2012 Year-End Financial Checklist

[Mel Lindauer]

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/

[buzzlight]

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.

[Mel Lindauer]

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". )

[buzzlight]

my pleasure, glad i was helpful.

[Mel Lindauer]

I've added a few more items to the last-minute checklist that I had overlooked previously.

[STC]

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.

[sschullo]

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". )

I know the feeling!

[Mel Lindauer]

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.

[Mel Lindauer]

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". )

I know the feeling!

The beauty of electronic publishing (vs printed books and magazines) is that I can make corrections immediately, Steve.

[Sheepdog]

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

[Mel Lindauer]

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.