Showing 50 results of 235
May 15 2024
Income taxes can hinder wealth creation. Fortunately, for Americans seeking to save on taxes, there are nine states without income tax where we can choose to reside. These states are listed below in a...
financialsamurai.com
May 15 2024
Opening a medical practice or business can be rewarding, but it’s not without its hurdles. What if your company faces ... Read more...
physicianonfire.com
May 15 2024
As stated in the title, what do you all do, if you are collecting social security, about taxes? Do you have a certain percentage taken out of your social security before receiving it monthly or pay qu...
reddit.com
May 11 2024
Watch this free clip from the “Estate Planning in Your Retirement” online course. Shane Perry, a TRS financial planner and course instructor, walks us through three possible scenarios for ...
theretirementsolution.com
May 09 2024
Occasionally, the term “infinite return on investment” is mentioned in real estate investing. This strategy helps real estate and business ... Read more...
physicianonfire.com
May 09 2024
Today, Dr. Jim Dahle is answering all of your questions about taxes. He talks about FICA taxes, quarterly estimated payments, IRA contributions and tax deductions, paying taxes when you work in two st...
whitecoatinvestor.com
May 09 2024
How an obscure, 45-year-old tax change transformed retirement and left so many Americans out in the cold....
nytimes.com
May 09 2024
I think I've come upon an answer for my Roth conversion riddle. FYI, I have a large tax-deferred ("always taxed") IRA. I'm 63. I'm going to be a widower maybe in my early 70s (incurable disease proces...
reddit.com
May 08 2024
Investors should expect volatility but also try not to overreact to news. To prepare, focus now on tax minimization, protecting your portfolio and more....
kiplinger.com
May 07 2024
For retirees, tax troubles from sunsetting irrespective of whether Congress goes red, blue or stays purple; and Social Security needs Congressional attention as well...
forbes.com
May 06 2024
Wondering if anyone is in the same boat as I am. I turn 62 in December. Have a good job I like but my health is failing. Cardiac issues. I plan on retiring in Jan. My wife has a great job that she lov...
reddit.com
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
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
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
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
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
Apr 28 2024
Know how to navigate the IRS regs to capture the tax credits under the Inflation Reduction Act....
forbes.com
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
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
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
Apr 23 2024
High-tax states try to tax residents who moved to lower-tax states....
forbes.com
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Apr 03 2024
Living or retiring abroad doesn’t absolve you of your responsibility to file a U.S. tax return....
money.usnews.com
Mar 31 2024
If you’d prefer that your estate not pay more taxes than necessary, then these strategies are for you....
kiplinger.com
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
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
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
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
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
Mar 21 2024
Avoid penalties and minimize taxes when you pull money out of your 401(k) or IRA....
money.usnews.com
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
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
Mar 19 2024
AARP program has helped homeowners get nearly $10 million in property tax relief...
aarp.org
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
Mar 16 2024
Optimum location for assets: IRA, Roth IRA, taxable account...
forbes.com
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
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
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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.