MSP Finance SIG - Women's Connection

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FINANCE SIG

General Information

The purpose of this group is to increase our personal financial literacy. The knowledge of members about financial topics varies from beginner to more experienced. Our topics will be selected based on what individual members are interested in. We meet on the third Tuesday of the month at 6:30 PM via Zoom. New members are welcome. Come and give it a try. If you are interested in participating or want to be on our contact list, 1) add yourself to the contact group or 2) Contact Cyndy Nelson using the Member Directory. If you are not a member, please contact us.

Event Information

On April 21, twelve women got together to talk about TAXES.

Some key discussion items:

- The OBBB passed in July "permanently" extended the current tax rates and brackets. These will be in effect until some congress passes a new tax law.
- The OBBB included an additional tax deduction of $6000 for people age 65 and over with a phase out.
- We have a progressive income tax system where EVERYBODY pays 10% on their first $11,925 (single) and $23,850 (joint) of income even if you make a million dollars. Next tax bracket for everyone is 12%, followed by 22%, 24%, up to 37%.
- Current rates are lower than they have been historically.
- MAGI (Modified Adjusted Gross Income) is used by some programs to calculate your actual income instead of your taxable income. Therefore, items like non-taxable social security, tax exempt interest are added to your AGI (Adjusted gross income). Some programs include Medicare IRMAA, MNSure subsidies, and MN Property Tax refunds.

We will meet via zoom on Tuesday, May 19, 6:30-8:00 PM. Our topic will be Roth Conversions and the general challenges of getting money out of tax deferred accounts.

All are welcome to join us on zoom. Join the group or contact Cyndy using the info above.