We pray that you and your families have managed to stay well and safe during this continuing pandemic and that you are able to connect with friends and families in new and creative ways this holiday season! Please remember that your GuideStream Team remains available to serve you via phone, email and Zoom.
The end of the year brings a perfect time to remind you of some financial “housekeeping” items:
- 2020 IRS Form 1099-Rs should be mailed to all retirement account holders by January 31, 2021. More detailed tax reporting Information will be mailed to our GuideStream clients in January, along with the annual Black Diamond Performance reports.
- If you are currently subject to RMD’s, the CARES Act enables you to defer your 2020 RMD. For more information, please see: CARES ACT & RMDS for 2020 – GuideStream Financial. If you have not yet, and wish to defer your 2020 RMD, please contact Debb or Lori at (800) 325-8975.
- The SECURE Act passed into law in December 2019 pushed the Required Minimum Distribution age out to 72. To find out more, please see our article at Secure Act & Your IRA – GuideStream Financial
- It’s a good time to take a look at the Beneficiaries on your account and make sure everything is as you wish it to be. Recent changes in the SECURE Act may affect your beneficiaries. To make changes or for additional questions, please contact Lori or Debb at (800) 325-8975.
- If you haven’t had a chance to explore our BD3 client portal, please feel free to watch our tutorial: Black Diamond Account Access Training – YouTube
- Make sure you’ve made your maximum yearly contribution amounts to your IRA and employer retirement plans.
- Check your flexible savings accounts (FSA) and make sure you have used the funds in them before the end of the year.
- And last, but certainly not least, don’t forget to donate to your favorite charities!