In this webinar, Andrew Zumwalt covers recent tax changes that impact your clients’ finances. Specifically, this webinar addresses the tax implications of the last stimulus check, changes to the Child Tax Credit and Child and Dependent Care Credit, and the deeper interactions of these changes. For example, what happens when a family that received the Advance Child Tax Credits is divorced by the end of the year? How does that get reconciled? (Hint: it isn’t pretty.) Mr. Zumwalt also covers the (normal) changes to contribution limits and income thresholds for retirement accounts like TSPs, IRAs and 401(k)s, as well as increases in other tax-favored accounts for healthcare and education, exemptions from gift and estate tax, tax brackets for ordinary income, and qualified dividends and long-term capital gains.
Andrew Zumwalt, Associate Extension Professor, Associate State Specialist, & Co-Director of the Center for Economic Education, University of Missouri.
Andrew has been instrumental in founding and growing the Missouri Taxpayer Education Initiative, a program that uses “Taxpayer Assistance as a Gateway to Financial Education”. Over the past six years, more than 20,000 returns have been prepared at MoTax sites and more than $20 million has been refunded; a large portion of these returns have been prepared by students in the class Andrew teaches–Personal Financial Planning 4188: Community Agencies and Volunteerism. Andrew serves as campus support for the state network of Family Financial Education Specialists. He also serves on the board of the local student-managed credit union, Tigers Credit Union.
Cover Photo: Nataliya Vaitkevich / Pexels
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