Important Milestones - 2023
Knowing Milestones Makes All the Difference
Being aware of important milestones can significantly impact how you manage your finances. This is especially critical with taxes, care credit, and inheritance. Knowing these crucial events can assist you in preparing ahead, avoiding costly errors, and seizing all possibilities to handle your money effectively.
Our blog will discuss why it is critical to be aware of these significant events and provide a guide to some of the most essential dates and occurrences to keep track of.
This article is beneficial for anyone who wishes to stay in control of their finances, whether you are a business owner, caregiver, or someone looking to remain financially organized.
Important Milestones
- Named as beneficiary of 529 plan account and owner of UTMA/UGMA accounts.
- Child no longer eligible for Child and Dependent Care Credit.
- Child no longer eligible for Child Tax Credit.
- Age of majority in most states.
- Age of termination for some UGMA and UTMA accounts.
- Child no longer subject to Kiddie Tax (unless full-time student)
- Age of majority in some states.
- Age of termination for some UGMA and UTMA account.
- Child who es a full-time student no longer subject to Kiddie Tax.
- Adult child may lose parents' health insurance coverage under the Affordable Care Act.
- Eligible to make catch-up contributions to HSA.
- Eligible for penalty exemptions for certain withdrawals from retirement accounts.
- Eligible to make catch-up contributions to HSA.
- Eligible for penalty exemptions for certain withdrawals from retirement accounts.
- Eligible to withdraw from IRAs without 10% yearly distribution penalty.
- Eligible to claim Social Security survivor benefits as a widow/widower (early, at a reduced rate)
- Eligible to claim Social Security retirement benefits (early, at a reduced rate)
- Eligible to qualify for reverse mortgage.
- Start of Initial Enrollment Period for Medicare.
- Eligible for coverage under Medicare (assuming timely application)
- Eligible for non-medical withdrawals from HSA without penalty.
- Full retirement age if born between 1943-1954
- Full retirement age if born in 1955.
- Full retirement age if born in 1956.
- Full retirement age if born in 1957.
- Full retirement age if born in 1958.
- Full retirement age if born in 1959.
- Maximum Social Security benefit is reached.
- Eligible to make a Qualified Charitable Distribution.
- Required Minimum Distribution Age, if born before 1960.
- Required Minimum Distribution Age, if born in 1960 or later.
Simplify the Finances - Empoyer Your Life
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Our clients are the CEO of their life and we are their personal Chief Financial Officer (CFO). A good CFO knows their financial technicals, but a great CFO also understands the CEO's vision, strategy, goals, objectives, obstacles, and risks.
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To be the best personal CFO for you, we have to see life through your perspective and we need to collaborate with you to do so effectively.
Andrew Lippert, CFA®, CFP®, EA - Founder, CEO, & Lead Financial Nerd 2401 Lafayette Ave Greensboro NC 27408 United States of America
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