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Corrected 1099’s and Back Door Roth Contributions

As we find ourselves in the midst of tax season, I want to highlight crucial guidance on two areas prone to mistakes on tax returns. These errors can lead to audits, penalties, or overlooked tax advantages. My goal is to help you navigate these complexities, ensuring your 2023 tax return is both accurate and fully optimized. Understanding and addressing these common pitfalls can significantly impact your financial health and tax outcomes. Let’s explore these essential areas to ensure your tax preparation is as accurate and beneficial as possible.

Corrected 1099’s:

  1. Over the years, we have observed that brokerage firms, including Charles Schwab, often issue corrected 1099 forms. These 1099 forms provide you with investment income, dividends, and capital gains amounts that are crucial for accurate tax reporting. During the 2022 tax return season, Schwab issued corrected 1099s as late as March 23, 2023. This trend is not uncommon in the financial industry due to the complexity of reporting requirements and the reconciliation of year-end account statements. Therefore, you should expect that even though your account custodian issues initial 1099 forms in January, you may receive corrected forms throughout the tax filing season.
  2. Why This Matters for Your Tax Return Filing
  • Filing your tax return before receiving corrected 1099s can lead to income discrepancies on your tax return. If you file based on the initial 1099 received and a corrected version is issued later, you may need to file an amended tax return.
  • This is not only cumbersome but might also lead to additional tax preparer fees and potential issues with the IRS.
  1. Our Recommendations:
  • To avoid the need for amended tax returns, we recommend waiting to file your return until approximately March 25th each year. This approach is in line with best practices for financial and tax planning, helping to ensure that your tax return accurately reflects all your investment income and transactions for the year.  Although no one can guarantee that you will not receive corrected forms, the later you wait to file, the greater the possibility that you will not have to file an amended return. 
  1. Your Next Steps:
  • Monitor Your Mail and Email: Keep an eye out for any communications from Schwab or other financial institutions regarding your tax documents.
  • Review Your Documents: Once you receive your 1099s, please review them thoroughly. If you notice any discrepancies or have questions, do not hesitate to contact us.
  • Provide corrected tax documents to your tax preparer as soon as received. This will ensure the corrected 1099s are included in your tax return data.

Back Door Roth Contributions:

  1. Before delving into the workings of Back Door Roth Contributions, it’s crucial to discuss a common scenario I’ve observed in the tax returns of clients who’ve utilized this strategy. The process typically unfolds as follows:
  • The client converts a Non-Deductible IRA contribution into a Roth IRA.
  • They receive a Form 1099-R from their custodian, which indicates in Box 2a that the distribution appears taxable.
  • Unfortunately, this form lacks clear indication that the distribution was a conversion from a non-deductible IRA contribution, which should not be taxable.
  • The client fails to inform their tax preparer that the conversion involved a non-deductible IRA, leading to the assumption that it’s taxable.
  • Consequently, this oversight necessitates filing an amended tax return to rectify the situation.
  1. What is a Back Roth Contribution?
    1. A backdoor Roth IRA contribution is a strategy used by individuals to contribute to a Roth IRA even if their income exceeds the limits set by the Internal Revenue Service (IRS) for direct Roth IRA contributions. Roth IRAs offer the potential of tax-free growth and tax-free withdrawals in retirement, making them highly attractive for retirement planning. However, there are income limits that restrict higher-income earners from contributing directly to a Roth IRA.
    2. Here’s how a backdoor Roth contribution works:
  • a. Make a Nondeductible Contribution to a Traditional IRA: The first step involves contributing to a traditional IRA. Unlike Roth IRAs, traditional IRAs do not have income limits for contributions, but the ability to deduct these contributions on your taxes does have income limits. For the backdoor Roth strategy, the contribution is made with after-tax dollars (nondeductible).
  • Convert the Traditional IRA to a Roth IRA: After making the nondeductible contribution to the traditional IRA, the individual converts the traditional IRA to a Roth IRA. This conversion is not limited by income levels. Taxes may be due on any earnings and pre-tax contributions converted, but since the original contribution was nondeductible (made with after-tax dollars), it should not be taxed again.
  • Tax Implications: The key tax consideration is that if you have any other IRAs with deductible contributions (pre-tax money) and earnings, the IRS requires the use of the pro-rata rule when calculating taxes owed on the conversion. The pro-rata rule considers all IRAs to determine the taxable portion of the conversion, which could result in a higher tax liability than expected if the conversion was thought to be only of after-tax contributions.
  • No Income Limits for Conversions: The IRS does not impose income limits on who can convert a traditional IRA to a Roth IRA, which is why the backdoor Roth IRA strategy is viable for high-income earners.
  • This strategy can be particularly beneficial for high-income earners who are looking for ways to save for retirement in a tax-efficient manner. However, it’s essential to consider one’s overall financial situation, including existing IRA balances and their potential tax implications, before proceeding. Consulting with a financial or tax advisor, especially someone experienced with the nuances of retirement and tax planning, is advisable to navigate the complexities and ensure compliance with IRS rules.

We understand that timely filing of tax returns is important to you. However, ensuring the accuracy of the information reported to the IRS is paramount. Our goal is to assist you in navigating these complexities and to provide guidance that aligns with your financial well-being.

If you would like to further to discuss this article, please email LRobinson@capsouthpartners.com   To learn more about CapSouth and how we can help, please visit our website at https://capsouthwm.com/what-we-do/

Lewis Robinson, CPA

Director of Advanced Planning

 

Investment advisory services are offered through CapSouth Partners, Inc, dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information. CapSouth does not offer tax, accounting, or legal advice. Consult your tax or legal advisors for all issues that may have tax or legal consequences. This information has been prepared solely for informational purposes, is general in nature and is not intended as specific advice.

 

Beyond Resolutions: 10 Core Truths for the New Year

In 2019, I grew disillusioned with New Year’s resolutions. I can be somewhat of a perfectionist, and if things didn’t get off to a great start, I found myself floundering.  I tended to have an “all or nothing” mentality.  If it couldn’t be perfect, was it even worth still pursuing? At the time, I didn’t think it was.  I had been setting resolutions for years and then throwing in the towel quickly once the new year started.  This also didn’t sit well with me as I had been taught early on to be tenacious and not give up easily. While I don’t remember all the details of 2019, I remember the frustration. I remember thinking that there had to be a better way to set goals and to dream big.  I needed a different approach.  Thankfully, I was listening to a podcast when they were raving about a product called PowerSheets® Goal Planner from a company called Cultivate What Matters.  I was immediately enthralled as they talked about starting small, making progress, and that small steps matter.  Not only did it seem doable, but it was a refreshing way to think about how to achieve the things that were important to me. Ironically, my first year of PowerSheets® was 2020. You can imagine how that year went! While the year and the goals went off the rails quickly, the 90-day refresh gave me a new opportunity to revisit what was important to me within the year.  Admittedly, I didn’t complete the full year, but I fell in love with the process and have been doing them every year since.

One of the best parts of using the PowerSheets® Goal Planner is that each month has its own recap space for you to jot down various things such as what’s working and what’s not. It also has space for things you are grateful for as well as your favorite memories. Then as you finish the year, you do a full year in a review and reflect on these topics. I love using the week between Christmas and New Year’s to reflect and do all the prep work. I find this week to be weirdly quiet and reflective.  I lose track of the days, and anything feels acceptable.  It’s an oddly productive week even if what I’m doing seems absurd and unnecessary (think organizing spices in alphabetical order).

This year, the week between Christmas and New Year’s took on a whole new vibe. We were coming fresh off a remodel (I’m talking furniture being delivered the Thursday before Christmas fresh here).  It was a level of calm I desperately needed after a wild finish to 2023. I couldn’t wait to grab my 2024 PowerSheets® (not sponsored by them I promise) so that I could dive in to reflecting and cultivating a new year.  Reflecting on 2023 brought some big emotions, and I was grateful for the space to process them.  In many ways it was a wonderful year! We took some great trips with friends, spent time with family, survived a remodel and perhaps some of the coolest news – we’re going to be first time grandparents!  Yet at the same time, the year was incredibly tough.  A dear friend was losing their battle with cancer. I received a new health diagnosis which meant having to prioritize my health like never before. It was a beautiful and messy year which is a perfect reflection of what life really is.

After reflecting and wrapping up my 2023 PowerSheet® Goal Planner work, I was ready to dive in to 2024.  It’s a fresh start. A time to dream big or think small. There is no right or wrong. 2024 will bring some amazing things – a new granddaughter, an amazing family river cruise, milestone birthdays for family and friends, and more.  Despite all these amazing things, I was still carrying this sense of dread, and I didn’t know why. My first moment of delight came as I discovered the new prep pages that the Cultivate What Matters team had created for this year’s PowerSheets®.  They switch it up every year, and this year had some of the classic work I love and some new fun touches.  Each year offers inspiring words and wisdom, and this year was no different. I found myself being drawn to the “Core Truths” highlighted throughout the prep pages.  Little by little, I felt the joy creeping in and the inspiration pouring out.  Each core truth hit home and had me considering 2024 in a new way. They were so inspiring I wanted to share them with you as well. No matter the season you find yourself in this year, these 10 core truths may help you cultivate new dreams or tend to existing ones in new ways.

Core Truth #1: Naming What Matters Changes Everything

Naming what matters helps us gain clarity. Life is demanding. So much is demanding our attention or at least vying for it. We’re bombarded with emails, texts and social media posts every day.  It’s easy to lose sight of what’s most important to us, even when it’s right in front of our face. It’s why we love having clients tell us their goals – their needs, wants and wishes.  It’s what matters to you, and our job is to collaborate on a plan to get you there. What is important to you this year? What do you believe will be important to you in 5 years? 10 years? Sometimes we get so caught up planning for the future that we forget what’s important to us right now.  Finding balance is important. One of the most powerful exercises I’ve done is to think about the end of my life. What would have really mattered? It’s not going to be the time I spend on social media or how much I worried.  It won’t be how much money I made either.  What would really matter to me at the end of my life would be how I treated people, the time I spent with loved ones, the friendships I made and the experiences I had. What will matter to you?

Core Truth #2: Reflection Reaps Rewards

It’s easy to get lost when we only focus on where we want to go. There is a time and a place to leave the past behind, but there is also a time and place to reflect.  Looking back and reflecting helps us to remember what is and isn’t working for us in this season.  It also gives us an opportunity to truly see the progress that was made along the way. What were the good things you experienced in 2023? What do you want more of in 2024? What lessons were learned that we can carry with us? This is your life, and it isn’t pass or fail.  This is the reason we adjust your financial plan on a regular basis.

Core Truth #3: Goals Grow When We Pursue Progress, Not Perfection

Take it from me and leave trying to be perfect behind.  Perfect isn’t realistic.  Perfection seems more fleeting the tighter we hold onto it.  Progress is refreshing and rewarding. Taking an inventory of our goals and how we’re doing gives us a great starting point for how to move forward in the new year.  You can segment your life in a variety of ways and do a life inventory as well.  How is your health? How is your family? What is your work life like these days? How are your daily finances going? If you had to rate yourself in these areas, how would you be doing? Are there areas that need more attention than others? Last year was a great year for me in several areas of my life.  I’m carrying that into 2024, which gives me the capacity to focus on other areas that need more tending such as my health.  

Core Truth #4: Change is Possible

Mindset is everything.  Have you ever thought that a goal or a dream was impossible? Have you been disappointed time and time again, so you gave up? I have. It was easier to give up than to be disappointed again.  Believing again meant a change in my mindset.  I had to be honest with myself about what was holding me back.  Sometimes I was my own worst enemy and holding myself back.  Imposter Syndrome can creep in. We can believe that we aren’t enough. Adopting a growth mindset can remind us of who we really are and inspire us to get going again. Are there things you continue to do because you feel they are expected of you? Is there a change you are dreaming of making this year? Let’s talk about it and make a plan this year to do something different.

Core Truth #5: Little By Little Adds Up

This is my life motto right now! I have a rigorous physical therapy regiment ahead of me this year to get back to doing the things I love. When I think about what’s ahead of me it’s easy to get overwhelmed.  Thankfully, I have an amazing care team that reminds me to take things one day at a time.  I have two choices, go slow and small or not go at all. This is a major departure from the “go big or go home” mantra that I can tend to adopt. When I look back at the end of 2024, I want to be proud of all the baby steps I took towards the bigger goal.  Have you ever felt the same? It’s okay to take some time to celebrate all the little things you are doing – in fact we encourage it! Celebrate the contributions you are making to your retirement plan each pay period. Celebrate your savings account for your big dream growing.  Celebrate the steps you have taken to leaving a legacy. Remember that it was the slow and steady tortoise that won the race, not the fast and impatient hare.

Core Truth #6: Legacies Start with One Small Seed

Everything and everyone started somewhere. Getting started can be the hardest part. Making a list of steps can be incredibly helpful. It can provide clarity on the best place to start. We often talk about legacy at CapSouth, and it’s so much more than a financial legacy. What traditions do you want your family to continue? How do you want to be remembered? It can be multifaceted just like you. For me, one key area that stood out last year is how much I love mentoring and paving the way for the next generation of Advisors at CapSouth.  I absolutely love the thought of a new generation of Advisors continuing the work that was begun over 20 years ago with an entire new generation of clients that includes children and grandchildren of current clients.  I can plant small seeds along the way to this bigger dream. Each small action will add up to a lasting legacy.  What is one small seed you can plant this year for your legacy journey?

Core Truth #7: To Everything There Is a Season

If I’m being honest, it already feels like 2024 has shot me out of a cannon! I was thinking I would have a leisurely start to the year, but that hasn’t been the case.  It would be easy for me to fall back into old patterns where I start trying to do everything at once if I hadn’t been so diligent about planning out my seasons this year.  I must be realistic about what I can accomplish on any given day. I’m not Super Woman even though some days I tried to act like I was! For now, let’s just focus on the first three months of the year. What’s important in this season? Is there one thing you could start, or is there one thing you need to continue this season? Are your goals realistic in this season? Do you have the resources (time, money, support) to achieve them or make progress?  These are the conversations where collaboration can be helpful. You don’t have to make all these decisions on your own, and we would love to be a part of the story.

Core Truth #8: We Can’t Do It All and Do It All Well, But We Can Choose to Cultivate What Matters

Let’s go back to that thought of being Super Woman. It took me a long time to realize I couldn’t try to do everything at once without something suffering.   These days I’ve learned to say no to some things so that I can say yes to the things that I’ve prioritized in this season.  I never thought of myself as a people pleaser but saying no didn’t come easy.  I worried about how the “no” would be received.  Eventually, I had to accept that I just didn’t have the capacity to give everything my best all at once.  It didn’t mean I didn’t want to try. The more transparent I was with those in my life I had to say no to, the freer I felt to continue to say no.  Do you feel pulled in a million directions right now? Is there something you need to say no to so that you can prioritize something more important?  

Core Truth #9: Any Day Can Be a Fresh Start

There is nothing magical about January 1. Please read that again.  As a recovering perfectionist, I now relish that every day I wake up can be a fresh start. We don’t have to wait a full year to start again.  We can choose to start on a random Monday or the first day of the next month.  That’s the beautiful part – you get to choose your fresh start.  It’s easy to keep procrastinating and waiting for the perfect time. I’m not sure the perfect time exists. We don’t have to blow up our day, week, month, or year because of a bad moment.  

Core Truth #10: It’s Okay to Grow Slow

We live in a world full of instant gratification. Amazon can have groceries and many unnecessary but wanted items to my house in just hours now.  I can pay for something with a tap of a card or a click of my iPhone’s side button.  Going slow can feel painful and unfulfilling in this kind of world. It can make us feel that we’re not making progress which can lead to giving up or moving on from a goal we had.  We don’t have to always feel as if we are racing through life.  While you don’t need it from me, I’m giving you full permission to grow slow.  We can chart your progress each year and celebrate along the way.  If you are used to sprinting your way through life, you may even appreciate a change of pace.

By the time I finished my 2024 prep work and incorporating these ten core truths into my year, I had seven goals for the year that I will devote time to little by little each month (Feel free to email me at jfensley@capsouthpartners.com and I will happily share those with you if you are curious). For those of you that love choosing a “Word of the Year”, my word for this year is intentional.  It felt appropriate as each goal I chose will require me to be intentional (almost daily).  We at CapSouth have the amazing privilege of doing life with you because of a choice you made to put your trust in us.  We are all so much more than the money in our Charles Schwab accounts, and it is my sincere hope for all of us that 2024 is a year where we can soak in these 10 core truths to remember to enjoy this beautiful and messy journey we’re on. 

To learn more about CapSouth and how we help, visit our website at https://capsouthwm.com/what-we-do/

CapSouth Partners, Inc, dba CapSouth Wealth Management, is an independent registered Investment Advisory firm. CapSouth does not offer tax, accounting or legal advice. Consult your tax or legal advisors for all issues that may have tax or legal consequences. This information has been prepared solely for informational purposes, is general in nature and is not intended as specific advice. This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth). CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from this article. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to a third party entity.

Sources: www.cultivatewhatmatters.com

Cultivate What Matters 2024 Powersheets® Goal Planner

Home Improvement – The Good and The Bad

The National Council on Aging recently shared a story about a scammer who targeted a homeowner in Massachusetts.

The victim alleged that a contractor damaged his home’s foundation and didn’t return to finish the work—even after taking thousands of dollars in payments.

Since 2007, around 109,000 home improvement scams have been reported to the Federal Trade Commission (FTC), resulting in about $207 million in losses in roughly the same period.

But that may just be the tip of the iceberg, since many victims of scams do not report the crime.

Sadly, scammers often seek out older homeowners, who they expect to be more trusting, wealthier, and more likely to have memory or cognitive problems.

The value of home improvement

Of course, there are many legitimate home improvement companies out there. Many businesses suffered during the pandemic lockdowns, but homeowners funneled an estimated $420 billion into remodeling projects in 2020 alone, according to Money, as lockdowns and social distancing curtailed outside entertainment.

Making improvements to your home not only enhances your enjoyment but can also increase the return on investment (ROI) if and when it is time to sell.

The projects you decide to tackle may be influenced by the ROI, your personal choices, or a combination of these and other things. For many of us, our home is the largest purchase we will make. You may want to consider ways to increase its value.

According to the National Association of Realtors 2022 Remodeling Impact Report, hardwood floor refinishing and new wood flooring provide the top return, 147% cost recovery and 118%, respectively.

Insulation upgrades offered 100% cost recovery.

Bathroom renovation and kitchen upgrades don’t top the list in terms of investment, but do improve your own enjoyment of your home. They provided 67% and 63% return on cost, respectively.

Of course, these are simply averages. Location plays a big role in the value of your upgrades. And it goes without saying that a very expensive renovation in a modestly priced house will lead to a diminished ROI.

If you are planning to sell your home, an experienced real estate agent can help you find the sweet spot between outlays and returns. Don’t think your home has to be perfect to list it; we are typically our own worst critics!

The dark side of home improvement

Home remodeling isn’t as simple as walking into Walmart or Home Depot and making a purchase. There is a high level of comfort that a major retailer will provide a good product and stand behind its warranty.

Home improvement companies, however, are everywhere and exist at every level of quality. Some are trustworthy, and their work stands out. Others are looking to make a fast buck. Quality of work isn’t a high consideration.

Then there are actual scammers who make empty promises and leave you, your finances, and your home worse off than when you started. They have one goal—take your money and leave you with little value.

Trust but verify

How can you tell if a contractor might not be reputable? According to the FTC, these behaviors are red flags:

  • Scammers knock on doors, claiming to be “in the area” looking for business.
  • Scammers claim they have materials left over from a previous job, which will save you money.
  • They pressure you into an immediate decision.
  • They ask you to pay for everything upfront and/or only accept cash.
  • They ask you to get the required building permits.
  • Scammers suggest you borrow money from a lender they know.
  • They won’t sign a contract, but insist on a handshake deal.

These seem almost obvious, but con artists don’t become con artists without learning the art of persuasion. They put you at ease. They evoke trust and your guard comes down.

Here is how it might work: A friendly home improvement tradesman might knock on your door and tell you they have noticed a problem with your house. They offer to inspect the issue at no cost and then provide a quote that seems reasonable because they just happen to have an oversupply of materials from a prior job, so they can give you a deal.

When you agree to their proposal, they insist on a large deposit or 100% payment upfront. Or they might request a payment method that isn’t common, such as an online money transfer or prepaid debit card.

Once your cash is in their hands, they disappear.

Step back for a moment and review this scenario. Somebody you don’t know knocks on your door and demands a big cash payment for work they haven’t yet performed. They would have to be pretty charming because that’s a huge red flag.

Homeowners are often targeted by scammers posing as contractors after a natural disaster, promising low-cost repairs and pressuring them to act quickly. But again, after taking the deposit, the service provider may disappear, or the work may be poorly executed or left incomplete.

Anyone can be susceptible to these scams. Following Hurricane Katrina, I served on a mission trip in New Orleans, hanging drywall in the very nice home of a real estate agent who thought he had done the right things…he had insurance, filed a claim, received the proceeds, hired a contractor, paid the contractor…and then the contractor disappeared. The stress of the crisis and perceived imminent need caused him to let his guard down regarding a questionable contractor.

Another scenario is when a project snowballs. After a contractor starts your project, they may try to persuade you that there are additional, costlier problems that require your immediate attention. If you refuse to authorize additional work, they may threaten to abandon the project, leaving it unfinished.

Another move is to intentionally perform low-quality work to ensure repeat business.

Be alert. If something doesn’t feel right, you are under no obligation to move forward.

How to avoid scammers

Here are some ways you can greatly reduce your odds of being victimized.

  • Consider only contractors who are licensed and insured.
  • Get recommendations from family and friends.
  • Check with the local Home Builders Association and consumer protection officials to see if they have complaints against a contractor.
  • Research a business online and read reviews but keep in mind that they may not be perfect. Instead, focus on the center of gravity, i.e., the bulk of reviews, and how complaints are handled.
  • Get written estimates and read the contract carefully.
  • Don’t pay the full amount up front. A downpayment will likely be required, but avoid those who want full payment upfront.

Loan scams

Remodeling projects are often financed by cash in the bank or a home equity loan.

Be careful about your financing:

  • Never agree to financing through your contractor without shopping around and comparing loan terms.
  • Never agree to any loan without understanding the terms of the loan.
  • Don’t sign a document that you haven’t read or one that contains blank spaces.
  • Don’t let anyone pressure you into signing an agreement.

Once again, let me remind you to be alert. If something doesn’t feel right, you are under no obligation to move forward.

If you have been the unfortunate victim of a scam, report the crime to your state attorney general’s office, the state’s consumer protection office, the BBB, your local media’s call for action lines, and the National Association of Homebuilders.

Many home improvement companies pride themselves on their workmanship. You can greatly reduce the likelihood of falling prey to a scam by taking some simple precautions and learning about the reputation of the company you are hiring.

Remember your advisor

We are here to help. Your advisor is not just here for periodic check-in meetings on your investments and long-range plan. We are here to do life with you and be partners with you in big decisions. Considering a home remodel? Considering selling or buying a home? Reach out to us and allow us to provide any guidance we might have on the process and how it fits into your overall picture.

As always, it’s a privilege to know that you have chosen us as your financial advisor. Thank you for the trust you have placed in us. To learn more about CapSouth Wealth Management and our services, visit https://capsouthwm.com/what-we-do/

Article by: SCOTT MCDOWALL, CFP®

CapSouth Partners, Inc, dba CapSouth Wealth Management, is an independent registered Investment Advisory firm. This material is from an unaffiliated, third-party and is used by permission. Any opinions expressed in the material are those of the author and/or contributors to the material; they are not necessarily the opinions of CapSouth. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information. CapSouth does not offer tax, accounting or legal advice. Consult your tax or legal advisors for all issues that may have tax or legal consequences. This information has been prepared solely for informational purposes, is general in nature and is not intended as specific advice. This material contains external links to third party content (content hosted on sites unaffiliated with CapSouth). CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from this material. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to a third party entity.

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