Taxes
Showing 11 results of 461
12 States That Tax Social Security Benefits
Nov 14 2022
You may have dreamed of a tax-free retirement, but if you live in one of the states that tax social security, your benefits could take a hit....
kiplinger.com
14 States That Won't Tax Your Pension
Oct 28 2022
Some states have pension exclusions with limitations based on age and/or income. But these states don't tax pension income at all, no matter how old you are or how much money you have....
kiplinger.com
Is Your Retirement Portfolio a Tax Bomb?
Oct 11 2022
A warning to high earners and super savers: That massive 401(k) or traditional IRA that you worked so hard to build may become a big problem in retirement, resulting in huge tax bills and Medicare sur...
kiplinger.com
2022's Best U.S. States to Retire In | Personal Capital
Sep 21 2022
It often makes financial sense to relocate in retirement, especially if your state has high taxes. But what are the best states to retire in 2022?...
personalcapital.com
Avoid Unnecessary Taxation
Aug 25 2022
7 sources of tax-free retirement income. When retirement finally arrives, you deserve to collect at least some tax-free retirement income without Uncle Sam coming back for more....
newretirement.com
States That Don’t Tax Retirement Income | Personal Capital
Jul 18 2022
Depending on where you live, your retirement savings may last longer. Discover which states don't tax retirement income....
personalcapital.com
When Are Roth Accounts Better then Tax-Deferred?
Jul 18 2022
The Roth vs. tax-deferred investment debate requires a lot of assumptions about an unknowable future. Learn what factors impact your outcome....
caniretireyet.com
Money Management Tips for a Windfall
Apr 19 2022
If you are owed unexpected money from back taxes, a pension-payout or even the sale of your home, here are a few ways to manage the extra funds....
aarp.org
Shocked by Your Tax Bill?
Feb 01 2022
As we head into February and outlook lets you know that your W2’s are ready, many of you over achievers will be trying to get a jump start on filing your taxes....
andrenader.substack.com
Tax-Loss Harvesting (Making The Most Of Your Losses)
Apr 29 2021
Tax-loss harvesting is ofen considered an "advanced" investment technique, but it's not as complicated as it seems. It's worth understanding....
theretirementmanifesto.com
Tax Strategies for High Income Earners | White Coat Investor
Jun 24 2019
The rich do take advantage of their knowledge of the tax code to pay less in taxes. But six strategies higher earners use are available to everyone....
whitecoatinvestor.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.