Episode 247

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Published on:

15th Mar 2023

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!

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

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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About the Podcast

Money Roots
Money Roots with Amy Irvine
Welcome to "Money Roots," the podcast where personal finance becomes personal. Join host Amy Irvine, CEO of Rooted Planning Group, as she demystifies the world of finance and makes it approachable for everyone, from beginners to financial experts.

In each episode, Amy and her guests dig deep into the financial soil, planting the seeds of financial knowledge and helping you nurture your financial future. Whether you're looking to build a solid budget, invest wisely, or plan for retirement, "Money Roots" has you covered.

Get ready to explore practical advice, inspiring stories, and expert insights that will empower you to take control of your financial destiny. It's time to grow your money roots and thrive financially!

Subscribe to "Money Roots" now and join Amy on this exciting journey to financial empowerment. Let's put down some roots and flourish together.

About your host

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Amy Irvine

Uncorking Amy Irvine!!

If any of you have ever met Amy, you know she is passionate about
three things. Family, Finances, and WINE! This comes through in all
that she does and all that she is. When asked to describe herself she first and foremost states, “I am a wife, a daughter, and hopefully a good friend, who happens to also be a financial planner.” Amy holds a Master’s Degree in financial planning and is a Certified Financial Planner TM , Enrolled Agent, Certified College Financial Consultant, and a Financial Wellness Coach with over 25 years of financial planning and industry experience. She is the Founder and owner of Rooted Planning Group, (Formerly known as Irvine Wealth Planning Strategies LLC), which started in 2016 and has grown to include 6 other planners and 2 part-time staff members. Amy is definitely “doing it her way” and has been recognized by her financial planning colleagues as being a “disrupter,” a title she holds close to her heart and is proud of.

Uniquely, at the age of 44, she decided to not only start her only company, but to act on what she defined as her perfect life and she splits her time between Parrish, Florida and Jasper, New York.
On her website it states, “I love what I do, but I also very much enjoy warmth, good
conversation, wine tastings, and volunteering. New York is extraordinary in the summer and fall, but so is Florida in the winter.”
In 2018, she decided it was time to take the stigma out of finances by combining her passion for finances and wine. She started a podcast called “Wine and Dime,” which highlights a different wine and financial topic each week, and she released her book combining those same two passions, titled, “Uncork Your Finances.”
Many of you may know her as one of the co-founders of the Southern Tier Women’s Financial Conference – a day of collaboration and financial education, which will be hosting it’s sixth year!
To round out her volunteering passion, she often provides financial education to the
community through the financial management program of Cornell Cooperative Extension of Steuben County, she serves on the board of Faith-in-Action of Steuben County, volunteers for various Fund For Women of the Southern Tier events, works with the finance committee of the Arts Council of the Southern Finger Lakes, and serves on the board for the Corning Painted Post Historical Society (also known as Heritage Village).
In her downtime, you’re likely to find her with a glass of red wine from one of the many Keuka or Seneca Lake wineries that she highlights in her Wine and Dime Podcast.