Taxes
Showing 50 results of 389
What a Second Trump Term Could Mean for Social Security, Taxes, and Interest Rates
Nov 20 2024
If there's one thing we know that the financial markets like, it's certainty. And since the 2024 presidential election was settled overnight -- rather than the weeks it took to count votes in 2020 -- ...
keenonretirement.libsyn.com
65-year-old Utah couple find $292,567 in retirement tax savings
Nov 19 2024
At 65 years old, Mike and Patty from Lehi were reaching retirement age and were in a good position. Mike had worked for 20-plus years for a local Salt Lake…...
bossretirement.com
Why States Are Offering Workers at Private Companies Access to I.R.A.s
Nov 19 2024
With the plans, workers are automatically enrolled and contribute through payroll deductions. The goal is to help more Americans save for retirement....
nytimes.com
10 Inefficiencies I Look for on Rich Retirees' Tax Returns
Nov 16 2024
Your tax return could hold clues to several missed opportunities and important gaps in your retirement planning....
kiplinger.com
Will You Pay Taxes on Your Social Security Benefits?
Nov 15 2024
You might, depending on your income, but smart financial planning now can help lower or even eliminate your taxes in the future....
kiplinger.com
Estimating Your 2024 Tax Bill
Nov 15 2024
I was annoyed that the online calculator I previously used to estimate my taxes wasn’t updated for 2024 tax data. So I decided to just build one myself. I wanted it to be simple and quickly answ...
andrenader.substack.com
Open Enrollment 2025: Tax Issues to Know and Avoid
Nov 12 2024
Being aware of tax concerns during open enrollment season can help you avoid potentially costly mistakes....
kiplinger.com
Solo 401(k) Tax Credits Explained: Don’t Let Your CPA Cost You $1,500
Nov 12 2024
If you're a self-employed worker setting up a solo 401(k), you might be leaving money on the table if you don't know about this tax credit. The post Solo 401(k) Tax Credits Explained: Don’t Let ...
whitecoatinvestor.com
Know the Flow, Pay Less Tax
Nov 12 2024
The topic I learned the most about when studying for Certified Financial Planner (CFP) certification was tax planning. As I began working with clients, I realized this is the area I had the most to co...
caniretireyet.com
7 Things You Need to Know About Roth IRAs to Maximize Tax-Free Income
Nov 12 2024
Roth IRAs offer great tax-free income benefits, but to make the most of them in retirement, here are seven things you need to know: Contribution Limits: In 2024, you can contribute up to $7,000 annual...
buzzsprout.com
What A Trump Administration Will Mean For Older Adults
Nov 11 2024
He proposed exempting Social Security benefits from income tax—effectively raising benefits for those higher-income retirees now subject to the levy....
forbes.com
Five Tax Strategies to Help Your Money Last in Retirement
Nov 08 2024
Having a tax strategy is crucial to making your money last. These tax-saving moves can help, whether you're years from retirement or already there....
kiplinger.com
Probability of tax free Social Security as promised
Nov 08 2024
He said that Social Security won't be federally taxed.......
community.aarp.org
Retirement Year End Planning: Tax-Loss Harvesting
Nov 06 2024
Welcome to a transformative episode where we delve into year-end financial strategies to optimize your retirement planning. Join us as we discuss tax-loss harvesting with Erin Coe, a seasoned planner ...
share.transistor.fm
Planning for 2025's tax brackets and retirement rules
Nov 05 2024
The adjustments reflect how inflation is slowing down and upcoming changes to the rules based on the Secure 2.0 Act and the Tax Cuts and Jobs Act....
financial-planning.com
The 2025 Federal Tax Brackets and What It Means For You
Nov 05 2024
The IRS recently revealed its tax inflation adjustments and updated tax brackets for 2025. These adjustments are aimed at helping ... Read more...
physicianonfire.com
2025 Tax Brackets: New Ideal Incomes For Workers And Retirees
Nov 01 2024
The IRS has announced new income limits for its seven tax brackets for 2025, with income thresholds increased by about 2.7% to adjust for inflation. This follows a 5.4% increase in 2024 and a historic...
financialsamurai.com
IRS Announces Retirement Contribution Limits Will Increase In 2025
Nov 01 2024
The IRS has announced the cost‑of‑living adjustments for pension plans and other retirement-related items for tax year 2025....
forbes.com
465: Tax-Efficient Retirement Planning: IRAs and 401(k)s vs. Taxable Accounts
Nov 01 2024
What is the best type of account for you to allocate your retirement savings? One of the biggest factors in helping you make this decision will be taxes. In this episode, we discuss: Current tax deduc...
retirewithpurpose.com
1031 Exchanges: Common Errors You Want to Avoid
Oct 31 2024
In the world of real estate investing, 1031 exchanges have become a popular tool for deferring taxes and maximizing investment returns. In a nutshell, 1031 exchanges are unique investment strategies t...
baby-boomer-retirement.com
Don't Wait to Lock In High Estate and Gift Tax Exemptions
Oct 31 2024
One of the most sweeping changes to U.S. tax code in modern history could be on the horizon. Now is the time to maximize the legacy you leave your loved ones....
kiplinger.com
The Tax Rules to Consider Before Buying an Annuity
Oct 29 2024
Annuities can play a valuable role in your retirement plan — as long as the tax implications have been properly factored in. Here's an outline of the key rules....
kiplinger.com
Comparing COL and Taxes between retirement locations
Oct 29 2024
Is there a good site that has either a chart or better yet, a calculator to compare different states/cities for taxes (income, property, personal property, sales, etc)? I can find the basic data, but ...
reddit.com
How to Reduce the Widow’s Tax Penalty - 501
Oct 29 2024
Should Suzanne in Michigan do Roth conversions in 2025 and 2026 since she’s widowed and won’t be married filing jointly? How should she pay the tax on her conversions? Jennifer in Washingt...
purefinancial.com
What You Need to Know About Taxes in a Gray Divorce
Oct 28 2024
If you're not careful about how assets are divided or sold, you could get hit with a big tax bill....
kiplinger.com
How To Slash Taxes On Employer Stock In A 401(k) Plan
Oct 26 2024
There are significant tax-reduction opportunities available when employer stock is held in a 401(k) plan. But you have to meet all the qualifications....
forbes.com
Inheritance, Simplified: How Assets Are Passed Down
Oct 25 2024
Here's a breakdown of the logistics, including probate, taxes and who gets what if you die without a will....
kiplinger.com
What’s the New 2025 Estate Tax Exemption?
Oct 23 2024
The IRS just increased the exemption as we enter what could be the final year of TCJA....
kiplinger.com
This Election, Your Financial Plans Should Focus on Taxes
Oct 23 2024
Don't let election drama tempt you into changing the makeup of your portfolio. The sensible move right now is to work out how to lower your future tax burden....
kiplinger.com
Question on calculating effective tax rate in retirement...
Oct 20 2024
I am wondering if there is a decent calculator online or other advice on trying to figure out my taxes in retirement so I have a better idea of what gross amount I need to draw each month. My income w...
reddit.com
Three Creative Ways to Lower Your Retirement Taxes
Oct 18 2024
You can apply key minimalism concepts for potential tax savings. Here’s how....
kiplinger.com
How IRAs Can Help Retirees Reduce Or Avoid Estimated Tax Penalties
Oct 18 2024
The number of taxpayers hit with penalties for underpaying estimated taxes has increased. But retirees can use a traditional IRA to help avoid the penalties....
forbes.com
Five Ways the Election Could Change Your Retirement
Oct 18 2024
From taxes to Social Security and beyond, the election could change your retirement depending on which candidate wins. Who takes the House and Senate also matters....
kiplinger.com
Question about tax loss harvesting
Oct 18 2024
I have a non-retirement investment account where I have invested in a particular stock and has suffered losses. I would like to claim those losses this year to the maximum amount of $3000. I also own ...
reddit.com
Three Tax Reasons to Retire in Panama
Oct 17 2024
With low property taxes and tax-free foreign income, this tropical paradise could make you rethink retirement as a U.S. expat....
kiplinger.com
Trump Aims to Ban Taxes on Social Security. Here are the Pros and Cons.
Oct 15 2024
Does the bad outweigh the good? Here's what could happen if your Social Security income goes untaxed....
kiplinger.com
When Does a Nest Egg Become a Ticking Tax Bomb?
Oct 13 2024
Retirement savers with big bucks in traditional IRAs and pretax 401(k)s could face huge tax bills when RMDs kick in. One potential solution? A Roth 401(k)....
kiplinger.com
Trump vs. Harris: How Winner May Impact Taxes, National Debt
Oct 13 2024
Budget watchdogs each release analysis of candidates’ professed tax and spending plans while…...
401kspecialistmag.com
You're 60 Years Old With $1 Million Saved: Can You Retire?
Oct 11 2024
The answer depends on several factors. The key is to create a plan that combines all aspects of retirement — income, taxes, health care and legacy planning....
kiplinger.com
Silver Lining? Four Tax Benefits of a Lower 2025 Social Security Increase
Oct 11 2024
Could less mean more, when it comes to taxes and the Social Security COLA for 2025?...
kiplinger.com
Social Security Tax Limit Jumps 4.4% for 2025
Oct 10 2024
The Social Security Administration has announced significant changes affecting millions as we approach a new year....
kiplinger.com
433: Direct Indexing and the Evolution of Investment Tools
Oct 10 2024
Investment strategies have evolved over the past 25 years, from mutual funds to ETFs, and now to direct indexing, a strategy favored by the ultra-wealthy due to its tax advantages. Direct Indexing als...
retirewithpurpose.com
Spend RMDs, or Reduce Reduce Distributions and Taxes With Roth Conversions? - 498
Oct 08 2024
Hawkeye and Elle are age 61 and in the 32% tax bracket. How should they get money into their Roth accounts for tax-free retirement income? Clark and Ellen are 69 and 68, expenses will pretty much be c...
purefinancial.com
No Retirement Advice or Recommendations, Just Spitballing - 453
Oct 08 2024
Can Jessie and Becky in Iowa retire now at age 52? Should Robert and his wife file their taxes separately, to pay less tax on their required minimum distributions? Can Joe and Al validate Mike in Minn...
purefinancial.com
The 20 States Real Estate Investors Should Avoid Unless They Love Filing Tax Returns
Oct 04 2024
It's not always easy determining how much you owe in state taxes for passive investments. Here's a guide that will help you figure it out. The post The 20 States Real Estate Investors Should Avoid Unl...
whitecoatinvestor.com
When Should Retirees Consider a Donor-Advised Fund?
Oct 03 2024
Charitable giving in retirement isn't right for everybody. But in certain situations, a tax-efficient donor-advised fund (DAF) may be well worth considering....
kiplinger.com
This Trust Strategy Can Reduce Your Taxes Big-Time
Oct 02 2024
Upstream basis planning can help younger wealthy people pay less taxes on highly appreciated assets if they appoint an aging relative as a trust beneficiary....
kiplinger.com
Tax-Savvy In-Plan Roth Conversions and Inherited IRA Withdrawals - 497
Oct 01 2024
Should David in Ohio use 457 funds to do an in-plan Roth conversion in his 403(b) plan, and should he hire a financial advisor? Chris in DC needs a retirement and Roth conversion spitball analysis, an...
purefinancial.com
Pre-Retirement Tax Planning: Things to Know to Save Big in Retirement
Oct 01 2024
Retirement tax planning should begin well before retirement. Listener Jodie, with over $2 million in assets in various types of accounts, is concerned about the high tax bracket she anticipates she be...
buzzsprout.com
Social Security Demystified: Calculating Taxation, Provisional Income, and the Tax Torpedo
Oct 01 2024
Listener Michael asks about how Social Security is taxed, the rationale behind the 50% and 85% tax thresholds, and the implications of these taxes on Social Security and IRA withdrawals. James respond...
buzzsprout.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.