Greetings!
One of the greatest features of D.C. is that the city has the opportunity to recreate itself every four-to-eight years. Since our founding, Armstrong, Fleming, & Moore, Inc. has been located in the heart of this unique city that we call home. As we enter 2021, we look forward to representing our clients and this storied, historical city the only way we know how: with honesty, compassion, and respect.
The AFM Team
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Markets continued to rally in the final month of 2020, which coincided with improving fundamentals to end the year . Read more
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HAS WASHINGTON GONE BLUE? |
As a new Administration takes office, we will see all three branches of government under the control of the Democratic Party for the first time since 2011. What will a blue government mean for us as investors? Read more
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UNDERSTANDING THE NEW STIMULUS BILL |
On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, into law (hereinafter referred to as “the Act”), with large portions of the bill acting as an economic stimulus for individuals and businesses affected by the COVID-19 pandemic. Read more
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GIVE YOUR GRANDCHILD THE GIFT OF A 529 COLLEGE SAVINGS PLAN |
Saving for a grandchild’s education is a meaningful gift that can make a lasting impact. Read more
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PANDEMIC PURCHASING: BUYING A HOME DURING THE TIME OF COVID-19 |
For many first-time home buyers last year, the process looked a little different than how they may have imagined. Open houses became video calls, realtors donned face masks, and settlement papers arrived in a contact-less delivery package to doorsteps. Read more
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REQUIRED MINIMUM DISTRIBUTIONS (RMDS) WILL RESUME IN 2021 |
If you turned 70½ on or before 12/31/19 (born before July 1, 1949), you will need to take a RMD from your retirement account in 2021. The SECURE Act, which was enacted in December 2019, raised the age to withdraw your first RMD to 72. Please reach out to your advisor or paraplanner for any questions about how this may affect your situation. |
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WHEN DO I GET MY TAX FORMS? |
For all brokerage accounts, we have received the following timeline from NFS:
- 2020 tax forms will be mailed to clients in waves beginning January 23, 2021
- Most 1099 tax forms will be available online between January 21 and February 13 and the majority will be mailed by February 13, 2021
- As in past years, NFS has applied for and received a mailing extension from the IRS that will permit the generation of some non-retirement 1099 tax documents after February 15, but no later than March 5
In addition, AFM will email realized gain & loss reports at the beginning of March.
On or around January 31, 2021, Investor360° clients who use TurboTax or H&R Block software can import their tax information electronically for all their NFS accounts.
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2021 RETIREMENT PLAN LIMITS |
Employees can contribute $19,500 to a 401(k), 403(b), 457(b) plan, or the federal government’s Thrift Savings Plan, which is the same amount as the prior year. The catch-up contribution for those 50 or older also remains at $6,500.
The IRA contribution limit is still $6,000, plus a $1,000 catch up for those 50 or older.
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Securities offered through Commonwealth Financial Network®, Member FINRA/SIPC. Fixed Insurance products and services and advisory services offered by Armstrong, Fleming & Moore, Inc., a Registered Investment Adviser, are separate and unrelated to Commonwealth.
We do not accept orders via e-mail to request, authorize, or effect the purchase or sale of a security, to send mutual fund instructions, or to effect any other transaction. Receipt of important letters, e-mails or fax messages, particularly those related to security transactions, must be verified by telephone at 202.887.8135.
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