How To report Backdoor Roth IRA Contribution in Turbotax

We often recommend and have clients doing a Backdoor Roth IRA contribution as part of their retirement planning. While our clients usually engage a CPA to prepare their taxes some prepare their own. If you are a turbo tax user this link may be helpful on how to handle the conversion for the federal return.

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FAQ: 2017 Limits in Financial Planning

This is the time of year when many may be spending time with family and/or friends while enjoying the holiday season. It's also the time when people typically make New Year resolutions – often centered around physical health or financial health.

These are some Frequently Asked Questions I get for those thinking about their finances.   Of course there is more to financial planning and investment advisory services than these limits:

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Planning in 2017: Tax savings in 529 plans for Massachusetts Residents

By Philip Lee, CFP®

Are you a Massachusetts resident and saving towards college via a 529 Plan?

I’ve often recommended the Nebraska 529 plan or, more recently, the Utah 529 plan since they offer great investment options for college savers. Massachusetts didn't have a tax incentive to save in our state's 529 plan. Now there may be a reason to use the Massachusetts state plan!

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Year-end deadline for planning

Whew…... so, this current election cycle is over and soon there will be a new administration. In the past two weeks, I find clients who are overwhelmed with the election, the barrage of 24-hours news on social media and the radio, and have a multitude of questions or concerns about what may or may not happen with the markets. Might inflation start to flare? How many my taxes change? Will volatility increase?

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Giving: a conversation

By Philip Lee, CFP®

Last week my son asked me about charities and why or how people give to others. What a great conversation to have with a son – so I explained that I like to help others who have been less fortunate or need help during a transition such as a job loss or a divorce. Last year I helped to serve meals at a women’s shelter and gave away clothes that no longer fit to a shelter -- my son snagged a couple of clothing items before final delivery to the shelter.

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Key Upcoming Financial Planning Dates: 15s, 17 & 31

by Philip Lee, CFP®

As the summer wind-down begins it is time to start thinking about upcoming financial planning deadlines:


Sept. 15: Deadline for your Third quarterly estimated tax payment due

Oct. 1: FAFSA Submission Time-window Begins

If you (your child) plans to attend college from July 1, 2016 - June 2017 you can submit the Free Application for Federal Student Aid (FAFSA) form starting October 1st. This is a significant change from the past. More info.

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