Camille Koppenberg - Wealth Advisor

Did you know that a majority of large employers offer a Roth 401(k)?

Participation has been low in these plans, but hopefully with a bit more knowledge, you can make a decision that is right for you.

The major difference between a regular 401(k) & Roth 401(k) is the taxation.

When you select the Roth 401(k) option, you are deciding to pay income tax now vs. later in retirement.

High earners tend to stick with a traditional 401(k) to get the deduction in income now. (AKA pay less taxes now.) However, it can be difficult to tell what your future may look like.

If you are unsure, it's helpful to ask a professional like your accountant and financial advisor.

Did you know that married couples are able to choose their filing status for federal income tax purposes? Most of the time filing jointly is the appropriate filing status. However, there are some instances when it makes more economical sense to file separately. Economical sense meaning more tax dollars back in your pocket!

I've listed the reasons why you might choose one over the other. However, the best way to *really* know is to prepare your tax return both ways. It's a bit more work, but definitely worth it. If you are working with a professional tax preparer, ask them about it.

2022 wasn’t a pretty year for investors. As you might be asking, where do we go from here? Our Carson Research team believes there are many potential reasons to be optimistic about the year ahead. Read their insight here: https://www.carsonwealth.com/insights/blog/carson-investment-researchs-outlook-23-the-edge-of-normal/

If you've got a teen that is turning 18 next year or may be off to college, it's time to assess what legal documents you may need. While many teens are excited to fly the coop, these documents make it possible for you to help them. For example, many parents find it shocking that they no longer have access to their child's medical records or can make decisions in regard to their health.
It's important to have this conversation earlier than later as it can take time to put the documents in place.
Questions? Email me at [email protected]