This week on The Money Puzzle, we dive into TAXES. With the tax filing deadlines approaching, we discuss different strategies and outline what to think about before filing. Focusing on retirement plans and investments, we highlight ways to take advantage of these assets on your taxes. Join us next week, we post new content every Wednesday! We would love to meet and show you how to put your financial puzzle together!
Speaker 1 [00:00:03] All right, welcome to the Money Puzzle podcast, formerly known as Peace of Mind Radio Podcast, but now we’re going to get rid of that. So how long are you going to have trouble with your show up? I know it’s a money puzzle puzzle podcast. I am Brian Ramsey. That is Eric Douglas, and that is Eric McAndrew. So if you watch last week, you know that this week we’re talking about taxes and not just overall taxes. This is sort of think of it as we’re the last week of February of 2020, too or recording this. What we’re talking about is tax ideas, tax strategies for this time of year. Right. So we’re getting up to. So the tax filing deadline or approaching that many people are doing their taxes now, OK? And so what are some of the things that we can be thinking about or should be considering when it comes to taxes? For right now? OK. All right. So so what we’ll do, what is do like we did last week, I’ll bring up a topic and then we can sort of round robin Typekit. All right. So contribution is to define plain defined benefit plans or qualify plan. So a defined contribution plan? Sorry. Yep. So once you take that one? Yep.
Speaker 2 [00:01:10] So if you have a 401K plan or simple IRA plan, any type of qualified retirement plan, those are pretax. So that money’s coming out of your checking, coming out of your your paycheck. Excuse me on that. And before taxes are assessed, goes into your do your account and goes into your your four one K or whatever the type of account is and it goes invested. So those are obviously a good way to not have to pay taxes on the money. Now it grows tax deferred. And then eventually, when you get to retirement, you’re going to have to pay taxes on that money. Right? Another option in those qualified plans, they may have a Roth option that works the exact opposite way, but the benefit of that Roth option is while you’re paying taxes on it now, the growth on that Roth option is going to be tax free.
Speaker 3 [00:02:01] Yeah, yeah. It’s also important to remember as well. Like if you so if you’re a business, a business owner, you have a solo 401k or some type of individual plan. It’s hard to make contributions sometimes during the year and really, truly understand how much of your income you actually have left to be able to contribute. So now that you’ve finished up the previous year, you have until Tax Day of April 15th. They haven’t extended it this year yet. I don’t think they will first time in a couple of years. They’re not extending it. But you now that you can evaluate what your finances look and what your you know what your profit and loss statements look like from the previous year. And now you have a better idea of how much you can allocate towards your solo 401k and make contributions based on on the last year and obviously claim that as a tax deduction for your tax year 2021.
Speaker 1 [00:02:49] Yeah, it just for those of you that most business owners, not all, most even file an extension. So they go, Well, OK, yeah, you know, we paid all of our taxes and so you can actually extend it, get a six month extension to September 15th, I believe. So you actually have up until that deadline to make the contribution if you want to. But for the most part, people try to get them in as early as you can. That’s the concept is get the money as early as you can get it invested in. It will work harder for you. Do you have a group of clients that will call me in September and go, Hey, I need to make my contribution? I’m like, Why did you wait so long? You missed nine months of the market, so
Speaker 2 [00:03:23] you had one more day. These, it’s important, I think, is the the the annual contribution limits, and these plans are significantly higher than an individual retirement account. So 20 22 in a four one K for three, B for one A, those types of qualified plans, the annual limits twenty thousand five hundred if you’re under the age of 50, if you’re 50 or older, you can do a catch up contribution on top of that annual limit, and that’s six thousand five hundred a year. So and that’s I get a lot of questions, you know, I’m sure you guys do too about does that include Roth? Like, can I do that, Roth? Absolutely.
Speaker 1 [00:04:00] So, yeah, so you just have to pick which one you’re going to put into. You can’t put twenty thousand five hundred in your in the pretax and twenty thousand in your post-tax, right?
Speaker 2 [00:04:10] You could split them. You could do half and half, but you can’t do what you can’t do. Twenty thousand and both. Yeah, yeah,
Speaker 1 [00:04:16] you got it. All right. So let’s talk about I want to make contributions to it just an hour IRA or a Roth IRA, excluding my qualified plan. What are the what are the kind of rules there
Speaker 3 [00:04:28] yet had till April 15th? So you have until April 15th to make a contribution for 2021? Now, of course, you can also make a contribution as well for twenty twenty two, so you can either max out last year’s and this year’s in one fell swoop if you’re under. If you’re under 50, you can contribute $6000 per year. If you’re over 50, you obviously have that additional $1000 a year to catch up provision, just like you have on your 401 case through your work plan, so you can contribute up to $7000 per year. But yeah, if you have not contributed for tax year 2021, you can. Do so up through April 15th, doing a lot of that right now, trying to get, you know, all those contributions up to date and, you know, if maybe you made what we see a lot of is maybe they don’t want to contribute, you know, we’ve tried to set up a lot of recurring contributions. 500 bucks a month for for most clients is going to, you know, get you to that $6000 a year, but maybe they don’t want to build that into their budget, so they’ve built in three hundred dollars a month. Well, that means they still have some money left over that they can contribute for 2021. So now that they have a better handle as they crossed the new year, oh, I still have some extra money I can contribute. Make sure we get up to that maximum amount of money before April 15th that you can contribute to any of those individual retirement accounts.
Speaker 1 [00:05:43] Yep, cool. Anything else you want,
Speaker 2 [00:05:46] just if there’s any anyone has, that’s obviously working because it has to be earned income. But but if you have a spouse that’s a stay at home spouse, you can also max out an individual retirement account or a Roth IRA for your spouse as well.
Speaker 1 [00:06:01] Yep, yep. No, that’s a good one. All right. Let’s talk about HSA for a second, because I know this is kind of a hot button. So an HSA is a health savings account different than an FSA, which is a flex savings account. And there’s another there’s another type of account that it’s kind of you use it or lose it type thing, flex savings account and there’s another one flexible FSA. And then there’s another I think it’s close to HSA, but
Speaker 3 [00:06:25] anyway, they have an FSA, health care FSA like child care credit, so you can contribute so much money pretax to pay for child care, but that’s use it or lose it as well.
Speaker 1 [00:06:36] Yeah, so an HSA is a health savings account. I actually have one to be eligible for it. You have to participate in a high deductible health savings account or a medical plan. So the medical plans out. I don’t know of an employer that doesn’t offer the deductible any more. I think that’s kind of where where they’re all headed anyway. Maybe if you
Speaker 3 [00:06:55] work for like a union or something like that. Yeah, but that’s about it, maybe.
Speaker 1 [00:06:59] And they probably don’t pay you a whole lot for there. Yeah, exactly. But anyway, so if you have the ability, if you have signed up with your medical provider and you have a high deductible plan, you have the ability to start a health savings account that I will tell you. We were told with this prior to this taping this. The agencies are probably the most under sold. I don’t want to say it’s not really sold, but they’re just not. You don’t get a whole lot of education about it. And when you’re told about the type of an account, you’re really not explained what the type account is and how it benefits you. So if you put it in scale and I always like to to tell people this, if you put it sort of compare it to all the other investment accounts prior to the HSA, the best savings vehicle we had was sort of that 401k IRA, right? Because you can put money in pretax, which means you don’t have to pay tax on their money, it grows tax free and then upon withdrawal, it’s taxable at that point. Right. So you’re sort of planting the seed, you’re letting that seed grow and then you’re going to pay tax on the harvest, OK, and then you have sort of that Roth. 8:55 There kind of the equivalent where you’re taxed prior to putting your money in and then it grows tax deferred. But then on withdrawal, it’s tax free and then you have sort of the non-qualified account. Now there’s other type of council will squeeze in there, but for the most part, those are the those are the core ones, right? So if if you take the purchase HSA and you load it up, it is by far the best account type that we have. It’s triple tax free, tax free going in. Yes, you can invest it and it grows tax free. And then upon withdrawal, as long as it’s for medical expenses, you can withdraw, you can withdraw tax free by far the best account type we have. I hope Congress does something to allow us to put more in it than just the thirty thirty seven hundred and seventy two hundred or whatever the numbers are for a family. I hope that there will be the equivalent of like a 401k contribution we can put in that max list. That’s what a couple of senators I think we’re trying to push for at one point. But anyway, so let’s talk about the benefits of an HSA and how to access how do we educate clients to be able to use the HSA, meaning put money in there, it’s invested and then you use it for later on in life?
Speaker 3 [00:09:15] Yeah, I mean, really, to your point is the only investment vehicle that offers triple tax benefits, which is absolutely fantastic. The way that most of these are sold, you have your HSA rep that comes in and they talk to your employees, you know, at your company and they typically say, well, put money in your HSA because it’s a high deductible health care plan that you have to have in order to contribute to the HSA, you’re going to have high deductibles that you have to pay for throughout the year. So put the money into your HSA pretax and then use that to pay for your deductibles. Okay. On the surface, not a horrible idea, but that’s really not the correct way to sell them or to really talk about them, at least as you know, as it pertains to being able to maximize the value that an HSA offers. If you have an HSA, the best thing you can do if you have the. Needs to be able to do so is to contribute to that HSA and leave it alone. Don’t touch it because it is good for qualified medical expenses today. It’s also good for qualified medical expenses tax free in retirement. Where are the bulk of your medical expenses going to come? They’re typically going to come in retirement towards the end of your life. That tax free benefit can be so much more valuable, and to your point, a lot of consumers and investors don’t realize that you can actually invest those HSA funds. So most companies, sometimes it’s a thousand. Maybe it’s two thousand depends upon the specific plan that your company has. But usually let’s say it’s $2000 once you get to a $2000 balance. Anything above and beyond that you can begin to invest. And there’s usually a some selection of, you know, I see a lot of vanguard funds. Typically, basic, you know, index funds within most of these types of plans that you can invest in and get some growth out of. So now that you’re able to get some compounding growth, compounding tax free growth while you’re continuing to contribute to these accounts over whatever length of time, that’s how these things become so extremely valuable.
Speaker 2 [00:11:11] And one of the biggest expenses besides were taxes, and retirement is health care as health care costs. And how are people going to pay for their insurance? You know what, if they retire before they get to or Medicare, they’re eligible for that, or they want to start using those to, you know, funds inside these HSA is to pay for Medicare supplements or whatnot. So it’s an outstanding way to be able to put that part of your financial plan in and use that HSA in retirement.
Speaker 3 [00:11:40] It’s also worth noting, too, that most people think about all they hear qualified medical expenses, and they think that it’s something far more broad than it really is. It’s you can go to the pharmacy and pick up Tylenol and that that’s a qualified medical expense. I mean, you know, eyeglasses contacts, things like that are all qualified medical expenses that can be used for or can be used with HSA funds.
Speaker 1 [00:12:03] Yes. One thing I’ll say about HSA is I like to explain it like this. It’s about efficiency of cash or efficiency of money. Anytime you make a financial decision, you’re talking about money, it’s the efficiency of that money. Some will paint a picture is number one. You have cash sitting your checking account and you have cash is now allocating your HSA. If we’re just comparing the two, is that the HSA, what we’re talking about, where where’s the most efficient use of your money? What’s in the HSA because it’s being invested? So if I go to get a prescription, let’s call it 50 bucks. Where am I? Where’s the best place to take that $50 dollars from? Is it from cash that’s in the bank earning nothing? Or is it 50 bucks out of me to say that is averaging seven eight nine percent per year? Much better off. Have an inefficient asset, pay for expenses as opposed to here. And it’s also better to allow this money. Again, we’re planning the seed and the harvest, right? So if you take the $25 or 50 bucks and you put it in your HSA and you turn right around and take it out, you essentially are. Your only savings is what tax you had on that seed. So you’re putting seed in in your turn and taking seed right back out, right? If you take your 50 bucks and you plant that seed and then 30 years, it’s one hundred and fifty bucks or two hundred dollars or whatever it ends up being. And then you take it out. That’s a much more effective use of your money, is planning the seed and taking the harvest because you don’t pay tax on that either. So it really comes down to just what is the most effective use for cash in HSA is a great example that I like to use that analogy for. So, all right, so let’s let’s move on to the next one. Let’s talk about backdoor Roth IRAs, because that’s one that we get quite a bit. How does that work? See, although you guys want to take that, so
Speaker 2 [00:13:56] typically you’ll run into there’s a limit on people that can contribute to a Roth IRA. So I believe it’s 209 as it gets right. And yeah, for for a couple and 2020 to modify that, it’s modified adjustable gross income that is there. So it’s not just your top line and your modified adjustable gross income that it’s based off of. And if you can’t contribute directly to an IRA, there is a loophole right now that I guess is classified as a loophole within the IRS that you have the ability to contribute to a non deductible traditional IRA and immediately convert the money to a Roth account. OK, so because you can’t, you can’t deduct you make too much money to be able to can deduct it on your taxes from the traditional to be beneficial. So now we converted over to Roth and allows it to be able to grow tax free just like it would be to a Roth. So you’re not. The reason why it’s kind of deemed a backdoor strategy is because you’re not contributing directly to the Roth IRA. You actually contribute to the non deduction. A traditional IRA and then converting it over to to the Roth. Now one other thing I want to add here is it’s not forever. It’s not for everybody, either, because if you’re someone who has, let’s say you worked at another job and you rolled over $100000 from a 401k to an IRA over here, already a traditional IRA over there. And now you go to set this back door up. Some of that money is going to end up becoming taxed because you can’t. It’s all pro-rated in terms of what you’re going to convert from that traditional IRA. That doesn’t affect somebody who’s got a $100000 balance or two hundred thousand five hundred thousand, whatever the balance is in a 401K plan. It has. It’s only if you have a traditional IRA. So you just got to be careful in terms of what that’s going to do. Otherwise you’ll get tax time and you’ll find out that, oh jeez, this is going to cost me more than what I thought it was going to.
Speaker 1 [00:15:57] Yeah.
Speaker 3 [00:15:59] Basically, when you make a contribution to a traditional IRA, you claim a tax deduction, you know, for making that contribution because that’s a pretax contribution. So you take the deduction. So basically what you’re doing, in essence, you make the contribution to the pretax account, you convert it to the Roth and you’d never claim that deduction. So in essence, it becomes an after tax contribution. Yep.
Speaker 1 [00:16:22] OK, let’s talk about so let’s talk about taking money out. So you got money in a 401k and there’s a strategy. Suppose your tax strategy, you’ve got what they classify as an R&D required minimum distribution that when you reach a certain age and today it’s seventy two years old, once you’re 72 years old, they do this calculation and says, here’s how much money you’re required to take out. So from a tax standpoint, why? Why do we have the conversation with clients around? You’ve got this money in a 401k again, efficiency of money. OK, let me explain like that. You’ve got cash ending. You give use this one, you got cash in your checking account. You have money that you’re required to take out of your IRA and you want to be charitable, give money to your church or give money to Chris at standing over there, hovering to make sure we don’t see anything then. So this compliance will be like, no, no, no. And by the way, when when when Aaron used the word classified, it’s not classified like classified document. He’s talking about something else. No type of classified as want to clarify that. So we so we did. We didn’t get to show next because we used a crazy word. But anyway, we’re talking about efficiency of money, right? We’re talking about cash and money in a 401k. We now want to give to a charity. It can be any charity, right? So what? Why do we have that conversation with clients around? I’ve got this money. It’s either cash or distributions from for.
Speaker 3 [00:17:45] OK, well, if you’re 72 years old and you have to take an R&D required minimum distribution, this doesn’t work. If you’re not 72, you have to be at least 72. But if your charitable in any way, shape or form, the best thing you can do from a tax perspective is to take your RMD and make a qualified charitable distributions so you never actually receive the distribution yourself. You have that distribution wired directly to whatever charity or organization that you want to donate that money to. So instead of you having to take money that you obviously don’t necessarily need yourself and in turn, pay taxes on money that you don’t necessarily need that yourself, you’re contributing it to a nonprofit organization. They receive the gift as a qualified charitable distribution, and they don’t have to pay taxes on it. So it’s far more tax efficient for you. For them, for everyone involved lessens your tax liability. You still get to be charitable and you keep more money in your cash account that you otherwise would have been spending on charity, and you’re still having to pay taxes on what you receive as distribution.
Speaker 1 [00:18:48] You know, I’ll tell you that we get a lot of folks that when we started explaining this, we’ll say, Well, what’s why? Why don’t I just take the distribution? And then, you know, I’ll write my checks to the charities. It’s a totally again, I’m we’re not taxpayers, so consult your tax advisor for this. But in some cases, in most cases, what I see is when they do that, they don’t get the full tax deduction on that money as they would if they had the the money sent directly to the charity. Now you might you might be in that scenario where you get a full and that’s awesome if you do. But my experience is, is that when you take the money as a distribution, you’re going to be taxed on it and then you get some deduction for making that charitable deduction. But it’s not the same. It’s not the equivalent. It’s not like taking money out of your IRA and giving it to the charity. So but anyway, that’s another good way we get that will, especially this time of year. People like, Hey, I’m doing my taxes, I got this, this R&D that I got to take out sometime this year. You know, what’s your strategy around doing it? We’re like, OK, you’re 72 or older, and you know, we’re even 50, not half old. Are you still going? You can take money out of your IRA, too and do that. So anyway, so that’s just another oh,
Speaker 3 [00:19:56] well, we’re also looking at R&D again as well now that we’re into the. A year, and so if you were taking my say, monthly contributions or monthly income based on your RMD amount, your annual R&D amount for last year. Well, that’s going to adjust for 2022 because you’ve got a new R&D schedule that was established on January 30. I’m sorry, December 31st. So as we’re going through and readjusting, you know, any R&D schedules or monthly income schedules, this is certainly a topic of conversation.
Speaker 1 [00:20:25] Yeah, yeah. And this is a topic conversation we have at the beginning of every year. So any of our clients that that are used to our scheduling, the first meeting of every year is really what we call like an administrative type meeting where we go through and do beneficiary designations. Review. We look at the estate plan, we look at any kind of plan and we’ll go so they don’t a financial plan. We’ll update the plan and go through their plan again to make sure it’s still, you know, it’s successful. But the other thing that we’ll do is we’ll talk about distributions of contributions you’re going to make throughout the year. And the one thing we hit on when you’re 72 years older is what is that R&D look like? What do we want to do with it? Do you want to take it on a monthly basis? Do you want to take it, you know, as a lump sum particular place? Do you give charitably? I mean, all those questions, we want to make sure we ask and get done for that particular year or so. All right. So let’s talk about one more topic. And Aaron, I’m all set you up for this one. So southern Indiana. So Aaron does a lot of work over in Sydney, the end with the school systems. So if you are a school system over there, I’m sure it’s been in your building. If not, he will be soon and does a lot of work with with the teachers over there. So. So talk about a tax savings that that is just teachers right now.
Speaker 2 [00:21:42] Oh, it’s you know, and we can have it. We can do it in Kentucky, too, which is not as it’s not as efficient tax wise in Kentucky as it is in Indiana. So Indiana has in Indiana 529 plan the 529 plans or for education expenses, both now both higher education. And you can also use it on private schools, secondary education, primary education, private schools. But the benefit of the Indiana plan is there’s actually a tax credit for contributions up to $5000 that you put into a 529 if you’re in the Indiana plan. If you’re an Indiana resident, you’re in Indiana plan. So the benefit of that is you get a 20 percent tax credit up to $5000. So if you put $5000 in, you’re going to get a credit of $1000. So the tax credit and tax deduction to two different things, you’re actually going to get the $4000 back as a credit when you make those contributions. So the other benefit of it is just the same as the way a 529 works. So it doesn’t matter if you’re in Indiana or Kentucky, you’re still getting the tax free growth on the contributions made to a 529 when they’re used for education, qualified education expenses. So you could be in a Kentucky resident or an Indiana resident, you’re still going to get that benefit. So they still serve a purpose when it comes to tax strategies and in tax planning. If you, especially if you have kids that you know you’re going to be able to that are good, they’re planning on going to either private school for for high school or grade school or whatnot, and you’re going to be using money there or higher education with the 529s. There’s one more thing I was just thinking about for slipped my mind, but
Speaker 1 [00:23:28] I guess that’s why you should write it down as you’re getting old. Exactly. That’s that you’re almost to the point where you can make your thousand extra dollars into your Roth IRA contribution because I’m already there. Yeah, my first year I did, I was like, Oh, it is so awesome. Now I can make another thousand dollars tomorrow. That’s a benefit of turning 50.
Speaker 2 [00:23:44] I got 12 more years before that. That Oh, well, so
Speaker 1 [00:23:47] but rub it in.
Speaker 2 [00:23:48] I did. Now that you said that, now it brought back to my attention. It one of the things that we get from clients a lot of times it says, Well, what happens if they don’t go to school right on the 529 so you can transfer the 529? If you get it, give you a kid that either decides not to go to school or they get scholarship money and don’t use all of that. You can transfer the 529 to one of their siblings or family members, and it doesn’t doesn’t affect them that way. Or it doesn’t, you know, it’s not going to be penalized.
Speaker 3 [00:24:16] There’s no tax liability or no
Speaker 2 [00:24:17] tax liability, correct?
Speaker 3 [00:24:19] And it’s worth noting, once again, that’s only available for Indiana residents in the Indiana
Speaker 2 [00:24:23] plan on the credit. Yes. To get credit. Yeah. But again, General 529 can be, we can, you know, essentially do that for anybody in Kentucky.
Speaker 3 [00:24:32] And we are and we do it for Kentucky residents. But we typically don’t use the Kentucky plan to do it because there’s no tax credit or tax. There’s no tax benefit whatsoever if you’re a Kentucky resident making a contribution to the Kentucky point, right?
Speaker 1 [00:24:45] Yeah, yeah, exactly. So, all right. So so that’s we’ll call that it. There are other tax strategies that we put in place. Absolutely. We just sit on a few that we just kind of quickly jotted down or the most common ones that we hear when. When you come in, and the reason we call this the money puzzle is because you’re a puzzle and we always talk about this and we get stuff all over our office now. So think of just a puzzle has a lot of different puzzle pieces in it. Taxes is just a part of that. There’s taxes that are involved in all kinds of different pieces of your puzzle, from your 401k to IRA to Roth HSA to passing on plans and you name it. Taxes are intertwined with the majority of your puzzle. So this is one of those things that you know, if you if you don’t know what your puzzle looks like or you don’t know what your pieces of your puzzle are or how many pieces of your puzzle there are in your life, I only know what this guy is talking about. Then they come see us. You know, we’d love an opportunity to sit down with you and, you know, walk you through what your puzzle looks like and basically help you put together your puzzle, if you will. So if you got it, I think, Mr. Producer, if you’re watching the show, she’s going to put the phone number up there. Just call us and Whitney will make sure that you get on one of our calendars. You can come in and we’ll help you if you are listening and our phone number is five zero two two zero zero five two one zero. And you just can’t come and see us. There’s not going to we don’t charge for that, but we will help you basically. In other words, just bring all your pieces to us and say, Hey, I just need some help putting all this together. We’ll be happy to to walk you down that path. And this is always a path to, you know, to you being financially successful in life. And that’s really what we’re here to do. We just think that that part starts with putting together a puzzle, knowing how all your pieces of the puzzle fit together and when to turn things on and when to turn things off and when to make contributions. How to make contributions, how to invest. You know, when to buy life insurance, what type of life insurance, what your estate documents need to look like. It’s all those pieces of the puzzle is what we’re here to help you. So anyway, give us a call. Our phone number again five zero two two zero zero five two one zero Mass-Produce your property up there on the screen for those of you that are watching, and I will let Eric sell us off for another week.
Speaker 3 [00:26:58] Yep. Thanks for watching. Thanks for listening. If you are watching on YouTube, make sure you hit the right subscribe button. Be the first to get notified whenever we drop any new content. If you’re listening, you make sure you leave us a rating, and a five star review helps spread the word around. If you have anybody, any friends, family, loved ones that might benefit from any of the subjects that we are currently talking about. Please feel free to share that information with them as well. We greatly appreciate it. Until next time.
Speaker 4 [00:27:24] The information given here and is taken from sources that IFP Advisors LLC Doing Business is independent financial partners, IFP IFP securities, doing business as IFP and its advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and or legal advisor before implementing any tax and or legal related strategies mentioned in this publication, as IFP does not provide tax and or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. This report may not be reproduced, distributed or published by any person for any purpose without AFP’s express prior written consent. Securities offered through IFP Securities LLC Doing Business as Independent Financial Partners, IFP member of FINRA and SIPC investment advice offered through IFP advisors doing business as IFP, a registered investment advisor, IFP and family wealth planning partners are not affiliated. The information given herein is taken from sources that IFP Advisors LLC doing business as IFP IFP Securities LLC, doing business as IFP and its advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and or legal advisor before implementing any tax and or legal related strategies mentioned in this publication, as IFP does not provide tax and or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors.