Holowinski Wealth Advisory Group of Janney Montgomery Scott LLC

"Here’s a Tax Break That Married Couples Often Overlook": Spousal IRA's.

Here’s a Tax Break That Married Couples Often Overlook A spousal IRA allows a working spouse to contribute to a nonworking or low-earning spouse’s traditional IRA or Roth IRA.

"Here’s a Tax Break That Married Couples Often Overlook
Spousal IRAs could help many couples increase their retirement savings."

Here’s a Tax Break That Married Couples Often Overlook A spousal IRA allows a working spouse to contribute to a nonworking or low-earning spouse’s traditional IRA or Roth IRA.

Today, we celebrate the land of the free and the home of the brave. Happy Independence Day.

When it comes to life insurance, do you have more questions than answers? If so, use this checklist to determine if you need it and, if you do, what solution best fits your needs.

Determine How Life Insurance Fits in Your Financial Plan Choose your heirs. Spouses and children are common beneficiaries. But they’re not the only ones. Who else do you want to provide for?

Today, we celebrate freedom and commemorate the end of slavery in the United States. As we reflect on this culturally significant day, we continue to work toward a brighter more diverse, equitable, and inclusive future for all.

Happy Father’s Day to all the dads who give us love, guidance, and laugher.

Let us salute the stars and stripes that tell the story of our nation's resilience. Happy Flag Day.

Read this article to explore the tax benefits and other considerations of using 529 plan accounts to save for and help fund a grandchild’s college or private K-12 education.

529 Plans: A Tax-Efficient Way to Fund Your Grandchildren’s Education When grandparents are given the gift of grandchildren, they are often filled with the desire to do anything they can to help, financially and beyond. In fact, according to the AARP, grandparents spend approximately $179 billion on their grandchildren every year.

Today, we honor and remember the fallen heroes who sacrificed for our freedom.

"Less than half of respondents in the Schroders survey — 44% — said they’ve saved enough for retirement; 32% said they don’t have enough saved; and 24% are unsure."
Building a Financial Plan is a MUST. Now: Take Action.

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In recent years, there have been numerous policy changes related to 529 plans. Learn more about these changes and the implications education planning goals.

The Changing Landscape of 529 Plans Here is a high level overview of each policy change and the corresponding benefits to 529 plan owners and their beneficiaries.

Happy Mother’s Day to all the incredible moms who give us love and endless support.

Save and Invest, Consistently. Start Young, and Never Stop. Have a Financial Plan in place for quick reference and to help keep you on course. Don't Fly Blind as you progress towards potential Retirement...

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Make sure you have a Will in place; keep it updated and current. If you don't yet have a Financial Plan in place, reach out to our Team to discuss the benefits of having one; and the risk(s) of not having one. Take Action & Plan Ahead - don't delay...

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Did you save more in your 529 plan for college than your child needed? Learn more about two strategies you can use to optimize your remaining balance.

Planning Strategies for Remaining 529 Balances At first thought, having a balance in your 529 plan when your beneficiary finishes college may seem unlikely. However, there are certain circumstances that may result in leaving excess funds in a 529 plan, such as:

Happy Earth Day! Let’s cherish and celebrate all our Earth’s wonders.

The Tax Cuts and Jobs Act of 2017 is scheduled to sunset at the end of 2025, meaning significant changes could be on the horizon for taxpayers. Learn about some things to consider and strategies to help mitigate the potential tax risks.

3 Tax-Planning Considerations Ahead of Next Year's TCJA Sunset The Tax Cuts and Jobs Act (TCJA) of 2017 brought sweeping changes to the tax code for both businesses and individuals. Along with large, permanent tax cuts to corporate profits, the TCJA:

A 529 Education Savings Plan can be a great way to save for your children's or grandchildren’s education. Below are some of the key benefits of a 529 plan:

- Some states allow a tax deduction from (or credit against) state taxes for all or part of your contributions and will not pay any federal tax on earnings as long as the proceeds are used for a qualified education expense.
- The account owner maintains control of the account and determines the amount and timing of distributions.
- There are no income limits, and 529 plans have no time or age limits on contributions or withdrawals.

Read more about the benefits of a 529 plan.

Tips for Leveraging 529 Education Savings Plans Beginning to plan for a child’s education can seem like a daunting task. With the costs of college rising as much as 5% per year, the time to start saving and planning is now. For example, the national average cost of a:

I think many of us might agree, we would do things quite differently, as we look way back to our younger years; when we were just starting out, earning a paycheck. To our Kids: from Paycheck #1, Have a Budget; make Saving and Long-Term-Investing a Top Priority; and Never Stop...

As we celebrate Easter, wishing you a day filed filled with joy, renewal, and the warmth of loved ones.

Plan ahead. Get a Financial Plan in place, in the unlikely case you have not yet had a Plan prepared to help guide you into your future?
Reach Out to our Team... Take Action now.
# investing

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An often-overlooked provision of the Pension Protection Act allows you to gain valuable tax benefits by replacing an unneeded annuity with one that offers long-term care coverage. Several benefits can include:

- Tax-deferred growth
- New features/better rates
- Legacy planning

Learn more about annuity exchanges and if this solution would fit your situation:

Maximize Long-Term Care Benefits Using an Existing Annuity Purchasing traditional long-term care (LTC) insurance to help cover the costs associated with an extended care need—which are costs not covered by Medicare—can be an expensive undertaking. But thanks to an often-overlooked provision of the Pension Protection Act (PPA), which took effect in 2010,...

The estate and gift tax exemption limit is currently at a historic high but due to “sunset” on December 31, 2025. Read more about some strategies and considerations to take advantage of this unique opportunity.

Window of Opportunity: Leveraging the Estate and Gift Tax Exemption In 2024, the estate and gift tax exemption is $13,610,000 per person ($27,220,000 for married couples), the highest it has ever been. The estate and gift tax exemption is set to “sunset” on December 31, 2025 to the prior estate tax exemption of $5,000,000 for individuals ($10,000,000 for married...

If you participate in a 401(k), or other qualified retirement plan that lets you invest in your employer’s stock, consider the tax deferral opportunities of net unrealized appreciation (NUA). Learn more:

Tax Deferral Strategies for Employer Stock in a Qualified Retirement Plan When you receive a distribution from your employer’s retirement plan, in general, the distribution is taxed as ordinary income. The most common way to avoid immediate taxation is to roll the plan assets over to an IRA. However, when you receive distributions from the IRA, they will be taxed as ord...

When it’s time to complete your tax forms, review this checklist with steps to help ensure a stress-free tax filing experience and also to help maximize your tax planning.

5 Simple Steps to Prepare for Tax Filing Whether your contribution is pre-tax or post-tax, any earnings you get on your investments are tax-deferred until withdrawal. If your employer matches contributions, contribute at least that percentage of your paycheck. Otherwise, you’re passing on money that could be invested for you.

Happy Presidents' Day! May the dedication of the leaders who shaped our nation inspire us all.

If you’ve maximized your traditional retirement contributions but want to save more for retirement, cash value life insurance can offer both financial security and a tax-deferred way to accumulate additional funds. Read more and learn if this strategy could be right for you.

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Wishing you a day filled with love, joy, and cherished moments with those who are special in your life. Happy Valentine’s Day.

Involving family members in your estate planning can help avoid surprises, lead to better financial planning, and help develop a long-lasting family legacy. Read more on how to get started:

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Would you like to contribute to a Roth IRA, but your income exceeds the applicable income limits? Learn about how you can use a backdoor Roth strategy in this article.

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