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April 2023 Client Newsletter

Hello Again! 

First Some Announcements: 

Tax documents are available.  You can access them online or they will be mailed to you.  If you still haven’t seen them, please call and we can get yours sent right away.   

Recent Blog Posts include: 10 Steps to Starting a Small Business After Retirement, 6 Steps to Take if Your Significant Other is Terrible with Money, What to Do When the Market Tanks, and more.  To read visit: AscendInvestment.com/GarrettsGarage  


Monday, January 23, 2023

By Sarah Brenner, JD IRA Analyst Follow Us on Twitter: @theslottreport  SECURE 2.0 is now the law of the land and one thing is very clear. Roth-O-Mania is here! In their quest for more revenue, Congress has created more options to save with Roth accounts. These accounts bring in the immediate revenue that Congress desperately needs. For retirement savers, these Roth options offer the promise of potential tax-free earnings and withdrawals down the road.

Here are 5 new Roth savings opportunities brought by SECURE 2.0:

1. Roth SEPs and SIMPLEs. Beginning in 2023, SEP and SIMPLE plans can allow Roth contributions. This is great news if you are a small employer. Now these easy and inexpensive retirement plans can offer a Roth option. You may need to be a little patient here. The logistics involved in getting SEP and SIMPLE Roth plans off the ground likely will mean that custodians will not have these options immediately available.

2. Roth Employer Matches. Prior to SECURE 2.0, employer matching contributions to a plan had to be made on a pretax basis. The new law changes this and allows plans to offer employees the option of having matching contributions made to a Roth account. If your employer makes a Roth matching contribution, you will pay income tax on it. This provision is effective for 2023.

3. Rollovers from 529 Plans to Roth IRAs. SECURE 2.0 allows rollovers from 529 plans to Roth IRAs. This provision is effective in 2024. If you had concerns about what to do with funds left over in a 529 plan, this may be a good opportunity. Leftover 529 funds can now be rolled over to a Roth IRA in the name of the 529 beneficiary. However, there are restrictions. For example, the 529 plan must have been in place for 15 years, annual rollovers cannot exceed the annual Roth IRA contribution limit, and total lifetime rollovers cannot exceed $35,000.

4. No Lifetime RMDs for Roth plans. Unlike Roth IRAs, Roth accounts in workplace plans have been subject to RMDs during the owner’s lifetime. Beginning in 2024, this will no longer be the case. Your Roth plan dollars will be excluded from the RMD calculation.  5. More Roth Catch-Up Contributions. As you get closer to retirement, the rules allow you to step up your retirement plan contributions. Starting in 2024, if you are higher income, age-50 or older, and you want to make catch-up plan contributions, you must make them as Roth contributions. 

Planning and U.S. Series I Bonds 


First, tax season gives us a great opportunity to look forward.  Taxes can give a good snapshot of your current situation which then opens the door for planning opportunities.  The first step is sharing your tax return with us – this will allow us to explore potential opportunities to work with you and your tax professional on future tax related situations.   

Once you have completed your 2021 tax return you have a couple of options.  First, you can simply bring a copy of your tax return by one of our offices.  Or you can follow the simple process to upload tax return electronically for evaluation.  


  1. Reply to this email that you have taxes you would like to be assessed.   
  2. Securely upload your electronic 2021 tax return by going to https://ascendinvestment.com/resources/secure-file-upload
  3. Password 40642
  4. Go on with your life, we will be in touch.  


In the background we will examine your taxes against the ever-changing laws to see if there are new opportunities worth exploring.   In two to four weeks, we will reach back out if we find anything.  


U.S. Series I Bonds


Series I Bonds are government backed savings bonds that is designed to protect your cash from inflation.  Since inflation is on the rise, they may be a good opportunity for some of your cash.  


Purchasing an I Bond is not as simple as other bonds; we unfortunately cannot purchase these on your behalf.   There are a few hoops to jump through including a 12-month holding period and creating a new online account.  But with the current interest rate payment of 7.12 percent, it may be worth the effort.   This is a floating rate and will change as inflation changes, but the current rate is set until April 2022.  


There are two reasons we are highlighting this right now, the first is the high rate and second is you can use your tax return to purchase additional I Bonds.  There is an annual purchase limit of $10,000 but if you use your tax return you can purchase up to an additional $5,000.  


Below are some resources to get you started.   If you would like to learn more, please reply to this email and if there is enough interest, we will create a “how-to” guide.  







We appreciate you, your families, and your business!




Garrett G. Smith

Financial Advisor

Ascend Investment Partners


Paul M. Norman, CFP®

Senior Financial Advisor

Ascend Investment Partners





214 South Main Street

Logan, UT 84321

Tel: 801-476-1200

Fax: 801-476-1207



175 Historic 25th Street

Ogden, UT 84401

Tel: 801-476-1200

Fax: 801-476-1207



Ascend Investment Partners is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action.   

Ascend Investment Partners did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Ascend Investment Partners or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.