Taxes
Showing 50 results of 224
If You Have a Pension, Smart Tax Planning Should Start Now
May 03 2024
Adding pension income to Social Security benefits and income from required minimum distributions could see you facing a tax torpedo and higher Medicare costs....
kiplinger.com
Whose Tax is it Anyway?
May 01 2024
Last week, Bloomberg published an article on how the rich avoid paying New York income taxes while still owning a home in the city/state. The key to their tax avoidance strategy is spending less than ...
ofdollarsanddata.com
Forget To File Your Taxes? You Might Hear From The IRS
Apr 30 2024
According to the IRS, the mailings are being sent to more than 25,000 people who have more than $1 million in income between tax years 2017 and 2021, and to more than ......
forbes.com
Tax Loss Harvesting, Tax Gain Harvesting, Financial Advisor Value - 479
Apr 30 2024
Linda is retired and financially independent. Her advisor suggests she have a separately managed account specifically for tax loss harvesting. Today on Your Money, Your Wealth® podcast 479, Joe An...
purefinancial.com
The Best Kept Tax Secrets That Uncle Sam Doesn’t Want You to Know
Apr 29 2024
Did you know, you have more control over how much you pay in taxes in retirement … than at any other time of your life? It’s true! And if you take advantage of some simple tax planning st...
bossretirement.com
Capture The New Tax Breaks On Home Improvements
Apr 28 2024
Know how to navigate the IRS regs to capture the tax credits under the Inflation Reduction Act....
forbes.com
Moving 401(K) providers and want to understand any tax implications
Apr 25 2024
Hey all, I am in my 50s and need to change 401(K) providers - likely from Vanguard to Fidelity. I also run a small business, so this is specific to the Individual 401(K) plan I have with my wife toget...
reddit.com
Tax Planning for Widowed Retirees: How to Optimize Your Tax Strategy
Apr 24 2024
Jennifer, 54, plans to retire soon. Her husband, 70, is retired, on Social Security, and dealing with some severe health issues. Jennifer worries about possibly becoming single in retirement, which co...
buzzsprout.com
No more market slumps as "buying opportunities"
Apr 24 2024
When I was working full-time, and putting away money into my retirement plans and after-tax accounts, I could always put a smiley-face on long-term market declines by thinking of those times as "buyin...
reddit.com
Beware The Tax Traps Sprung On Those Who Move In Retirement
Apr 23 2024
High-tax states try to tax residents who moved to lower-tax states....
forbes.com
How to Claim Tax Treaty Benefits to Avoid Double Taxation
Apr 23 2024
“We’re going to need to see a Japanese tax return.” “You want a what?!?” I sputtered. There are lots of things FIRECracker and I pictured when we started down the path of...
millennial-revolution.com
How to Manage Taxes When You Win the Lottery - 478
Apr 23 2024
So you won the lottery - congratulations! After you celebrate, should you rip off the band-aid and convert the entire lump sum payment to a Roth IRA? That’s today on Your Money, Your Wealth®...
purefinancial.com
Lump Sum vs. Annuitization: Tax Implications for Your Non-Qualified Annuity
Apr 20 2024
Joe is planning for retirement and wants to minimize his tax burden, especially on the interest earned from his three annuities. James explains that non-qualified annuities are purchased with post-tax...
buzzsprout.com
Looking for high-yield CDs? Consider an Option “Box Spread” as a tax-advantaged alternative!
Apr 18 2024
April 17, 2024 – People sometimes ask me for a good and safe place to “park” their money for a short period. CDs, high-yield savings, and money market accounts would be the obvious a...
earlyretirementnow.com
The 3 Tax Mistakes That Could Cost You Thousands
Apr 17 2024
Don’t Forget Tax Day Today is April 15th, Tax Day! It is one of the few times each year when everyone collectively thinks about their personal finances. If you owed a significant amount this yea...
andrenader.substack.com
Retirees Face Significant Tax Bills Due to Fraud
Apr 16 2024
A new report sheds light on how older adult scam victims end up with big tax bills and lost retirement savings....
kiplinger.com
Implications of (mini) "Golden Parachute"?
Apr 16 2024
My institution is offering a full year's salary for relinquishing tenure after this academic year. I wanted to retire anyway, so this seems like an unexpected gift. I know that the taxes will be high,...
reddit.com
Three Ways to Give to Your Kids Tax-Free While You’re Still Alive
Apr 13 2024
Parents can see the positive impact of their giving through tax arbitrage, giving cash (within limits) or directly paying for school or medical expenses....
kiplinger.com
Your Kids' Tax Brackets Could Lead to Unequal Inheritances
Apr 12 2024
Sometimes, divvying things up equally means one child might end up with less because of tax implications. Here’s how to avoid that....
kiplinger.com
Can’t Pay Your Taxes This Year? Here’s What to Do
Apr 10 2024
Home » Tax Relief Companies Updated: If you’re having trouble paying your taxes this year, relief is available. Tax filing requirements and paperwork are stressful enough, but if you owe t...
retirementliving.com
Be Ready For These 10 Tax Surprises, Ep #213
Apr 09 2024
So many of us will be hoping for no tax surprises when preparing our tax returns this year. This is why we want to provide you with a list of common tax surprises to watch for. After working with hund...
financialsymmetry.libsyn.com
The Rich Pay More Than Their Fair Share Of Income Taxes
Apr 08 2024
The rich are frequently criticized for not contributing their fair portion of taxes. However, when examining income taxes, it becomes evident that the wealthy actually contribute more than their fair ...
financialsamurai.com
What You Need to Know About Social Security and Taxes
Apr 06 2024
As you prepare for retirement, it’s essential to understand what your taxes will be. You may think your Social Security benefits are tax-free. After all, why would the government pay you money w...
newretirement.com
How to Cut Your Taxes as Short-Term Interest Rates Come Down
Apr 03 2024
Using after-tax savings to buy an immediate annuity could shift your taxes on income to later years, when you might have expenses that can offset higher taxes....
kiplinger.com
Retiring Abroad? What Expats Need to Know About Taxes
Apr 03 2024
Living or retiring abroad doesn’t absolve you of your responsibility to file a U.S. tax return....
money.usnews.com
Four Ways to Give Money Tax-Free to Your Kids When You Die
Mar 31 2024
If you’d prefer that your estate not pay more taxes than necessary, then these strategies are for you....
kiplinger.com
Best Credit Card to Pay Taxes: Is It Worth It?
Mar 29 2024
Nobody likes paying taxes. But being rewarded for your tax payments can certainly ease the bitterness. While many avoid paying ... Read more...
physicianonfire.com
Listener Q&A: Lowering Taxes with IRA Conversions, Understanding RMDs & Gifting Strategies
Mar 27 2024
Check out the latest podcast episode on retirement planning and Social Security by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos...
keilfp.com
How to Take the Uncertainty of Taxes Off the Table - 474
Mar 26 2024
Jimmy in Wisconsin will have a pension, Social Security, and a seven year retirement shortfall. How should he cover it? Skipper in Texas has some unusual pension options, which makes the most sense fo...
purefinancial.com
Pay ZERO Capital Gains Tax vs Roth Conversions in Retirement: How to Determine Which is Best
Mar 26 2024
Listener Drew asks about a tax strategy for juggling capital gains and Roth conversions. While it can be a complicated question – especially when large accounts are involved – James provid...
buzzsprout.com
Avoid Surprises: Don’t Procrastinate on Your Taxes
Mar 25 2024
You really should start thinking about next year’s taxes immediately after filing this year’s. Better tax efficiency could save you some serious dough....
kiplinger.com
How to Pay Less Tax on Retirement Account Withdrawals
Mar 21 2024
Avoid penalties and minimize taxes when you pull money out of your 401(k) or IRA....
money.usnews.com
Is this a loophole making contributions to SEP IRAs at age 65 or over?
Mar 21 2024
Is the loophole that one can make contributions at age 65 (or 65+), tax free as expected, and do any of the following with no penalty: a. With drawl the full amount. At any time. And pay tax at your c...
reddit.com
How Retirees Can Minimize the Net Investment Income Tax
Mar 20 2024
One strategy is to consider your filing status, which can affect the net investment income tax (NIIT) that successful retirees pay on certain investment income....
kiplinger.com
Get Help From Property Tax-Aide
Mar 19 2024
AARP program has helped homeowners get nearly $10 million in property tax relief...
aarp.org
Tax-Smart Strategies for Wealth Transfer: Secure Your Family's Future
Mar 19 2024
James responds to listener Jerry’s question about the optimal time to distribute inheritance or charitable gifts: before or after passing away. James walks listeners through four important thing...
buzzsprout.com
How To Cut Your Taxes By Putting The Right Assets In Your IRA
Mar 16 2024
Optimum location for assets: IRA, Roth IRA, taxable account...
forbes.com
Tax troubles coming for IRAs and 401Ks over $200,000
Mar 14 2024
“If you have more than $200,000 in a traditional IRA or 401K, your family could have a big problem coming in retirement,” warns financial advisor Ryan Thacker. “The problem is taxes ...
bossretirement.com
The Surprising Way to Save Social Security (Without Raising Taxes or Cutting Benefits)
Mar 14 2024
Could the solution to saving Social Security be so glaringly obvious that it has been overlooked, or perhaps even ignored, due to political power dynamics? The concern about the insolvency of the Soci...
sites.libsyn.com
5 Ways to Minimize Taxes on Retirement Income
Mar 14 2024
Look for strategies to lower your tax liability during your retirement years....
money.usnews.com
?? 7 Retiree Tax Breaks You Shouldn’t Overlook (AARP Article)
Mar 12 2024
ANYONE USING ANY OF THESE BREAKS? ? I AM NOT, BUT NEED TO! ? FROM THE ARTICLE - SEE ARTICLE FOR MORE. Every bit of tax savings helps. By Lynnley Browning, AARP. Published March 05, 2024. If you’...
community.aarp.org
Tax Season Checklist: 10 Essential Considerations to Review for Your 2023 Return
Mar 07 2024
Tax season is in full swing! You’ve likely either already prepared your tax return or it’s patiently waiting as part of your financial to-do list in the upcoming weeks. Whether you receive...
newretirement.com
Use Pascal’s Wager When You’re Not Sure About Tax Rules
Mar 04 2024
17th-century French mathematician and philosopher Blaise Pascal put forward this reasoning on whether one should believe in God (paraphrasing): You’re not sure whether God exists. If you believe...
thefinancebuff.com
Use IRS Free File to Save Money at Tax Time
Mar 04 2024
With tax season upon us, it seems like a good time to share a resource that can save you hundreds of dollars on tax preparation and filing fees. It’s called IRS Free File, and it’s availab...
caniretireyet.com
What You Need to Know for the 2024 Tax Season
Mar 03 2024
There are tax breaks for electric car purchases, SALT workarounds, benefits for retirees and a new system for eligible taxpayers to file their returns....
nytimes.com
Making Sense of Restricted Stock Units: Terminology, Taxes and More!
Mar 01 2024
Receiving recognition for your hard work is always a great feeling! You’ve got your paychecks rolling in, perhaps a cash bonus here and there, and things are looking good. What else could you po...
newretirement.com
Which Are the Most Tax Friendly States for Retirees 2024?
Feb 29 2024
Looking for a great place to retire? Or, wondering if the state where you live is too expensive? Property values, cost of living and lifestyle issues are all important considerations when figuring out...
newretirement.com
Listener Q&A: Lifetime Tax Savings, Social Security Scenarios, Retirement Spending
Feb 28 2024
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for more answers to listener questions about...
keilfp.com
How to Set Up a Tax-Efficient Investment Waterfall
Feb 27 2024
As a busy physician, you don’t have a lot of time to spend on carefully optimizing the tax efficiency of ... Read more...
physicianonfire.com
February 2024 Best of the Web
Feb 26 2024
This month’s resources explore the benefits of utilizing tax-deferred accounts as well as the potential upsides and challenges of later converting to Roth. Resources will challenge you to think ...
caniretireyet.com
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About Taxes
Retirement income can be subject to taxes depending on the specific type of retirement account or benefit you receive and your tax bracket. Here are a few examples of common types of retirement income and how they may be taxed:
1. Social Security benefits: Social Security benefits are generally taxable if you have other substantial income in addition to your benefits. The amount of tax you pay on your benefits depends on your taxable income and tax filing status.
2. Traditional Individual Retirement Account (IRA) and 401(k) withdrawals: Withdrawals from traditional IRAs and 401(k)s are generally taxed as ordinary income at your current tax rate.
3. Roth IRA withdrawals: Withdrawals from Roth IRAs are generally tax-free if you are over the age of 59 1/2 and you have held the account for at least five years.
4. Pension income: Pension income may be taxed as ordinary income or as a combination of ordinary income and a return of your contributions, depending on the specific terms of the pension plan.
It's important to be aware of the tax implications of your retirement income and to consider them as you plan for retirement. It may be helpful to consult with a tax professional or financial advisor to understand how your retirement income will be taxed.