Note from Altitude Roth IRA Conversion Rules. ID Theft: Strategies and Help for Fighting Back. February 2014.
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1 February 2014 Volume 1, Issue 2 Note from Altitude Welcome to the February issue of newsletter. This month we have an article on Roth conversion rules and the ability to effectively make a 2013 and 2014 Roth IRA contribution regardless of your income level. Please call our office to discuss the specifics of how this opportunity applies to your own individual situation. We have also included an article on how to fight ID theft. Admittedly, this is a longer article but contains important information. Until next month, stay health and warm in the midst of this severe winter weather. Rick 2014 Roth IRA Conversion Rules What are the 2014 Roth IRA conversion rules? You ve probably heard a lot about the changes that took place in January But how do they impact you? In 2010, the biggest change came from the expiration of the $100,000 adjustable gross income (AGI) limit on Roth IRA conversions. In effect, this change enabled anyone (regardless of income) to. Convert to a Roth IRA, and Contribute to a Roth IRA Why is this such a big deal? Because under the old rules, high income earners were prohibited from doing either. But as you ll see, that all changed in 2010 and remains in effect for (continued on page 2) ID Theft: Strategies and Help for Fighting Back First, despite the efforts of law enforcement, ID theft is becoming more sophisticated and the number of new victims is growing. In general, consumers are protected against liability for unauthorized accounts or transactions under federal and state law and by financial industry practices. And if the crime is not detected early, people may face months or years cleaning up the damage to their reputation and credit rating, and sometimes they lose out on loans, jobs, and other opportunities in the meantime. A federal law the Fair and Accurate Credit Transactions Act (FACTA) - give you powerful tools to help fight this crime. So, here it our latest to do list you can follow to minimize your chances of becoming a victim of ID theft. (continued on page 3) 1
2 2014 Roth Conversion Rules (continued from page 1) 2014 AGI Limit For Roth Conversions Under old IRS rules, you could only perform a Roth IRA conversion if your adjustable gross income (AGI) was $100,000 or less. For instance, let s say you had $80,000 in a Traditional IRA, and you earned $150,000 per year. Under the old rules, you were out of luck if you wanted to convert your Traditional IRA to a Roth IRA. But the 2014 Roth IRA conversion rules are different. The $100,000 conversion limit is gone. In January 2010, the $100,000 limit on Roth IRA conversions disappeared! That means anyone, regardless of income, can perform a Roth IRA conversion. For example, let s say you have a 401k you want to convert to a Roth IRA, but you earn $341,000 per year. Under the old rules, your income was too high to perform a conversion because it s higher than $100,000. But under the 2014 Roth IRA conversion rules, you re able to convert because the $100,000 limit is no longer in effect. Current Roth IRA Income Limits The 2014 Roth IRA conversion rules open the door for anyone to convert to a Roth IRA regardless of income, but the door remains closed for high income earners when it comes to making new contributions. For example, the 2014 IRS limits for making a Roth IRA contribution are: $191,000 if you re married filing a joint tax return $10,000 if you re married filing a separate tax return and lived with your spouse for any part of the tax year. $129,000 if you re single, head of household, or married filing separately and did not live with your spouse for any part of the tax year. So even though 2014 provides high income earners with a great opportunity to convert, making new contributions to a Roth IRA remains out of the question. Fortunately, the 2014 Roth IRA conversion rules open the door for anyone to make new contributions to a Roth IRA, regardless of income! How s that? Through the use of a Traditional IRA and the conversion process 2014 Roth IRA Contributions IF you re ineligible to make a Roth IRA contribution because you earn too much, the 2014 Roth IRA conversion rules provide you with a golden opportunity. While IRA income limits also restrict your ability to make Traditional IRA contributions, those limits only apply to deductible contributions, NOT non-deductible (after-tax) contributions. So, if you re ineligible to make contributions to a Roth IRA, make non-deductible contributions to a Traditional IRA instead. Since the $100,000 income limit on making a Roth IRA conversion disappeared in January 2010, you re free to convert your Traditional IRA to a Roth IRA. While it wasn t a direct contribution to a Roth IRA, the end result is still the same. You just made a contribution to your Roth IRA. Do you see now why the 2014 Roth IRA conversion rules effectively eliminate the Roth IRA income limits? If you earned too much to open and contribute to a Roth IRA in the past, January 2010 marked a major change. Not only are you able to perform a Roth IRA conversion, but you re free to effectively contribute to a Roth IRA by making non-deductible Traditional IRA contributions and then converting to a Roth IRA. Need an example? Let s say you re 43 years old and single with a $311,000 annual income. Under IRS rules, you re prohibited from making a direct contribution to your Roth IRA. However, you Can make up to $5,500 in non-deductible contributions to a Traditional IRA. And since, the income restriction on Roth IRA conversions disappeared in January 2010, you can convert your Traditional IRA to a Roth IRA. Since you made your original contributions with after-tax dollars, those funds are NOT subject to income taxes as a result of the conversion process. So, ultimately, you end up with $5,500 in your Roth IRA as a result of making non-deductible Traditional IRA contributions and then converting to a Roth. And remember, as long as the 2014 Roth IRA conversion rules remain in effect, you can continue to do this on an annual basis. Unless Congress (continued on page 3) 2
3 2014 Roth IRA Conversion Rules (continued from page 2) Intervenes, the $100,000 limit on Roth IRA conversions expired indefinitely in the year So, unless, or until, a new law is put on the books, you re free to enjoy the benefits of contributing to a Roth IRA, regardless of how much income you earn. Conclusion The 2014 Roth IRA conversion rules mark the continuation of a significant change in the retirement planning landscape. Because of the expiration of the $100,000 income limit on Roth IRA conversions, high income earners are n longer stuck on the outside looking in. The full benefits and advantages of a Roth IRA are now available to everyone regardless of income. So if you ve found yourself in the enviable position of earning too much to contribute to a Roth IRA, now is the time you ve been waiting for. By making non-deductible Traditional IRA contributions and converting to a Roth IRA, you re able to effectively make Roth IRA contributions. ID Theft: Strategies and Help for Fighting Back (continued from page 1) Protect your Social Security Number (SSN), credit card and debit card numbers, PINS (personal identification numbers), passwords, and other personal information. Never provide this information in response to an unsolicited phone call, fax, letter or no matter how friendly or official the circumstances may appear. In case your wallet gets lost or stolen, only carry the identification, checks, credit cards or debit cards you really need. The rest, including your Social Security card, are best kept in a safe place. Likewise, don t pre-print your Social Security number, phone number, or driver s license number on your checks. it s too easy for someone who sees your checks to copy this personal information and even sell it to an ID thief, says Kathryn Weatherby, an Examination Specialist for the FDIC. Remember that you have the right to refuse requests for your SSN from merchants and service providers they have other ways to identify you. And if your state puts Social Security numbers on driver s licenses, find out if you can use another number. Protect your incoming and outgoing mail. Chances are that your mail carrier will deliver a credit card or bank statement, an envelope containing a check, or other items that can be very valuable to a thief. Or perhaps you ll put in the mail a check or papers containing account numbers or other personal financial information. For incoming mail: Try to use a locked mailbox or other secure location, such as a P.O. box. If your mailbox isn't locked or in a secure location, try to promptly remove mail that's been delivered or move the mailbox to a safer place. And when ordering new checks, "ask about getting the boxes delivered to your bank branch instead of having them mailed to your home and running the risk of finding them out on your front stoop," said Weatherby. For outgoing mail containing a check or personal information: Deposit it in a U.S. Postal Service blue collection box, hand it to a mail carrier or take it to the post office instead of leaving it in your doorway or home mailbox. A mailbox that holds your outgoing bills is a prime target for thieves who cruise neighborhoods looking for account information, said Jeff Kopchick, an FDIC Senior Policy Analyst. Even worse is putting up the flag on a mailbox to indicate there is outgoing mail sitting there, because that s also an invitation for a thief. Keep your financial trash clean. Thieves known as dumpster divers pick through garbage looking for pieces of paper containing Social Security numbers, bank account information and other details they can use to commit fraud. Examples of valuable trash include insurance information containing your SSN, blank checks mailed by financial institutions with offers to write yourself a loan, cancelled checks and bank statements. Your best protection against dumpster divers? Before tossing of these items, destroy them, preferably using a crosscut shredder that turns paper into confetti that cannot be easily reconstructed. Also remember our suggestions for limiting the use of your Social Security number, which would lessen the likelihood it will be found in your personal papers at home. (continued on page 4) 3
4 ID Theft: Strategies and Help for Fighting Back (continued from page 3) Keep a close watch on your bank account statements and credit card bills. Monitor these statements each month and contact your financial institution immediately if there s a discrepancy in your records or if you notice something suspicious, such as a missing payment or an unauthorized withdrawal. While federal and state laws may limit your losses if you re a victim of fraud or theft, your protections may be stronger if you report the problem quickly and in writing. You also avoid the hassle and inconvenience of straightening things out. Contact your institution if a bank statement or credit card bill doesn t arrive on time. This mail, if missing, could be a sign someone has stolen your mail and/or account information and perhaps has changed your mailing address to run up big bills in your name from another location. Avoid ID theft on the Internet. Hackers and scam artists are finding ways to steal private information transmitted over the internet or stored on computer systems. For example, never provide bank account or other personal information in response to an unsolicited or when visiting a Web site that doesn t explain how your personal information would be protected. Phishing scams that arrive by typically ask you to update your account information. But don t fall for this ruse. Legitimate organizations wouldn t ask you for these details they already have the necessary information or they can obtain it in other ways. Don t respond to these s and don t open any attachments unless you independently confirm the validity of the request by contacting the legitimate organization the way you usually would, not by using the address, website or phone number provided in the . Take precautions with your personal computer. Among them: Install a free or low-cost firewall to stop intruders from gaining remote access to your PC. Download and frequently update security patches offered by your operating system and software vendors to correct weaknesses that a hacker might exploit. Use passwords that will be hard for hackers to guess. For example, use a mix of numbers, symbols and letters instead of a date of birth or last name. Also, shut down your PC when you are not using it. don t believe that you are safe if you merely log off the internet, said Eloy Villafranca, an FDIC Community Affairs Officer. Hackers can still get into your computer as long as there is power going to the PC. Exercise your new right under FACTA to review your credit record and report fraudulent activity. Your credit report, which is prepared by a credit bureau, summarizes your history of paying debts and other bills. Credit reports are used by lenders, employers and others who, by law, have a legitimate need for the information. FACTA allows you to get one free credit report each year from each of the three major credit bureaus that operate nationwide Equifax, Experian and TransUnion with just a single phone call, letter, or . After you get your credit report, look for warning signs of actual or potential ID theft. These include mention of a credit card, loan or lease you never signed up for, and requests for a copy of your credit record from someone you don t recognize (which could be a sign that a con artist is snooping around for personal information). If you already are a victim of ID theft or your suspect you are a target, FACTA gives you specific legal rights to place a fraud alert in your credit files at all three major credit bureaus with a phone call or a letter to any one of their fraud departments. These fraud alerts will help prevent an imposter from obtaining new credit in your name because, at a minimum, the lender will be required to make a reasonable attempt to verify the applicant s identity, explained Michael Jackson, an Associate Director of the FDIC s Division of Supervision and Consumer Protection. If you are a victim of identity theft, you also may have an extended fraud alert placed in your credit file instead of a basis alert. an extended alert requires a lender to contact you and get your okay before authorizing any new account in your name, explained FDIC Attorney Robert Patrick. It also is effective for seven years instead of 90 days. To place an extended alert in your credit file, Patrick said you must submit your request in writing and include a copy of an ID theft report filed with a law enforcement agency (such as the police) or with the U.S. Postal Service. FACTA also will enable military personnel called up to active duty to place an alert in their credit files so that lenders acting on loan applications can guard against possible ID theft. 4
5 Contact Us Colorado Springs Office: Wichita Office: Oracle Blvd 2420 North Woodlawn Suite 120 Building 100 Suite J Colorado Springs, CO Wichita, KS (719) or (719) (316) brian@altitudefp.com craig@altitudefp.com rick@altitudefp.com rick@altitudefp.com We are now on the web at: Disclosure: The information in this newsletter is based upon data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy and does not purport to be complete and is not intended as the primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The accuracy of the information is not guaranteed and is provided with the understanding that we are not rendering legal, accounting, tax, or services. All references that might be made to an investment or portfolio s performance are based on historical data and one should not assume that this performance will continue in the future. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Securities offered through Cambridge Investment Research, INC Broker/Dealer. Member FINRA/SIPC. Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor Cambridge and Altitude Financial Planning, Inc are not affiliated 5
6 2014 Roth IRA Conversion Rules Gillette, Britt Roth IRA Conversion Rules. Your Roth IRA. Web. 29 Jan roth-ira-conversion-rules.html. ID Theft: Strategies and Help for Fighting Back ID Theft: Strategies and Help for Fighting Back. FDIC Consumer News. Web. 29 Jan
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