Solid State Tax & Life Insurance

A Trump Account is an investment account for children under 18. All U.S. citizen children born between 1/1/2025 and 12/31/2028 will receive $1,000 from the U.S. Treasury Department. It was inspired by a $6.25 billion contribution from Michael and Susan Dell.

An RMD is the minimum amount you must withdraw from certain retirement accounts each year, including traditional IRA, SEP IRA, SIMPLE IRA, 401(k), 403(b), and 457(b). The government requires these distributions to ensure taxes are eventually paid on tax-deferred growth.

For federal payments, go to irs.gov/payments and use Direct Pay from your bank account (free and secure, no sign-in required). Payments can be changed or canceled within 2 days of the scheduled payment. State payment methods vary by state.

It is a notification from a tax authority about a small adjustment to your federal or state tax liability. It is only an action item if the authority has recognized an underpayment and is requesting more tax.

A 529 Plan is a state-sponsored investment plan that allows taxpayers to save for a beneficiary's education expenses. It offers tax-free growth and tax-free withdrawals for qualified expenses, and some states offer annual tax credits or deductions.

You must have received nothing in return for the donation and must itemize deductions on Schedule A of Form 1040. This deduction can be taken on federal and/or state returns and includes cash and household goods donations.

An IP PIN is a six-digit number issued by the IRS to prevent someone else from fraudulently filing a tax return. It helps the treasury verify a taxpayer's identity when filing electronically or on paper.

A QCD is a taxable distribution from an IRA (excluding active SEP and SIMPLE) paid directly from the IRA to a qualified charity. It is available to individuals age 70.5 or over and can be made from Traditional, Rollover, Inherited, and inactive IRAs.