5 minute read
PREPARE
from Winter Reporter 2022
by GBULife
DEVELOP YOUR FINANCIAL PLAN
T I P S F O R S A V I N G O N Y O U R
WINTER HEATING BILL
Schedule a Furnace Tune-Up
Is your furnace efficiently running? Research and select a local HVAC or heating company to inspect your furnace once a year. This preventative care can help save money by improving energy efficiency. Plus, the technician tests for carbon monoxide to ensure your heating system is safe to operate.
Regulate the Thermostat Temperature
It's easy to increase the temperature on the thermostat, especially on those cold winter mornings. But that higher temperature can easily wreak havoc on your gas or electric bill. Consider leaving the thermostat at 68°F while in your house or apartment; studies have shown that this is the ideal temperature for saving energy in the winter. You can also save by turning the thermostat down 7 to 10 degrees from the normal setting, typically 8 hours a day while at work or away from home.
Use your Fireplace
Do you have a wood-burning fireplace in your home? Sure it takes some preparation and maintenance, but this is a great opportunity for saving money in the chilly winter months. Remember to have a chimney sweep clean and inspect your chimney and fireplace at least once a year.
Your qualified charitable distributions can satisfy all or part the amount of your Required Minimum Distribution (RMD) from your IRA. For example, if your 2021 required minimum distribution was $10,000, and you made a $5,000 qualified charitable distribution for 2021 you would have had to withdraw another $5,000 to satisfy your 2021 RMD.
How it works:
Charitable distributions are reported on Form 1099-R for the calendar year the distribution is made. Please make sure that you advise your tax preparer if you did make a qualified charitable distribution in 2021.
To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter "QCD" next to this line. See the Form 1040 instructions for additional information.
You must also file Form 8606, Nondeductible IRAs, if:
You made the qualified charitable distribution from a traditional IRA in which you had basis (funds that had already been taxed) and received a distribution from the IRA during the same year, other than the qualified charitable distribution; or
For more information on how to satisfy your RMD with a charitable donation, consult your tax preparer or CPA.
This tax tip provided by
H2R CPA is a full-service accounting and business advisory firm celebrating over 60 years serving closely held businesses, nonprofit organizations and high net worth individuals. The team specializes in comprehensive tax, assurance and business consulting services.
NOW AVAILABLE Asset Guard Annuity Series
SECURE YOUR FUNDS FOR GROWING YOUR FUTURE AND GIVING BACK
Helping your community can mean volunteering your time and talent or donating funds to help both those who are in need and the organizations who serve them. If your giving plan includes monetary donations, a GBU Life annuity can help you plan predictable growth of your funds. To reach your financial goals, planned and predictable growth of your funds is important. GBU's new Asset Guard Annuity is a Multi-Year Guaranteed Annuity (MYGA) offering a guaranteed rate over a particular term. This allows you to plan for guaranteed, fixed growth of your money. The Asset Guard series is ideal for securing growth of your savings when you are close to retirement or for expected growth of your long-term savings to meet your giving plan.
LOCKED-IN INTEREST RATES
You choose your contract period: 2, 3, 4 or 5 years. Your rate stays locked in for the entire period of your annuity and will not change during the term.
AVAILABLE FUNDS WHEN YOU NEED THEM
GBU’s Asset Guard Annuity allows for the withdrawal of a portion of your funds each year without penalty. You can also withdraw funds penalty free in the event of certain critical or terminal illnesses, nursing home confinement or disabilities. So, your funds are available to you if you need them!
DEATH BENEFIT
If you should pass away during your contract period, the designated beneficiary(ies) will receive the contract value free of any withdrawal charges or Market Value Adjustments.
RENEWAL OPTIONS
At the end of each guarantee period, you have 45 days to renew your annuity for another period of 2, 3, 4 or 5 years ending at your 95th birthday. You may also potentially add additional funds into your contract. The new rate for the guarantee period you select will be based on the then-current interest rate on your renewal date and may be different than your original guaranteed rate. If you do not make a choice within the 45-day window, your policy automatically renews using the same guarantee period you previously selected. You can also withdraw or surrender your annuity during that 45-day window without surrender charges or an MVA.
Ready to learn more? Visit GBU.org to schedule an appointment with a local agent to find out if the Asset Guard Annuity is right for you!
AM BEST RECOGNIZES GBU LIFE’S FISCAL RESPONSIBILITY AND GROWTH BY RATING US A- (EXCELLENT)
AM Best Company has rated GBU Financial Life A- since 2017. Third-party ratings are subject to change.
Interest compounds daily over the specified term. Earned interest and principal may be withdrawn after the first 30 days up to the annual 10% withdrawal amount. If you choose to make a withdrawal over the free withdrawal amount and not during the 45-day renewal window, GBU will apply surrender charges and may make a Market Value Adjustment (MVA) as defined in the contract. The MVA can be both positive or negative and reflects the difference between the credited rate on your contract compared to the interest rate index benchmark.
GBU Life is the marketing name for GBU Financial Life. Annuities are issued by GBU Financial Life (GBU), 4254 Saw Mill Run Blvd., Pittsburgh, PA 15227. Products referenced are offered and sold only by appropriately appointed and licensed entities, financial advisors and professionals. Not all products and riders are available in all states and may vary by state. Certain riders may not be available with all products. An MVA may be charged and surrender charges apply for withdrawals over the free withdrawal amount. Withdrawals prior to 59½ may be subject to IRS penalties. No statement contained herein shall constitute tax, legal or investment advice. You should consult with a legal or tax professional for any such matters. Withdrawals for amounts over those allowed during the guaranteed period are subject to surrender charges defined in the contract. NOT A DEPOSIT OF A BANK-MAY LOSE VALUE-NOT BANK GUARANTEED. GBU-MYGA-1021
