Your Financial Planner-March 2023
Your Financial Checklist for March
1. Required Minimum Distribution for 2023? Your first RMD must be taken by 4/1 of the year after you turn 73. Subsequent RMDs must be taken by 12/31 of each year. If you don't take your RMD, you'll have to pay a penalty, follow the IRS guidelines and consult your tax advisor. Talk to your Financial Advisor about the requirements that need to be met if 2023 is your first year for your Required Minimum Distribution. Contact your Advisor here
2. The annual inflation-adjusted limit on HSA contributions for self-only coverage will be $3,850, up from $3,650 in 2022. The HSA contribution limit for family coverage will be $7,750, up from $7,300. The adjustments represent approximately a 5.5 percent increase over 2022 contribution limits, whereas these limits rose by about 1.4 percent between 2021 and 2022. Health FSAs can be used for a wide range of qualified out-of-pocket healthcare expenses, which includes doctor visit copays, prescriptions, certain over-the-counter medications, eyeglasses, and dental care. For more information about FSA, click here
3. If you haven't filed your taxes yet, make sure all your paperwork in is and in order and ready to go when you proceed with filing your 2022 taxes.
4. Call you Intelligent Investment Management advisor with any questions or concerns. We're here to answer any and all questions you may have about your accounts. Contact your Advisor here
Daylight Savings Time
- March 12 is the start of Daylight Saving Time, which begins at 2:00 A.M. that day. If your area observes it, don’t forget to “spring forward” and set the clocks one hour ahead, or you may find yourself an hour late to everything!
Spring is here!
- March 20 brings about the March equinox—also called the vernal or spring equinox in the Northern Hemisphere—marking the beginning of spring. In the Southern Hemisphere, this date marks the autumnal equinox and the beginning of fall. On this day, the Sun stands directly over Earth’s equator.