!

      by Kristin P. Sinclair – A Accu Tax – September 6, 2018

      You might have yours already, if not they are being mailed in stages. It is expected that over the next month or so, Medicare Beneficiaries who are residents in North Carolina, South Carolina, Georgia, and Florida will be getting new cards.

      So something to think about, is your address current with Social Security and with Medicare? You certainly want your important mail to get to You. And You definitely would not want someone else to get your mail.

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  • Medicare Part B: Is It Covered?

    • by Kristin P. Sinclair – A Accu Tax – September 1, 2018

      what-is-a-fixed-annuityIs your test, item, or service covered?

      Medicare coverage for many tests, items and services depends on where you live. This list only includes tests, items and services that are covered no matter where you live. If your test, item or service isn’t listed, talk to your doctor or other health care provider. They can help you understand why you need certain tests, items or services, and if Medicare will cover them.

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  • What is a Fixed Annuity?

    • By Donn J. Sinclair      MBA September 1, 2018

      Insurance Professional Donn SinclairFixed annuities are essentially fixed rate savings/investments issued by insurance companies. Fixed annuities pay guaranteed rates of interest, in many cases higher than available from other financial institutions.

      Fixed annuities can be deferred or immediate. The deferred variety accumulate regular rates of interest and the immediate kind make fixed payments – determined by your age and size of your annuity – during retirement.

      The convenience and predictability of a set payout makes a fixed annuity a popular option for retirees who want a known income stream to supplement their other retirement income.

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  • Considerations for Charitable Deductions

    • by Kristin P. Sinclair – A Accu Tax – September 17, 2018

      If you donate money or items to a charity in 2018, then you may be able to claim a deduction on your federal tax return. You should consider the following about charitable deductions.

      A.) Qualified Charities: You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible.

      B.) Itemize Deductions: To deduct charitable contributions normally you must itemize deductions on Schedule A of your form 1040.

      C.) Return Value: When you receive a thank you gift or most any item of value in return for your donation, then you must reduce your charitable deduction by the return value you received. Examples of return value include merchandise, meals, tickets to
      events or other goods and services.

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  • Capital Gains and Losses – Things to Know !

    • by Kristin P. Sinclair  – A Accu Tax  – September 5, 2018

      Normally when you sell a capital asset it results in a capital gain or capital loss. A capital asset includes most property you own for personal use, or that you own as an investment. The following are a few things the IRS suggests you know so that you can better understand your capital gains and losses:

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