Blue Bell PWM


5 Questions for your Tax Preparer

Alex LaRosa, CFP®

Alex LaRosa, CFP®

Investment Advisor Representative

February 28, 2020

“You don’t pay taxes–they take taxes.” -Chris Rock

Many of you are gathering your W-2s, 1099s, K-1s, and other tax forms in preparation for filing your 2019 tax return. Please remember that we recommend that you wait to file your return until April if not later to account for corrections of 1099s.
Below is a list of questions/suggestions that you should ask your accountant:

  1. Do I qualify for a Roth IRA (if the answer is no you may be able to do a “backdoor Roth IRA?” You can read more about a back-door Roth IRA here:
  2. Should I contribute to a Traditional IRA? Whether or not you can contribute will depend on your Adjusted Gross Income (AGI)
  3. Should I consider a full or partial Roth IRA conversion?
  4. If you are self-employed or receive a 1099 from your employer: Should I consider a SEP IRA, a Solo 401K or any other type of retirement account?
  5. If you contribute to 501(c)3 charity: If you are required to take a required minimum distribution (RMD) should you consider a Qualified Charitable Distribution (QCD). Anyone making charitable donations may also want to consider gifting appreciated securities.

Also, be sure to notify your Tax Preparer of any contributions made to retirement accounts and/or 529 plans.

If you have any questions concerning the above bullet points please call our office directly at 610-825-3540.

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5 Questions for your Tax Preparer

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