TJ Meehan TJ Meehan

Bank Failures and Insurance Limits

Bank Failures and Insurance Limits

Welcome to the Wine and Dime podcast, where financial topics are uncorked and discussed like a fine bottle of wine.

In today's episode, Amy talks about the recent bank failures and the insurance limits that protect your funds. Before diving into the topic, Amy mentions her wine recommendation for the day - a 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas. Moving on to the topic, Amy explains the different types of insurances available, such as FDIC and NCUA, and the limits for each. She also highlights the differences between the types of accounts that are covered and not covered. Investments made in stocks, bonds, mutual funds, crypto assets, and annuities are not covered under FDIC insurance. Amy provides a useful link to help listeners check if their funds exceed the FDIC limits.

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

What you'll learn:

  • Recent bank failures have caused concerns about the safety of deposited funds

  • Different types of insurance available: SIPC, FDIC and NCUA

  • FDIC insurance covers checking accounts, savings accounts, CDs, money market deposit accounts, and other official checks issued by a bank

  • FDIC insurance does not cover stock investments, bond investments, mutual funds, any kind of crypto assets, life insurance policies, annuities, any kind of municipal securities, safe deposit boxes or their contents, and then U.S. Treasury bills or bonds or notes

  • The standard insurance amount is $250,000 per depositor

Wine Recommended: 2019 Bourbon Barrel Cab from Berklee Winery

The 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas is a wine that is sure to please any wine enthusiast. This wine is a Cabernet Sauvignon that has been aged in bourbon barrels, giving it a unique flavor profile that is sure to impress.

The wine is dark and rich, with aromas of blackberry, black cherry, vanilla, and oak. On the palate, the wine is full-bodied with flavors of dark fruit, vanilla, and a hint of caramel. The bourbon barrel aging adds a subtle smokiness and complexity to the wine, making it a great pairing for rich, hearty dishes like grilled steak or roasted lamb.

Berklee Winery is located in Lubbock, Texas, which is known for its hot and dry climate. Despite this challenging environment, Berklee Winery has managed to produce some exceptional wines using sustainable farming practices and a commitment to quality.

Overall, the 2019 Bourbon Barrel Cab from Berklee Winery is a fantastic choice for anyone looking to try something new and exciting in the world of wine. Whether you're a seasoned wine drinker or a beginner, this wine is sure to impress with its unique flavor profile and exceptional quality.

Helpful Links:

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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Podcast Amy Irvine Podcast Amy Irvine

Pairing Schedule 3 with the Perfect Wine: A Tax Season Guide

In this episode of the Wine and Dime podcast, host Amy Irvine discusses Schedule 3 of the 1040 tax form, which covers additional credits and payments. Schedule 3 of the 1040 tax form is like the third glass of wine - it's necessary to finish, but you're not sure if it's worth the headache tomorrow.

Kidding aside,

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Here are some key points from the episode:

  • Schedule 3 is where you might get some additional credits and payments after your taxes have been calculated.

  • The first part of Schedule 3 is for non-refundable credits. If you don't pay enough in taxes, these credits will offset any amount of liability or tax computation that you might owe.

  • You can also get a foreign tax credit if you paid taxes on international funds held within your brokerage account.

  • The credit for child and dependent care expenses can provide some benefit based on your income level and the amount paid for childcare, with the maximum credit being $3,000 for one child and $6,000 for two or more qualifying children.

  • Education credits such as the American Opportunity Credit and the Lifetime Learning Credit are available for those who have college expenses.

  • If you are saving for retirement, you may be eligible for a retirement credit.

Winery Recommendation:

Pudding River Winery is a family-owned and operated vineyard located in Salem, Oregon, that has been producing award-winning wines since 2003. The winery's name is inspired by the nearby Pudding River, which flows through the beautiful Willamette Valley. The winery's mission is to create unique and high-quality wines that reflect the distinct terroir of their vineyard.

Pudding River Winery's vineyard spans over 22 acres, and it is planted with several grape varietals, including Pinot Noir, Chardonnay, Pinot Gris, Riesling, and Syrah. The winery uses sustainable farming practices, such as composting and cover cropping, to ensure that their grapes are healthy and vibrant. Their wines are handcrafted in small batches, using traditional winemaking techniques and minimal intervention, to showcase the natural flavors and aromas of the grapes.

The winery's tasting room is a charming and cozy space, decorated with warm wood accents and beautiful artwork. Visitors can taste a selection of the winery's current releases, including their Pinot Noir, Chardonnay, Pinot Gris, and Riesling. Pudding River Winery also offers guided tours of their vineyard and winery, where visitors can learn about their winemaking process and the history of the winery.

If you are interested in trying Pudding River Winery's wines, you can purchase them directly from their website or visit their tasting room in Salem. Some of their wines are also available for purchase at local wine shops and restaurants in Oregon. Here are some additional links to explore their wine selection:

If you want to learn more about the topics discussed in this episode, here are some helpful resources:

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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Amy Irvine Amy Irvine

Uncorking Schedule 2: Sipping on Taxes with Amy Irvine

Amy Irvine of Wine and Dime is back with another episode, and this time she's uncorking the secrets of Schedule 2 from the 1040 tax document. It may sound daunting, but Amy breaks it down like a fine wine, explaining the different types of taxes and penalties that can show up on Schedule 2.

But what's a tax episode without a wine recommendation? Amy suggests pairing your tax prep with a glass of Pudding River Winery's Willamette Valley Chardonnay. This "delightful" wine is the perfect complement to your financial musings, with its notes of apple and pear and a smooth finish that will leave you feeling refreshed and ready to tackle your taxes.

So next time you're faced with the daunting task of Schedule 2, remember to take it one sip at a time and pair it with a delicious glass of wine. Cheers to financial wellness and a well-stocked wine rack!

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Main Discussion: Amy discusses Schedule 2 from the 1040 tax document, which includes additional taxes and penalties that a taxpayer may owe. She explains that Schedule 2 is used to report alternative minimum tax, excess advance premium tax credit repayment, additional taxes on IRA or other qualified retirement plans, and other taxes. Amy provides a helpful overview of each of these taxes and explains how they may apply to individual taxpayers.

In conclusion, Amy highlights the importance of understanding Schedule 2 and how it impacts your taxes. And of course, they recommend enjoying a glass of Pudding River Winery's Willamette Valley Chardonnay while reviewing your taxes.

Wine Recommendation: On this episode, Amy recommends a 2015 Willamette Valley Chardonnay from Pudding River Winery. She describes the wine as "delightful" with notes of apple and pear, a touch of vanilla, and a smooth finish. Pudding River Winery is a small, family-owned vineyard located in Salem, Oregon. Visit their website at puddingriver.com to learn more about their wines and vineyard.

Links that you might find helpful:

  1. Schedule 2 of the 1040 tax document - The IRS website provides information on Schedule 2, including the different types of taxes and penalties that are reported on it: https://www.irs.gov/forms-pubs/about-schedule-2-form-1040

  2. Alternative Minimum Tax (AMT) - The Tax Foundation has an article that provides a comprehensive overview of AMT, including how it works and who may be subject to it: https://taxfoundation.org/alternative-minimum-tax/

  3. Excess Advance Premium Tax Credit Repayment - The healthcare.gov website provides information on this tax, including how it is calculated and who may be subject to it: https://www.healthcare.gov/glossary/excess-advance-premium-tax-credit-repayment/

  4. Additional Taxes on IRA or other Qualified Retirement Plans - The IRS website provides information on these taxes, including the different types of retirement plans that may be subject to them: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

  5. Pudding River Winery - The winery's website provides information on their wines, vineyard, and tasting room: https://puddingriver.com/

  6. Rooted Planning Group - The financial planning group's website provides information on their services, team, and approach to financial planning: https://www.rootedpg.com/

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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Amy Irvine Amy Irvine

Uncorking Your Income: Making Adjustments on Schedule 1

In this episode of Wine and Dime, Amy Irvine is back to talk about the wonderful and illustrious 1040! Amy dives into Schedule 1, which is actually an extension of the front side of the 1040. Schedule 1 is all about additional income and adjustments to income.

What you'll learn:

  • Different income items included in Schedule 1

  • Form 4797 and Form 2550

  • Types of income need to be reported on Schedule 1

  • Pudding River Pinot Noir for International Women's Day

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

I. Additional Income Items

  • Taxable refunds, credits, and offsets to state and local income taxes

  • Alimony payments received (before or after 2019)

  • Business income or loss (covered in more detail in part five)

  • Other gains or losses (reported on Form 4797)

  • Rental income (reported on Schedule E)

  • Farm income or loss (reported on Schedule F)

  • Unemployment compensation

  • Any other income received (e.g. net operating loss, gambling, foreign earned income exclusion)

  • Income from other resources (various forms may be required)

  • Alaska permanent fund dividends

  • Jury duty pay

  • Prizes or awards

II. Adjustments to Income

  • Educator expenses

  • Certain business expenses of reservists, performing artists, and fee-basis government officials.

  • Health savings account (HSA) contributions

  • Moving expenses

  • Deductible part of self-employment tax

  • Self-employed SEP, SIMPLE, and qualified plans

  • Self-employed health insurance deduction

  • Penalty on early withdrawal of savings

  • Alimony paid (before or after 2019)

  • IRA contributions

  • Student loan interest deduction

  • Tuition and fees deduction

Conclusion:

  • Schedule 1 is an important part of the 1040 tax form that covers additional income and adjustments to income.

  • By understanding what needs to be reported and deducted, taxpayers can ensure they are accurately completing their tax return.

Pudding River Winery's Pinot Noir:

  • From the Willamette Valley in Oregon, Pudding River Winery's Pinot Noir is a complex and elegant wine with a deep ruby color and aromas of cherry, raspberry, and vanilla.

  • On the palate, it has a smooth and silky texture with flavors of red fruit, spice, and a hint of earthiness.

  • This wine pairs well with grilled salmon, roasted duck, or mushroom risotto.

  • It has received high ratings from wine critics and is a great choice for those looking to explore the world of Oregon Pinot Noir.

Links discussed in this episode:

  1. The IRS website provides detailed instructions on how to fill out Schedule 1, including a line-by-line breakdown: https://www.irs.gov/forms-pubs/about-schedule-1-form-1040

  2. Pudding River Winery: https://www.puddingriverwinecellars.com/

  3. Oregon Wine Board: https://industry.oregonwine.org/

  4. Willamette Valley: https://willamettewines.com/

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.

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Amy Irvine Amy Irvine

Demystifying Page 1 of the 1040 Tax Form

Summary: In this episode, we break down page 1 of the 1040 tax form and explain each section in plain language. We cover everything from personal information to income sources, deductions, and tax credits, so you can better understand how to fill out this important document.

Don't dread tax season - sip on a glass of Pudding River Wine Cellars Walla Walla Valley Malbec while filling out your 1040 form. You might even find it enjoyable!

Outline:

  • Introduction

  • Personal Information: The first section of the 1040 form requires you to provide your name, address, and Social Security number. You also need to indicate your filing status, which can be single, married filing jointly, married filing separately, head of household, or qualifying widow(er).

  • Income Sources: The next section asks you to report your income, which can come from various sources such as wages, salaries, tips, interest, dividends, and capital gains. You also need to include any taxable refunds, unemployment compensation, and Social Security benefits you received during the year.

  • Adjustments to Income: This section allows you to reduce your taxable income by reporting certain deductions such as contributions to a traditional IRA or student loan interest. These deductions are sometimes called "above-the-line" deductions because you can take them even if you don't itemize your deductions.

  • Deductions: The next section asks you to report your itemized deductions, which can include things like mortgage interest, state and local taxes, charitable contributions, and medical expenses. You can choose to take the standard deduction instead of itemizing if it results in a lower tax liability.

  • Tax Credits: This section allows you to reduce your tax liability by claiming certain credits such as the Child Tax Credit, Earned Income Credit, or American Opportunity Credit.

  • Calculating Your Tax Liability: The final section of page 1 asks you to calculate your tax liability based on your income, deductions, and credits. You can use the tax tables provided by the IRS to determine your tax liability based on your filing status and taxable income.

  • Conclusion and Final Thoughts

Winery and Wine Recommendations:

If you're looking for a delicious wine to enjoy while working on your taxes, we recommend the Pudding River Wine Cellars Walla Walla Valley Malbec. This wine boasts bold and juicy flavors of dark fruit and chocolate, with a smooth finish. You can purchase this wine directly from the winery's website at https://puddingriver.com/our_wines/2014-w-v-melbec/

Links/Resources Mentioned:

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.

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Amy Irvine Amy Irvine

What Amy Learned when she attended a two day conferenced sponsored by LLIS - Part 2

Thinking about adding disability insurance or "Risk Transfer" to your financial plan? Listen to this episode of the Wine and Dime Podcast by Amy Irvine as she shares what she learned at a recent conference sponsored by LLIS. She will also share her wine pick for this month as she starts her "around the world" with her tastebuds wine tour this year. 

Prejean Winery, https://prejeanwinery.com/ - Riesling or Gold Finch Riesling - check out the story of this wine, talk about a life event!

WHAT IS LLIS YOU MAY BE ASKING?

AS AN EXTENSION OF FEE-ONLY FINANCIAL ADVISOR FIRMS, WE WORK WITH ADVISORS AND THEIR CLIENTS TO FIND THE RIGHT SOLUTIONS FOR:

  • Term Life Insurance

  • Permanent Life Insurance

  • Universal Life; Individual and Survivorship

  • Variable Universal Life (VUL)

  • Guaranteed Universal Life (GUL); Individual and Survivorship

  • Disability Insurance

  • Critical Care Insurance

  • Long Term Care Insurance

  • Annuities

  • Immediate

  • Fixed

  • Variable

  • Hybrid Life/LTCi

  • Hybrid Annuity/LTCi

  • Life Settlements

Thanks for listening and be sure to like, rate, subscribe and share.

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

THIS EPISODE WAS PRESENTED BY

AMY IRVINE

ROOTED PLANNING GROUP

10 EAST MARKET STREET

CORNING NY 14830

WWW.ROOTEDPG.COM

EMAIL: AMY@ROOTEDPG.COM

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Amy Irvine Amy Irvine

What Amy Learned when she attended a two day conferenced sponsored by LLIS - Part 1

Thinking about adding life insurance to your financial plan? Listen to this episode of the Wine and Dime Podcast by Amy Irvine as she shares what she learned at a recent conference sponsored by LLIS. She will also share her wine pick for this month as she starts her "around the world" with her tastebuds wine tour this year. 

Prejean Winery, https://prejeanwinery.com/ - 2016 Bosun's Mate - check out the story of this wine, talk about a life event!

What is LLIS you may be asking?

As an extension of fee-only financial advisor firms, we work with advisors and their clients to find the right solutions for:​

  • Term Life Insurance

  • Permanent Life Insurance

  • Universal Life; Individual and Survivorship

  • Variable Universal Life (VUL)

  • Guaranteed Universal Life (GUL); Individual and Survivorship

  • Disability Insurance

  • Critical Care Insurance

  • Long Term Care Insurance

  • Annuities

  • Immediate

  • Fixed

  • Variable

  • Hybrid Life/LTCi

  • Hybrid Annuity/LTCi

  • Life Settlements

Thanks for listening and be sure to like, rate, subscribe and share.

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

THIS EPISODE WAS PRESENTED BY

AMY IRVINE

ROOTED PLANNING GROUP

10 EAST MARKET STREET

CORNING NY 14830

WWW.ROOTEDPG.COM

EMAIL: AMY@ROOTEDPG.COM

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Amy Irvine Amy Irvine

Amy's February 2023 Market and Economic Reports

This week's episode of Wine and Dime is a crossover episode from our YouTube channel. In this episode we discuss the Market and Economic Reports so far this year. You can listen to the episode here or check the show notes below for the links to the 2 video's that go along with it.

You will learn what the GDP and labor numbers are telling us.

Thanks for listening and be sure to like, rate, subscribe and share.

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

YouTube Link - 10-Minute Market and Economic Report (extended version) - February 6, 2023

THIS EPISODE WAS PRESENTED BY

AMY IRVINE

ROOTED PLANNING GROUP

10 EAST MARKET STREET

CORNING NY 14830

WWW.ROOTEDPG.COM

EMAIL: AMY@ROOTEDPG.COM

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Amy Irvine Amy Irvine

Fiscal Feminist Kimberlee Davis

We are excited to welcome Kimberlee Davis the Fiscal Feminist to this week’s episode of Wine and Dime. Kimberlee Davis is a Partner and Managing Director in The Bahnsen Group, a wealth management practice with offices in Newport Beach, California and New York City. She is also a Certified Divorce Financial Analyst. Kimberlee is a professional woman, a mother and a daughter of elderly parents. Her career began as a Wall Street corporate lawyer. She then transitioned into investment banking, corporate finance, and finally wealth management. She has also been a stay-at-home mom when her three daughters were young. Her experiences have covered the gamut of the diverse roles that women fulfill throughout their often very complex lives.

What you will learn:

  • Kim just recently released a new book called, ‘The Fiscal Feminist - A Financial Wake-Up Call for Women.” Join us as we explore why Kim wrote this book and her journey to discovery. As you will hear, Kim wants “women to give themselves permission to be financially strategic, preventative, and knowledgeable, while still enjoying all the things that money can’t buy.” 

  • Although Kim is a wealth manager now, that was not her first (or even second) career, listen as Kim shares her story of going from an attorney, to a stay at home mom (in another country), to wealth manager and author and podcaster. Everyone has a journey; we never know what part of the journey someone is on and that is why it is so important to be kinder than necessary for everyone you meet is fighting some kind of battle in their journey.

  • The Fiscal Feminist (@thefiscalfeminist) • Instagram photos and videos

Thanks for listening and be sure to like, rate, subscribe and share.

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

THIS EPISODE WAS PRESENTED BY

AMY IRVINE

ROOTED PLANNING GROUP

10 EAST MARKET STREET

CORNING NY 14830

WWW.ROOTEDPG.COM

EMAIL: AMY@ROOTEDPG.COM

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Amy Irvine Amy Irvine

Secure Act 2.0 - 2024 Provisions - Part 3

Welcome to Part 3 of the Wine and Dime podcast about the SECURE Act 2.0. In this episode we will be discussing provisions that go into effect in 2024. There's a big one regarding Roth Provisions, so be sure to tune in and learn more!

What you will learn:

  • Roth Provisions and eligibility requirements

  • IRA catch-up will be indexed for inflation

  • Hardship Distribution

  • Emergency Savings Account

Thanks for listening and be sure to like, rate, subscribe and share.

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

  • Rooted Planning Group BLOG about Secure Act 2.0

  • SECURE Act 2.0

  • Pudding River Wine Cellars 2015 Willamette Valley Chardonnay - Toasty, oaky and tropical on the palate laden with pineapple, passion fruit and guava. Rich mid palate but maintains a bright citrus finish.

  • Pudding River Wine Cellars 2015 Walla Walla Valley Syrah Dessert (Port Style) - Leads with complex aromas of roasted coffee bean, mocha, and black pepper that meld seamlessly into flavors of dark chocolate, macerated blackberry and black cherry cordial on the palate with a concentrated earthy, rich finish.

  • Pudding River Wine Cellars Boutique-styled wines from Oregon - Boutique Winery, Vineyard, Tasting Room, Custom Crush We are located in the heart of Oregon’s idyllic east Willamette Valley at the foothills of the Cascade Mountains and about an hour’s drive south from Portland. Once a poultry farm, our property sits along the banks of the Pudding River, a 62-mile tributary in the valley fed from the Cascade Range. We planted our vines in 2004 and yielded our first commercial vintage in 2006. Our dedication to producing world-class wine in the classic Oregon style while using sustainable methods, has been recognized by the Wine Spectator and Wine Enthusiast with a growing accumulation of accolades from wine and food competitions in the region. Recently, our wines scored high marks at the acclaimed San Francisco International Wine Competition.

THIS EPISODE WAS PRESENTED BY

AMY IRVINE

ROOTED PLANNING GROUP

10 EAST MARKET STREET

CORNING NY 14830

WWW.ROOTEDPG.COM

EMAIL: AMY@ROOTEDPG.COM

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