Brendan Willmann, CPA, EA, CFP®
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Cincinnati: 513-549-2736

Brendan Willmann, Enrolled Agent

Brendan Willmann, Enrolled Agent has written 23 posts for Granada Tax Services

Tax Advantages of a Donor-Advised Fund

The 2017 tax reform has significantly enhanced the popularity of donor-advised funds for those who are charitably inclined.

How much can I contribute to my IRA?

The contribution limits for Traditional and Roth IRAs is $6,000 for 2019. The contribution limit will be the same for 2020.

401(k) Contribution Limits for 2016

The maximum amount an employee can contribute to their 401(k) plan in 2016 is $18,000. Employees age 50 or older are allowed to contribute an additional $6,000 for a total of $24,000. Both amounts are unchanged from 2015. 401(k) contributions made by the employer are not subject to limits listed above.   —— The articles presented on […]

Update on the Charitable Rollover Legislation

The charitable rollover provision has recently become permanent.  This is certainly welcome news for charitably inclined retirees. For those who are not familiar, the charitable rollover allows those who are are 70 1/2 or older to transfer up to $100,000 directly from their IRA to a qualified charity. An example: A 73 year old with an IRA wishes […]

Health Savings Account Contribution Limits for 2016

October is a popular month for benefit enrollment.  An increasing number of employees are electing high deductible medical insurance plans that are coupled with a health savings account. You are highly incentivized to contribute to a health savings account as contributions are tax-deductible and qualified distributions are tax-free.  Open enrollment gives you the opportunity to specify […]

What happens to your health savings account (HSA) at death?

The ownership of a health savings account passes according to the beneficiary designation on file. If the beneficiary is the deceased account owner’s spouse, the funds are moved to a health savings account owned by the surviving spouse. Subsequent account distributions to pay for qualified medical expenses are not subject to tax. Alternatively, if the […]

Proposed Limit on Retirement Plan Contributions

Perhaps it is the way it is being presented, but President Obama’s proposal to limit retirement plan contributions appears widely misunderstood. Under the 2014 budget subheading of “Strengthening the Middle Class and Making America a Magnet for Jobs,” readers see the administration’s suggestion to “Prohibit Individuals from Accumulating Over $3 Million in Tax-Preferred Retirement Accounts.” […]

Review of President Obama’s 2015 Budget

The mere length of the President’s 2015 Federal budget suggests the document isn’t well-read (at least in its entirety) outside of the Beltway.  Instead, only snippets from the 212 page proposal tend to generate widespread media attention while special interest groups are vocal with regard to suggested reforms pertinent to their membership. As Washington grapples […]

2014 IRA Contribution Limits

The maximum allowable contribution to Traditional and Roth IRAs will remain the same in 2014 at $5,500. $5,500 is the aggregate contribution limit meaning that an individual can contribute to both a Traditional and Roth IRA but the total contribution cannot exceed $5,500. A “catch-up provision” is available to those age 50 or older allowing […]

How to Deduct HSA Contributions

There are two ways to make tax-deductible contributions to a health savings account: 1. Payroll Deduction Employees who contribute to their health savings account via payroll deduction are not subject to tax on the amount deferred.  As a result, no additional deduction is taken on the tax return.  The amount of the contribution (along with […]