Newman Asset Management Blog

When I was growing up, someone who was a CPA was regarded as a person of the highest trust. These days, with all the financial turmoil and reports of abuse done under the noses of CPAs, you wonder if you can trust anyone; we know first hand how you feel. However, we have found a CPA  professional ready to take over any mess left by others and move your financial picture forward. Read the rest of this entry »

This weekend the kids and I spent some time watching “It Might Get Loud,” a documentary by Davis Guggenheim featuring guitarists Jimmy Page of Led Zeppelin, The Edge from U2, and Jack White of White Stripes. For a guitar fan, it was fascinating, educational, and just pure fun to watch three masters share their craft and knowledge. As I watched, I also came to realize that it had key points we can all use in business, investing, and life in general. Read the rest of this entry »

More on the 401(K) Scam – Creating Your Own Lifelong Income Streams on the Del Walmsley Radio Show.  – good ideas in general, but the math is a bit misleading. There is a better way… Read the rest of this entry »

Go to our new site page, “Client Videos” and see BG Patel talking about his 4th multifamily investment!

Newman Asset Management worked with BG and his investment team on structuring the partnership, and the setup, use and structuring of self-directed IRA’s in the deal. Both self-directed IRA and IRA-LLC owners participated in this investment. Come visit us and we will show you how to do the same thing.

Beginning January 1, 2010, the income and filing status requirements for rollovers (including conversions) to a Roth IRA was eliminated. Additionally, for rollovers to a Roth IRA in 2010 only, a special 2-year option for reporting taxable portions of your rollover apply.

Under the new rules, regardless of your income or filing status, you can roll over (convert) the following to a Roth IRA:

• Your traditional individual retirement arrangement (IRA), SEP IRA or SIMPLE IRA, and self-directed IRAs;
• an Eligible Rollover distribution (ERD)- For example, a 401(k) or a 403(b) plan; or
• an Eligible Rollover from a retirement plan for which you are a beneficiary (from deceased family member, for example).

For rollovers and conversions to a Roth IRA in 2010 ONLY, you have the option of reporting the taxable portion of your rollover in your gross income for 2010, or reporting half in 2011 and half in 2012.

Previously, to roll over to a Roth IRA, both of these requirements needed to be met; your modified AGI was less than $100,000 and your filing status was not married filing separate.