2012 Year-End Financial Checklist

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2012 Year-End Financial Checklist

Postby Mel Lindauer » Thu Dec 27, 2012 5:52 pm

Hello Everyone:

Here's a column I just posted on Forbes. Perhaps it might help jog your memory on something you may have overlooked. http://blogs.forbes.com/thebogleheadsview/
Best Regards - Mel | | Semper Fi
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Re: 2012 Last Minute Checklist

Postby buzzlight » Thu Dec 27, 2012 5:56 pm

Savings Bond Purchases

Since Savings Bonds (I Bonds and EE Bonds) have annual purchase limits ($5000 per SS# per type via TreasuryDirect and another $5000 via your income tax refund), you may want to see if there’s still time to get your 2012 Savings Bond allotment.




I thought it was 10,000 per SS# per type, am i wrong? Please advise.
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Re: 2012 Last Minute Checklist

Postby Mel Lindauer » Thu Dec 27, 2012 5:58 pm

buzzlight wrote:Savings Bond Purchases

Since Savings Bonds (I Bonds and EE Bonds) have annual purchase limits ($5000 per SS# per type via TreasuryDirect and another $5000 via your income tax refund), you may want to see if there’s still time to get your 2012 Savings Bond allotment.




I thought it was 10,000 per SS# per type, am i wrong? Please advise.


Oops! Thanks for catching that. I fixed it! (And to think that they call me "Mr. Savings Bonds". :oops: )
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Re: 2012 Last Minute Checklist

Postby buzzlight » Thu Dec 27, 2012 6:00 pm

my pleasure, glad i was helpful.
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Re: 2012 Year-End Financial Checklist

Postby Mel Lindauer » Fri Dec 28, 2012 9:06 am

I've added a few more items to the last-minute checklist that I had overlooked previously.
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Re: 2012 Year-End Financial Checklist

Postby STC » Fri Dec 28, 2012 9:34 am

Two errors Mel.

"Retirement plan contributions" - Typo "Hove" instead of "Have"
"Fiscal cliff looming" - you cannot fall off a cliff that is looming. One you approach from below, the other from above.

Nice article.
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Re: 2012 Last Minute Checklist

Postby sschullo » Fri Dec 28, 2012 10:11 am

Mel Lindauer wrote:
buzzlight wrote:Savings Bond Purchases

Since Savings Bonds (I Bonds and EE Bonds) have annual purchase limits ($5000 per SS# per type via TreasuryDirect and another $5000 via your income tax refund), you may want to see if there’s still time to get your 2012 Savings Bond allotment.




I thought it was 10,000 per SS# per type, am i wrong? Please advise.


Oops! Thanks for catching that. I fixed it! (And to think that they call me "Mr. Savings Bonds". :oops: )


I know the feeling!
“It’s what you learn, after you know it all, that counts.” - John Wooden
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Re: 2012 Year-End Financial Checklist

Postby Mel Lindauer » Fri Dec 28, 2012 3:41 pm

STC wrote:Two errors Mel.

"Retirement plan contributions" - Typo "Hove" instead of "Have"
"Fiscal cliff looming" - you cannot fall off a cliff that is looming. One you approach from below, the other from above.

Nice article.


Thanks, STC. I fixed both of them.
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Re: 2012 Last Minute Checklist

Postby Mel Lindauer » Fri Dec 28, 2012 3:43 pm

sschullo wrote:
Mel Lindauer wrote:
buzzlight wrote:Savings Bond Purchases

Since Savings Bonds (I Bonds and EE Bonds) have annual purchase limits ($5000 per SS# per type via TreasuryDirect and another $5000 via your income tax refund), you may want to see if there’s still time to get your 2012 Savings Bond allotment.




I thought it was 10,000 per SS# per type, am i wrong? Please advise.


Oops! Thanks for catching that. I fixed it! (And to think that they call me "Mr. Savings Bonds". :oops: )


I know the feeling!


The beauty of electronic publishing (vs printed books and magazines) is that I can make corrections immediately, Steve. :D
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Re: 2012 Year-End Financial Checklist

Postby Sheepdog » Sat Dec 29, 2012 9:01 am

One more truly last minute item which could be added to the 2012 charitable donations comment in your excellent checklist. This was written at the Vanguard website.

Under federal gift and estate tax rules, individuals can potentially make significant gifts that are exempt from federal transfer tax. Currently, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 makes this opportunity larger than ever before, by exempting $5.12 million from the gift tax.
1 By making a gift while living, individuals may reduce their future estate tax exposure not only by the amount of the gift but also on the future appreciation of that gift.
2 Therefore, some thought should be given as to whether the gift tax exemption should be used before the potential expiration of the current law on December 31, 2012.
Individuals may wish to maximize the gift tax exemption available while also maintaining sufficient assets to use during retirement years.

Jim
People should not say everything they think. They should think about everything they say.
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Re: 2012 Year-End Financial Checklist

Postby Mel Lindauer » Sat Dec 29, 2012 12:16 pm

Sheepdog wrote:One more truly last minute item which could be added to the 2012 charitable donations comment in your excellent checklist. This was written at the Vanguard website.

Under federal gift and estate tax rules, individuals can potentially make significant gifts that are exempt from federal transfer tax. Currently, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 makes this opportunity larger than ever before, by exempting $5.12 million from the gift tax.
1 By making a gift while living, individuals may reduce their future estate tax exposure not only by the amount of the gift but also on the future appreciation of that gift.
2 Therefore, some thought should be given as to whether the gift tax exemption should be used before the potential expiration of the current law on December 31, 2012.
Individuals may wish to maximize the gift tax exemption available while also maintaining sufficient assets to use during retirement years.

Jim


Thanks for making that important addition to the list, Jim.
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