Jeff Levine, CPA/PFS, CFP®
@CPAPlanner
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Chief Planning Officer, Buckingham Wealth Partners | "Lead Fin Plan Nerd", | Relentless learner/educator | Dad x 3 + husband | Opinions are my own
Joined November 2010
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1/?
🚨SECURE Act FINAL Regs are here!🚨
I honestly can't remember a time when advisors, tax pros and "mom and pop" investors more eagerly awaited news from the IRS.
But more than 4 1/2 years after SECURE was passed, we now have some definitive answers to key Qs.
A thread...
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So proud. For years I've begged people to learn more about our tax system.🙏
Seemed like it would never happen...😢
Then one day, almost overnight, everyone was an expert on contractor vs. employee status, NOLs, passive vs active losses, etc.🧠
I did it. I finally did it!🤣
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1/ mega💩ton
Ladies + gents, please fasten your seatbelts, b/c it’s time to take a Simpsons-themed deep-dive into SECURE Act 2.0.
The retirement bill is on the cusp of becoming law as part of a broader 4,000+ page Omnibus bill.
Full text @ pg 2046 ()
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👀Yikes!
👇😬🤯
Question: "Our actual income was $325k last year. But can we file a return claiming $150k income so IRS pays us a stimulus check, and then file an amended return to report the correct income and pay the extra tax?"
Answer: No. That's tax fraud.
The end.
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It’s pronounced I-R-A.
Get out of here with that “Eye-ra” nonsense.
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1/💩ton
OK we have text of the new Stimulus bill... combined w/ a WHOLE lot of other legislation.
In all the PDF version of the full bill clocks in at 5593 pages. Can be found:
Buckle up. This is gonna be a LONG ride!
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1/💩ton
OK, kids are finally asleep, so it's time to nerd out on the SECURE Act for a little bit (i.e. the next few hours). Buckle up...
Let's start w/ the big news... the 'Death' of the 'Stretch'. In fairness, it isn't dying a complete death...
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If the Biden tax plan is enacted, wealthy Americans will still be able to avoid significant capital gains taxes at death by utilizing one of the following two strategies...
1) Die by 12/31/21
2) Live forever
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Portfolio losses can be recovered over time.
Lives lost can't.
It's a good day to keep perspective, and to express gratitude.
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🚨Thread Time🚨
1/💩-ton (but far fewer than I'd have guessed a few weeks ago)
Buckle up, b/c it's time to break down the Build Back Better Act
A year in the making but seems we now have what's likely the final bill text of this infrastructure/tax bill:
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🚨Breaking Tax News🚨
Retirement-related inflation adjustments have just been released by the IRS. Key numbers for 2024 include...
🔸IRA contribution limit: $7,000 (⬆ $500)
🔸401(k) salary deferral limit: $23,000 (⬆ $500)
🔸Max SEP IRA contribution: $69,000 (⬆ $3,000)
🔸Max
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When your engineer-client double checks your financial plan with their excel spreadsheet😜
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🚨Retirement Inflation-Adjustments for 2022🚨
🔸IRA/Roth IRA contribution: $6k (🚫change)
🔸401k/403b/457 deferral: $20.5k (⬆$1k)
🔸401k/403b/457 catch-up: $6.5k (🚫change)
🔸SEP IRA/PSP: $61k (⬆$3k)
🔸SIMPLE deferral: $14k (⬆$500)
🔸SIMPLE catch-up: $3k (🚫change)
🔨👊
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"Roth IRA" is trending.
My moment has arrived😜
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Wow, hit the 15k mark over the weekend.
By my calculations, that's roughly 1k real people and 14k bots who have decided my missives are worth their time.
But seriously, thank you all for allowing me to share my love of tax and financial planning, family, and dry humor.
🔨👊
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Been screaming this as loud as possible for the last decade...
Roth IRA contributions can ALWAYS be distributed 100% TAX AND PENALTY FREE, at ANY TIME and for ANY REASON.
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1/💩ton
OK, buckle your seatbelts, because this is about to be a wild ride!
The Senate has officially passed a $2 trillion relief package, which is actually $6 trillion when you count the loans, etc.).
Time to dissect this ‘puppy’…
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1/💩-ton
(perhaps so many that I should use 2💩emojis😬)
OK, time to get this show on the road!
We now have a draft version of Subtitle I of Dems proposed legislation. And WOW is there a lot to discuss.
You might want to buckle up, b/c this is going to be a bumpy ride...
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I’ve always loved the Doobie Brothers, but after this epic cease and desist letter they sent Bill Murray...
How can you not love them (and this attorney) even more!?
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I have never spent SO much time...
Learning SO much information...
That was completely irrelevant or superseded SO quickly🤷♂️
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Dear
#Fintwit
#TaxTwitter
and fellow Nerds of a Feather,
My breakdown of SECURE Act 2.0 is out!
It may be obnoxiously long ( like ~12k words😬), but it's a darn thorough overview of what you need to know about the bill's MANY changes.
Happy reading!👊
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1/💩ton
Ok... kids are asleep, I've finished reading the bill, so buckle up!
It's "Go time!"
We're gonna break down HR 2954, better known as "Securing a Strong Retirement Act of 2021."
( And even better known as SECURE Act 2.0!)
Here's the bill text:
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Well... cats out of the bag! Incredibly grateful for the opportunity to help lead
@BuckinghamWP
’s effort to be the recognized leader in Evidenced-Based Financial Planning.
We’ll miss friends/fam in the Northeast, but fam’s excited for the move to St Louis
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Dear Annuity Carrier,
Did you really just tell me you can only FAX me YOUR OWN BLANK FORMS so I can help a client?
It's 20-F'ing-19!
If you can't email them, or at the very least, allow them to be D/Led from your site, I demand you immediately dissolve your company.
♥Jeff
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***Thanksgiving Dinner For Financial Advisors***
Random family member: "So, what stocks are you looking at right now?"
Advisor: "Is that STILL what you think I do all day?"
#TellMeImWrong
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Exciting news to share!
I've joined
@Holistiplan
team as Tax Planning Strategist!
(My other roles remain, as is.)
Looking forward to helping
@Roger_S_Pine
@kevin_lozer
and team continue to build out this incredibly powerful tax-planning tool!
#fintech
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A short 🧵(1/x)
🚨Breaking News🚨
IRS just released its latest RMD Guidance for beneficiaries of IRAs, 401(k)s, etc. who are subject to the "new" 10-Year Rule created by the original SECURE Act.
Actual text:
Here are the 2 most important takeaways...
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T-minus 10 days until you can begin to have your 2021 income tax returns ignored by the IRS.
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Really excited to share that my wife and I are expecting our 3rd Child Tax Credit it May 2019.
Can’t wait to be a new dad again!
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It's official. The estate/gift tax exemption will break the $12MM mark in 2022.
For 2022, the estate/gift tax exemption will be $12,060,000 per person. With portability, that's $24,120,000 per couple👀
The annual gift tax exclusion also gets a bump up to $16,000.💰💰💰
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3 Predictions
In retrospect, many years from now, we’ll learn that:
1) The # of people who contracted Coronavirus was massively underestimated
2) The death rate of Coronavirus was dramatically overestimated
3) Our initial response to the outbreak was a huge disaster
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There is a LOT in SECURE Act 2.0!
If you wanna know what's in (and out) of it without having to read all ~350 pages, here are 3 ways:
Tomorrow 12 EDT: GIF-themed Tweetstorm right here👊
12/28/22: Nerds Eye View mega-break-down blog🤓
1/3/23: webinar🗣
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Been asked a bunch of times over the past day about why there’s no Twitter thread on the final version of the American Rescue Plan Act.
Super-cool they’ve become a “thing” people actually look forward to (🤯), but...
We all have priorities, and yesterday, mine were elsewhere❤️
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What’s a financial expression you hate, and why?
I’ll start…
“The stock market is like a casino.”🤮
Couldn’t be further from the truth!
Stay in a casino long enough and you almost always leave a loser🎲
Stay in the market long enough and you almost always leave a winner!🤑
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Hot take: Calling NUA "noo-a" is almost as bad as calling an IRA "eye-ra."🤢
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I made a terrible financial mistake today.🙁
Fed my whole family. THREE meals. EACH.😮
Together, this cost $96.44.😬
I now realize that had I simply made my family go hungry for the day, and instead invested that money, at a 12% ROR I could have had $4,546.42 more at age 70.🤕
Oh for the love of god🤦♂️
Spending ALWAYS means less savings. It's about balance. Every purchase doesn't have to be measured in lifetime impact
"Before you sign up for Disney+, use this calculator to add up the ‘true’ cost of your streaming services"
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Celebrating. With 4 generations. No masks and fully vaccinated (other than the kids, of course).
Could not have asked for a better birthday present.
#Grateful
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Jan 31: "Ehhhh. I dunno if it's really the best time to invest. I mean, the market is up like a bajillion percent over the last decade."
Today: "NOW is the time to be buying. See, we just had to wait for the dip!"
S&P Jan 31: 3,225.52
S&P today: 3,225.89
🤷♂️🤣
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Really excited to announce a new project w/
@theslottreport
!
In each episode, we’ll flip a coin to see who has to argue for/against a particular issue (e.g., taking Social Security early), regardless of our actual beliefs.
First episodes “dropping” soon on your fav podcast app!
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Me: “OK boys, mommy is working the night shift at the hospital tonight, so it’s just you and me. What do you wanna do after dinner?”
Boys: “Daddy, can we listen to AC/DC songs on your speakers, but really loud? Like louder than mommy lets us?”
Me: “Yes. Yes we can.”😀
#HappyDad
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Soooo, I THINK I've got a handle on the rules that apply to the beneficiary of a beneficiary - technically known as a successor beneficiary - under the new Final Regulations (issued yesterday).
Thoughts?
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This is one of the best threads I’ve ever read👇
Do yourself a favor and find five minutes today to read it. So much wisdom in so few characters. 🔥🔥🔥
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I find it profoundly sad that thanks to the ridiculous political brinksmanship that goes on these days, we can’t mourn the loss of an historic figure in American history for even a few hours before starting to consider how her death will be used for political gain.😕
#RIPRBG
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I would gladly pay when registering for a conference if it meant that they would not sell/give my email away to a nearly endless number of vendors, who for the next month after the event, will proceed to send nearly non-stop emails.
Can I get an amen!?
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I've been dying to share this news with you all since it was finalized. Could not be happier to be joining
@BuckinghamWP
with my dear friend
@MichaelKitces
.
Getting to wake up every day to do what you love with people you love is truly a blessing!
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This whole debt ceiling thing is politics at its absolute worst.🤮🤮🤮
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And yes, thankfully after a tough day yesterday, Mini-Me 3.0 is doing well🙏
No parent ever wants their child to endure ANY pain, but to be able to be there for them when/if they do is a true blessing.
Here’s the little trooper resting comfortably at home after his operation😀
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Heard someone today saying how despite its recent downturn, “Bitcoin fundamentals remain strong.”
I wanted to puke.
Bitcoin has no “fundamentals!” There is no biz behind it. No cash flow to analyze.
Investment-wise, maybe best to think of it as an extremely liquid collectible.
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Yesterday, the boys and I got to chat with mommy during a super-rare moment of (relative) calm.
Even with a mask on, you can see how much that meant.
SO appreciative and proud of my her, her colleagues, and all of the healthcare providers continuing to help those in need.👍🙏👏
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ABSOLUTELY INCREDIBLE!! Dude just ran a 4:34 mile... 26.2 times!!!
Not to take anything away from the amazing accomplishments and/or records set by the likes of Bannister, Bolt, Lewis, Flo-Jo, and others, but...
This is the GREATEST ACHIEVEMENT IN TRACK AND FIELD HISTORY!👏👍
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Client: We want to leave our IRA to a trust.
Advisor: Ok, but you know any IRA distributions that stay in the trust will be hit w/ trust tax rates, right?
C: Yes, but if our kids get the $ outright, they might spend it doing fooling things.
A: Like?
C:
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Just now, as I was making my way to the gate to board my flight:
“Hey! Aren’t you the tax guy who always wears a vest and is on the website with that other guy who’s always wearing blue?”
Yes. Yes I am.🤣
CC:
@MichaelKitces
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Seriously flirting w/ the 10k mark. Pretty cool.
Big shout out to the 250 real people, and the 9,700 bots, who've made the decision to follow me at some point😋
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When your flight plans don’t go as… well… planned, and you end up with an unexpected night in Chicago, you don’t let that opportunity go to waste.
The smell of this thing is so good I almost don’t want to eat it…
Almost😉
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Me, every time I see after-tax contributions in a pre-tax 401k account💰😝
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I understand the allure of crypto, but...
If I was the fiduciary of an employer plan (maybe other than a solo-k), there is close to a 0% chance I'd add a crypto option to my investment line-up right now given the current regulatory environment.
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Sooo… after a long hiatus from being active on Twitter, I’ll be returning to my regular posting activities in 2024.
Unfollow and update your mutes accordingly😜
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Lots of Qs today about the different post-death distribution rules for different beneficiaries of retirement accounts in light of the SECURE Act Proposed Regulations.
This flowchart 👇 represents my current best thinking on the matter. Comments welcome/appreciated!
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A little more than 3 full months in, and quarantine beard has got me ready for a role as a Civil War Soldier or a 19th Century President.
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*When your new potential client's 'highly diversified' portfolio is actually just 7 different S&P 500 index funds*
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I see calamari is trending. Gives me a reason to share this fun 'story'...
My kids love grilled calamari, to the point where they'd get full eating it and not eat their veggies. So...
We created a rule: One bite of veggies gets you 1 bite of calamari.
I call it Squid Pro Quo😋
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Breaking News: After roughly a decade of complaining about low cost-of-living adjustments (COLAs) on their
#SocialSecurity
benefits...
...today's announcement of a 5.9% increase for 2022 will allow retirees to, instead, complain about inflation😜
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This stuff is so cringe-worthy🤮
Take the $3,500, invest it in yourself instead, and earn a real award/recognition.
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If you let me sign up for your service online, but you make me call in to cancel, it tells me a lot about your company's culture🚫📞
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A Roth IRA is always included in the estate of its owner.
So, if Peter Thiel were to die with his Roth IRA still with $5 billion, his estate would owe roughly $2 billion in Federal estates taxes attributable to just the Roth IRA.
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🚨Thread Time🚨
1/💩-ton
Please "secure" your seatbelts, b/c it's time to break down the brand-spanking-new IRS Regs on the SECURE Act.
If you're inclined to dive through the 275 pages yourself, here's the link:
Spoiler alert: There are surprises!
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A sad corollary to these events are that it virtually assures that no country will ever voluntarily agree to give up nuclear weapons again.
Ukraine had nearly 2k at one point and gave them up in exchange for security promises from the US, Britain, and Russia😕
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👇100% Accurate
Good tax planning is NOT about getting the lowest tax bill in one year.
It IS about paying the lowest cumulative taxes over a lifetime.
I continue to think that one of the most under utilized tax planning strategies is adding income to a tax year when appropriate.
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4/
There's also no mark-to-market "Billionaire's Tax", change to the unlimited step-up in basis, or RMDs for mega-sized IRAs.
And in news many advisors and high income individuals have been waiting on with bated breath for the past 6 weeks...
THE BACK-DOOR ROTH LIVES ON!!!!
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1/x
Short 🧵
🚨Tax Planning News🚨
IRS just released the 2023 inflation adjustments (for just about everything other than retirement accounts) and as you might expect given the current environment, some of the increases are substantial!
Full text:
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Today's LinkedIn Score Card:
132 congratulatory messages.
4,879 messages from people looking to help me to 10X my business by promising me 'hot leads'🤦♂️
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I'm glad to hear that Frontier and Spirit are merging.
It'll be one less box I have to uncheck when checking searching for available flights.
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❓Question❓
What's a good tax planning strategy that doesn't get enough attention?
#TaxTwitter
#Fintwit
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1/
Short🧵
🚨Important Update🚨
We have a definitive answer to one of the most frequently asked questions of 2022...
“Do people who inherited an IRA in 2020 or 2021, and who are subject to the Secure Act’s new 10-Year Rule, have to take an RMD this year?”
Short answer: NO!🤑
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If you completed a Roth conversion at 12:30 EDT today, I’d like to shake your hand.🙌
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I cannot think of a bigger slap in the face for those who worked (sometimes 2 or 3 jobs even) to put themselves through school and to graduate without debt.
Offer debt counseling, consolidation programs, reasonable interest rates, and income-based repayment.
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I have a joke about long-term capital gains, but you’ll have to wait at least one year and a day to hear it.
#TaxHumor
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🚨Breaking News🚨
The long-awaited and MUCH anticipated SECURE Act regulations have been released!
I’ve got a busy day, but will be digging in this afternoon/evening… and you know what that means!
🧵Time!!!
See you later
#Fintwit
#TaxTwitter
👊
Text:
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“You’ve been quiet on Twitter lately.”
I have, but for a good reason! Here’s what I’ve been up to in my “free time”👇
Industry research speaks to the client need … and the knowledge gap amongst financial advisors. There hasn’t been an education program to meet this demand.
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For 2020, you may contribute 6,000 chicken to your IRA.
If you are 50 or older by the end of the year you may contribute and additional 1,000 chicken, for a total of 7,000 chicken.
#BeastModeFinancial
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Really rough start to the week. It's only 9:20AM on Monday and my Social Security number has already been suspended and my car's warranty expired... twice!
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🚨MAJOR Breaking News🚨
As I suggested would likely be the case a few months ago, the Final SECURE Act Regulations have been released.
260 pages of awesomeness.
Currently poring through them. Thread forthcoming.
Link to Regs:
7/x
...It's sort of business as ususal for this year, b/c it's basically a continuation of the past few years, BUT...
This is likely the last year we have like this.
Final Regs will almost certainly coming soon. They will almost certainly contain changes and surprises...
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A bunch of you have recently reached out (🙏) after noticing a rather long hiatus.
No, the silence wasn’t a boycott of Musk-owned Twitter.
Just a combo of stuff on the personal side of life. Some pretty lousy. Some amazing. Sooo… life.
But I’m back (w/ an eye on SECURE 2.0).
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1/🤷♂️
#Breaking
: Treasury has released Interim Regulations for the
#PaycheckProtectionProgram
I'm about to review and break them down, but before doing so, I just want to quickly mention how incredible it is that
@USTreasury
got these out before tomorrow "Opening Day".
So👏
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Looks like the House is going to pass the American Recovery Act today, so you know what that means, right?
Get ready for another annoyingly long, GIF-filled Tweet Storm tonight, breaking down the bill's key Financial planning-related provisions.
Any suggestions for GIF theme?🤔
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1/?
OK... Buckle up, b/c it's time to break down the Biden Administration's big announcement from today on student loans.
Let's get some housekeeping out of the way:
White House Fact Sheet:
DOE announcement:
Onwards!!!
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Just covered my $TSLA short position📉
Investment Grade: F
Year-End Tax-Loss Harvesting Grade: A+++++
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When each custodian tells you the problem with your transfer request is "on the other end".
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Trump announcing that they are going to push for legislation to bring back the “Meals and Entertainment” deduction for business to help jumpstart the restaurant business.
Wonder if they will reinstate “Unreimbursed Employee Expense” deduction to allow employees to do the same🤷♂️
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Think I could make legit case for depreciation on Real Estate.
Idea of depreciation: Over time real assets often lose value, so you should be able to expense the losses as they occur.
True for most cars, machinery, etc.
But RE tends to APPRECIATE while you take "paper" losses.
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If 1 more financial pundit says the stock market is like a casino I'm going to go bananas. ITS THE EXACT FREAKIN OPPOSITE! The longer you're in a casino the more likely you are to be a loser. The longer you're in the market the more likely you are to be a winner
#StopTheMadness
!
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@EconomPic
Ahhhh. I see you've attended the
@dougboneparth
School of Advanced Mathematics Trolling😋
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The next time someone asks you why tax planning is so complicated, you can remind them that we’re 2 weeks away from 2020 and about to pass changes to the tax law for 2018. 🤦♂️
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@adwill123
@ad1220
@c_hispanic
@SenateGOP
@CBSThisMorning
April,
Hi! With the caveat that these are estimates, I'd be happy to stake my reputation on the analysis. Nothing fishy here. In fact, the original thought behind using 3rd family was to potentially show how taxpayers with large SALT deductions might be negatively impacted 1/
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