White Coat Investor Podcast WCI #399: 529s, UTMAs, and HSAs
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Dec 26, 2024 Explore the fascinating world of education savings with insights on 529 plans, UTMAs, and HSAs. Discover the tax benefits of overfunding educational accounts and the nuances of tax gain harvesting. The discussion also dives into changing your defined benefit plan administrator if dissatisfaction arises. Plus, reflect on the balance between financial strategies and life enjoyment, as well as the importance of active financial management to avoid stagnation. Tune in for valuable advice on maximizing your financial literacy!
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Spending Principal
- Consider spending some principal, not just investment income.
- You don't get out of here alive, enjoy your wealth.
Corporate Transparency Act
- Register LLCs/corporations with FinCEN due to the Corporate Transparency Act.
- This is mandatory, with penalties for non-compliance.
5500-EZ Filing
- File Form 5500-EZ if you have a solo 401(k) meeting specific criteria.
- Penalties for non-filing can be severe.