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Financial Information for Senior Military Officers

Don't Leave Money on the Table (And Don't Get Double Taxed Either).

Don't Leave Money on the Table (And Don't Get Double Taxed Either).
You've decided to "Hang-up" your G-Suit or ABUs or whatever uniform you wear to work each day.  You're pretty confident you'll roll into the new job you've been looking forward to and it won't take too much time.  If your new job offers a 401(k) (or 403(b) or TSP) there are some things you need to think about AND you need to make sure you don't screw up some other things.  By the way, these concepts also apply if you change civilian jobs during a year.
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You're Vested...But Will You Get Your Matching Contributions?

You're Vested...But Will You Get Your Matching Contributions?

You've been with your company for a while.  In fact you are fully vested under the 401(k) plan.  You're thinking it might be time to think about going somewhere else or maybe hanging up your spurs.  Will you get your matching funds?

I know, some of you are indignantly stating, "Of course I will.  I'm vested."  That is a true statement...mostly.  You'll get the matching contributions from last year and earlier.  But, what about this year?

Depending on when your employer actually puts the matching funds into your 401(k) the answer might be "Not yet."

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401(k) Rollover Rule 2.75693

401(k) Rollover Rule 2.75693

O.K...the rule isn't really called 2.75693, but in a recent IRS Notice 2014-54 (trust me...you don't really want to read it) the IRS clarified the treatment of and perhaps even incentivized certain 401(k) contributions.

Some of you may be offered the option of contributing after-tax dollars to your 401(k) plan or 403(b) plan up to the annual Defined Contribution Limit of $52,000 (2014).  This is not a Roth Contribution but is more like a Non-Deductible IRA contribution.  So you could contribute $23,000 (if age 50 or older) in deductible dollars to your 401(k) and then IF your employer allows, make another $29,000 non-deductible contribution to the 401(k).  Why would you want to do this?

 

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Disclaimer

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by C.L. Sheldon & Company, LLC ), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from C.L. Sheldon & Company, LLC . To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. C.L. Sheldon & Company, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the C.L. Sheldon & Company, LLC ’s current written disclosure statement discussing our advisory services and fees is available for review upon request. DISCLAIMER OF TAX ADVICE: Any discussion contained herein cannot be considered to be tax advice. Actual tax advice would require a detailed and careful analysis of the facts and applicable law, which we expect would be time consuming and costly. We have not made and have not been asked to make that type of analysis in connection with any advice given in this blog post. As a result, we are required to advise you that any Federal tax advice rendered in this blog is not intended or written to be used and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. In the event you would like us to perform the type of analysis that is necessary for us to provide an opinion, that does not require the above disclaimer, as always, please feel free to contact us.

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