The Lowry Letter®

Week of 2/17/2024

Our office will be closed on Monday, February 19^th in observance of President’s Day. We hope you enjoy the long weekend!

Most tax documents have been prepared and are available. Occasionally, 1099s are corrected if information is amended by investment firms. We will let you know if you are affected.

The death of Alexei Navalny is tragic and further proof of Russia’s disdain for justice and democracy. We recently read a book by noted investor Bill Browder, who has been a long-time critic of Putin. His book, Red Notice, is a great intro into what happens to people who challenge Putin and attributes responsibility for the death to the Russian president.

We may be a bit late to the party, but we recently became aware of Mitchell’s Specialty Meats which sells a Boudin Stuffed Chicken! They are located between our office in Tioga and the town of Newberry.

After your stuffed chicken meal, you can read this article about a 93-year-old rowing champion with the physical fitness of a 40-year-old.

Are you fortunate enough to suffer from “short sleeper syndrome?” Due to a gene mutation, some people are able to get less than 6 hours per sleep every night and feel fully rested.

Alligators in North Carolina were found suspended in a frozen pond, where they stuck their noses out of the freezing water in order to maintain their air supply.

Q: I haven’t received a form 5498 for my IRA. Should I have gotten that already?

A: National Financial Services (NFS) recently updated their policy for 5498s, consistent with IRS guidelines. Form 5498 will not be produced for an account unless one of the following applies:

The account owner is 72 years or older as of 12/31/23 and the account is a Traditional, Rollover, SEP, or SIMPLE IRA.
A current year contribution, recharacterization, rollover and/or Roth Conversion has been made to the account to their account in 2023.
Investors that have made a prior year contribution for 2023 between 1/1/2024 and the 2023 tax filing deadline will receive a Follow Up 5498 in May of 2024.
All beneficiary IRAs.
The account holds “hard to value assets,” including alternative investments and thinly-traded stocks.

A message was included on December statements regarding the updated parameters. Form 5498 is not required to file a tax return. In place of Form 5498, you may refer to your December 2023 account statement for balance information, including the year-end value of the account.

Advisory Services offered through Lowry Financial Advisors, Inc., a Registered Investment Adviser. Securities and additional advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Advisory services offered through Lowry Financial Advisors, Inc, are separate and unrelated to Commonwealth. Lowry Financial Advisors, Inc. is located at 12921 SW 1st Rd, Suite 215, Tioga, FL 32669. 352-333-7990

Lowry Financial Advisors is the only advisory firm that helps its clients reach their goals through The Achieving Simplicity® Experience™, providing clarity and confidence in their personal and financial lives.