It’s Not Too Late For IRA Contributions

Tax day is coming up and we wanted to take this opportunity to remind you that if you haven’t made a 2019 IRA contribution, it’s not too late. If you are eligible to make a contribution, you have until tax day, April 15, 2020, to do so. For 2019, the maximum IRA contribution is $6,000 with an additional $1,000 catch-up contribution for those age 50 or older. If you are unsure whether you’ve maximized your contribution for 2019, give our office a call and we’ll be happy to review your contribution activity with you.

For those interestetd in making a contribution for 2020, due to the passing of the Secure Act 2019, even if you are older than 70 1/2 years of age, and have an earned income, you can still contribute to your Traditional IRAs.

Secure Act of 2019

The Secure Act of 2019 has actually brought about many changes to the rules around retirement accounts. Some of the topics that have been addressed are:

  • Elimination of maximum age for Traditional IRA contributions as long as you have earned income.
  • Increase in Required Minimum Distribution (RMD) age from 70 1/2 years to 72 years of age.
  • Elimination of Stretch IRAs.

There are several more items addressed by the Secure Act of 2019, and we anticipate that you may be interested in learning more about how the Secure Act of 2019 may be affecting you now or in the future.

Because of this we would like to host a call for our clients and anyone that you think may benefit from the call. Please stay tuned for our formal announcement of a date and time.

*Collins Investment Group is not a tax or legal advisor, please consult your CPA or attorney for any tax or legal advice.

Getting Setup for E-Delivery on Wells Fargo Advisors Access Online

During this time of year, we also receive many questions about the timing of form 1099 original and amended mailings, and whether or not there are electronic versions available. If you are a client that has Access Online then there is a way for you to ensure that all of your document delivery is matched with your needs.

After you have logged into wellsfargoadvisors.com, you will want to click on “Document Delivery Preferences” under the Customer Service tab:

Once in document delivery preferences, you will have the option to select Paperless – All Docs, Paperless – Except Tax Docs, Mail – Paper Documents, or Customize. After you pick your option, click on the save button. If you select customize, you will have to complete the next step below.

If you have selected customize, you will be given a grid of all of your accounts. Using this, select all of the documents that you would like to receive electronically, and if you would like to continue receiving paper documents, leave it unchecked. Make sure to click save after making your selections.

If you do not have access online, you can visit wellsfargoadvisors.com to sign up. If you have any questions about signing up or setting your document delivery preferences, please do not hesitate to contact our office and we’ll be happy to help walk you through the process.