The Formynder Field Manual

February 2026

From the Field

Why does January feel so long and yet the rest of the year seems like FebuApruloctcember? I've never understood this, but it seems to happen every, single, year. That said, as you read this, you've probably settled into your new year groove. Quitters day has come and gone, and you've committed to achieving your goals through small, systematized, and repeatable steps. Now we're buckling up for tax season with your W-2's, 1099's, and 1098's all in your inbox by now. But isn't this the month of love? Sure is! And who doesn't love preparing for tax season? [Crickets] Fine. I'll wait to talk through filing until next month if you can hang on that long. In the mean time, let's get into why February only has 28 days 3 out of every 4 years. Bottom line, blame the Romans....

The BLUF

I know you'll want to read the entire newsletter, but here's a preview of what's included in this month's edition.

✅ Feel Good Moment. Adulting adults.

✅ What Are You Doing For Valentine's Day? If buying a card, get to the shelves early.

✅ Trump Accounts. You might see an extra question on your tax software this year.

✅ It's time for the Super Bowl and tax filing. But is it?

✅ In plain site. Some of the other places you'll find my musings.

Feel Good Moment

For me, helping people with their finances, which is my true passion and purpose, has come in many forms. Clearly, I have a business for those who want individual and specific advice, which I love. But one thing I've been clear about in this business is that I never want to be so big and so busy, that I can't do the one thing that started it all for me - teaching. In fact, that is a principle speed bump to any business growth decision I ever make; if I say "yes" here, will I have to say no to teaching?

One of my favorite overt teaching areas is in the classroom at our church - putting on an eight-week biblical financial series, twice per year. While I started using Financial Peace University, (not a bad curriculum), me and Dave Ramsey divert in a few areas of thought. So I decided to build my own curriculum. It fits my style of teaching and provides what I believe to be the largest impact to those who'd be willing to listen.

I also recently began podcasting as a way to reach a larger audience. My experience so far has been fantastic! If you haven't listened to the Fiscal Foxhole podcast, why not? If you have been listening to the Fiscal Foxhole podcast, you may have heard me mention that our church just finished a 3-week sermon series on money (my kind of series!). As you might expect, money and the church has a history, but at the end of it, I think most people could agree with the principle that if you are not shepherding the resources you have very well, not only can you not help others, you also are susceptible to a lot of stress and anxiety. That was the gist of the series.

I knew that while our pastor was teaching this series, the actionable step would be for people to check out the class I begin teaching in this month. Having had one, yes one, student who got a very personalized education last semester, you could probably imagine my excitement to see more than a dozen inquiries that first sermon. It's gotten to the point where I've had to ask the question, what's my room capacity?! Having taught from the broom closet last year, (not really), I am incredibly grateful as I look forward to what God can do through me in teaching others about building wise finances.

It's The Season of Love

Valentine's day has never been a significant day between my wife and I. Afterall, why do we need a day to celebrate love as long as we are intentional about telling, and showing each other love throughout the year? But it's still a thing, dating all the way back to 496 A.D., declared by Pope Gelasius I. Check out some of these fun facts from Legacy Box (very official - I know):

• Over 150 million cards exchanged in the U.S. - second to only Christmas.
• Hallmark sells over half of their Valentine's day card varieties less than a week from Feb 14th.
• 220,000 proposals in the U.S., happen on Feb 14th.
• The actual theoretical origin of Valentine's day is pretty grim. Careful opening pandora's box.
• In the Middle Ages, young men and women would draw handwritten names from urns to choose their Valentine. For the following week, they would pin the names to their sleeve. Ever heard the phrase, "Wear your heart on your sleeve."?
• ~224 million roses are grown for Valentine's day and over 50% of the population chooses red.
• Teachers receive more Valentine's Day cards than any other group of individuals.
• The chocolate box, an extremely popular gift of love, was first invented in 1868.

Besides driving points of interest, I'd like to note that while there is nothing inherently wrong about buying your special someone (or favorite teacher) a gift on Valentine's day, be intentional about your purchase. I might draw your attention to the fact that many cards are purchased within close proximity to the actual day, which feels a bit... unintentional. Rushed even. If this day has meaning in your life, make it meaningful. Otherwise, there are likely better ways to use your resources.

IRS Form 4547 - What's that?

The One Big Beautiful Bill Act (OBBBA) established a new way to save for your children with the introduction of the Trump Accounts. Over the course of the past few months, more details have emerged about how these accounts work, how one might contribute, how much you can contribute, and the rules on distribution. It's important to note that while the accounts are meant to be established this Summer, as of this writing, there are no custodians ready to implement these new accounts. That also means that even now, there are a few aspects about how Trump Accounts will work that are still speculative in nature. But here's what we know so far, established by IRS Notice 2025-68.

Trump Accounts are a type of traditional IRA established for the exclusive benefit of a minor child from birth all the way up to Dec 31st, the year prior to their 18th birthday. This is known as the "growth period," during which time the IRA is subject to special rules:

• Invested in eligible investments only
• Separate contribution limit from other IRAs
• No distributions allowed

Once the growth period expires, the IRA becomes owned by the beneficiary and reverts to the rules of other traditional IRAs.

There are 5 different types of contributions into the Trump account

• $1,000 from the government for eligible children born in years 2025 - 2028.
• Qualified general contributions for a qualified class of citizens
• Employer contributions
• Qualified rollover contributions (from another Trump account)
• Contributions from other sources, such as parents or other individuals

The annual contribution limit is $5,000 in aggregate between employer and other individual contributions. The other 3 types of contributions do not count towards the $5,000 limit.

While there is no Roth option for Trump accounts, Notice 2025-68 states that Trump accounts revert to normal IRA rules in the year the beneficiary turns 18, thus allowing for Roth conversions from that point forward.

If you have an eligible child or children, beginning with the 2025 tax filing, you may see an extra form 4547, where you can apply to open an account for each eligible child. If eligible, you can also request a government seed request of $1,000 on this form. If you don't see it on your tax filing, you will eventually be able to apply for these accounts on the www.trumpaccounts.gov website.

Now the question is, should you apply for a Trump account? There are a few considerations at play that all require you start with the end in mind - what are the goals you have for your child? They may not even be born yet, but by establishing an enabling goal, this will go a long way to help you make a decision about what kind of account(s) to open for your children and why. For instance, if higher education is your goal, a 529 account is likely a more efficient way to pay for that expense. If having a retirement account already funded and ready to accept more contributions (or not) once your child turns 18, this could be a way to go. Just keep in mind that the account becomes theirs. Could you handle $100,000 at age 18, even with the threat of early withdrawal penalties and additional taxable income?

When Should You File Your Taxes?

By 2359 on April 15th of course. But don't do that - seriously. So, why am I talking about an April 15th deadline in February? Because with some of you, (yes clients, I'm talking to you), it's not the deadline I have to warn you about, it's filing too early.

Filing too early? Is that really possible? Yes, yes it is.

Each year, I provide my clients a pretty comprehensive list of tax documents they can expect based on what I know about them. If they are an employee, they should receive a W-2. If they have a mortgage, they can expect a Form 1098. A high yield savings account usually produces a Form 1099-INT (per bank). If they have a taxable brokerage, they can expect a 1099-Comp (Div/Int). A Roth conversion or a rollover will produce a 1099-R. If they were a contractor, they're probably getting a 1099-NEC. Charitable giving will require you to acquire an annual statement of giving.

Here's a scenario where filing too early could go sideways. It's Feb 1st, 1 day past the January 31st deadline for most institutions to give you your tax documents. You've done some early calculations and maybe even been entering your tax data into the tax software every time you get a new document. The software indicates that you're getting a refund this year and so you're already thinking about how you'll spend and/or save that money! Can I submit my return? Should I submit my return? I should probably wait, oh but what the heck - I probably have everything: [submits return].

(1 week later) "Dear valued client, we apologize for the delay, but your tax forms are complete and ready for download."

OR

"Dear valued client, your corrected 1099 tax form is ready for download. We apologize for any inconvenience.

In either case, you must now amend your return, which is not as bad as you think, except now you are likely to have to pay a fee for said amended return on top of any adjustments to your tax liability plus the hassle factor. So, when is the best time to file your taxes?

First, make your own list. I find it helpful to go through my budget software accounts list. Where is my income coming from and will it get a tax form? Where is my savings and did it earn more than $10 of interest? Do I have a taxable account? Did I do anything with my workplace or individual retirement accounts? Do I have a mortgage? Did I give money away? Did I pay local property and/or real estate taxes?

Then, make a checklist and wait (im)patiently for documents to arrive. Once you have all of your expected documents and your tax software filled out, let it sit for a week or three, for two reasons. First, you could still get a late or corrected form. Second, there have been many occasions where some time away has loosened up my memory enough to realize that I forgot a deductible or creditable expense. Ultimately, a March tax filing still meets the tax filing deadline and you're still going to have the same tax liability you would have had in February.

In Plain 'Site'

Check out my latest articles:

• ​The Survivor Benefit Plan: It's Not Just About The Math​
• ​Gambling With Your Military Career: The Hidden Costs to the App in Your Pocket​

I've probably mentioned Rob Moore, MQFP® and I have a podcast more times than I need to, but what's once more?

In our latest episodes of the Fiscal Foxhole, Rob and I have several guests; one returning and one we give 100% credit to for our introduction - she created the venue! We talk through military service decisions, credit, goal making, and much more on our January episodes!

Listen, subscribe, review, share! We're out every Wednesday morning!

• ​Spotify​
• ​Apple​

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Disclaimer: This newsletter is provided for educational, general information, and illustration purposes only. Nothing contained in this material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation.