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Merrill Lynch

Taxes

Tax Planning
THE APRIL 18 TAX DEADLINE is just three months away. But, as you calculate how much you owe for tax year 2022, itâ€™s not too early to start planning ahead for tax year 2023. â€œIn many cases, beginning-of-year tax planning can be more effective than end-of-year strategizing,â€ says Mitchell Drossman, head of National Wealth Strategies in the Chief Investment Office (CIO) for Merrill and Bank of America Private Bank.
Estate Taxes
Roth IRA
Higher â€œcatch-upâ€ contributions. Catch-up contributions have long been a way for individuals over 50 to save additional amounts in their tax-advantaged plans. Starting in 2024, the new law allows participants in 401(k) and 403(b) plans aged 60 through 63 to contribute $10,000 or 150% of the standard catch-up amount, whichever is greater. (ForÂ participants in SIMPLE IRAs and SIMPLE 401(k) plans, the limits are $5,000 or 150%). But thereâ€™s a catch: Starting in 2024, those earning more than $145,000 will have to make catch-up contributions toÂ a Roth IRA or Roth 401(k) plan. In other words, theyâ€™ll have to contribute post-tax dollars, though the distributions will be tax free when they take them out in retirement.
Income Tax
Many businesses, too, would see their taxes rise. Most notably, the top corporate income tax rate would rise to 28% (from 21%) and the tax on overseas profits by U.S. companies would double, to 21%. The plan would also increase the tax rate on corporate stock repurchases to 4%.
Capital Gains Taxes
Inflationâ€™s impact on taxes. â€œThresholds for ordinary income and capital gains taxes, the standard deduction, IRA contribution limits and retirement contribution caps all have risen for 2023, thanks to inflation adjustments,â€ Drossman says. Ask your tax professional and financial advisor about ways you can plan ahead to make the most of these changes to help minimize next yearâ€™s tax liability, he adds.Â

Investment

Investment Management
Mortgage-backed securities are subject to credit risk and the risk that the mortgages will be prepaid, so that portfolio management may be faced with replenishing the portfolio in a possibly disadvantageous interest rate environment. Generally, when interest rates decline, prepayments accelerate beyond the initial pricing assumptions, which could cause the average life and expected maturity of the securities to shorten. Conversely, when interest rates rise, prepayments slow down beyond the initial pricing assumptions and could cause the average life and expected maturity of the securities to extend and the market value to decline.
Bonds
Wealth Management
Make Merrill social media your go-to financial resource for timely insights on wealth management, the markets and the economy. On this page, you'll find links to Merrill on YouTube, iTunes, LinkedInÂ and Twitter. Pick your favorite social media platform and subscribe to get our videos, podcasts, articles, webcasts, whitepapers and special reports on topics of interest to investors of all ages.

Accounting

Accounting Services

Planning

Financial Planning
We're pleased to share that, in 2022, Merrill had the most advisors named to Financial Planning Magazine "Top 40 Advisors Under 40" list, with 15 advisors being recognized. This list highlights top advisors under age 40 from various firms.
Retirement Planning
Annuities
Long Term Care
The calculator does not take into account a number of important factors that materially impact both what you should save or invest for retirement and which investments may be best for you, including your tax bracket and expected tax payments, other investments or insurance coverage you currently hold, or large expenses you and your family may have both now and in the future, such as educational expenses, alimony, long-term care and health care costs.
Asset Management
Investing involves risk. There is always the potential of losing money when you invest in securities. Past performance does not guarantee future results. Asset allocation, rebalancing and diversification do not guarantee against risk in broadly declining markets.

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