Taxes

?? 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

How To

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

Buy a short-term rental in retirement?

Feb 25 2024

Hi, unfortunately I have RMDs coming up and it will boost my retirement income, increase taxes as well as trigger IRMAA. Any recommendations on how to reduce taxable income during retirement? POTENTIA...

reddit.com

Know How To Make A Tax-Free Rollover From 529 Plan To A Roth IRA

Feb 20 2024

A recent law allows tax-free rollovers from 529 plans to Roth IRAs, but there are hurdles to be cleared....

forbes.com

422: Managing Tax Rate Uncertainties & Contribution and Decumulation Strategies with David Hulse, PhD

Feb 19 2024

Today, I’m talking to Dr. David Hulse, recently retired Professor Emeritus at the Von Allmen School of Accountancy and the Martin School of Public Policy at the University of Kentucky. He’...

retirewithpurpose.com

Taxes on Box Spread Trades in TurboTax, H&R Block, FreeTaxUSA

Feb 18 2024

A long box spread trade earns a little more than buying Treasuries or CDs. A short box spread trade gives you a loan at a good rate. If you trade box spreads, whether long or short, you’ll have ...

thefinancebuff.com

Withdrawing from 401K on Social Security When Does Income Tax Start?

Feb 18 2024

I retired at 60 and have been living on savings for a couple of years. Late last year I reached 62 and started receiving my SS benefits. So I'm not worried about paying taxes on my annual income for 2...

reddit.com

Killing 401(k) Tax Benefits Could Help Save Social Security, New Research Shows

Feb 15 2024

Workers would lose a key retirement planning benefit as a tradeoff for funding Social Security....

money.com

Should Congress End Retirement Tax Breaks To Support Social Security?

Feb 14 2024

The public program is a critical source of income for low- and moderate-earners, who get only modest benefits from IRAs or employer-based retirement plans....

forbes.com

Is there a tax “time bomb” hiding in your IRA & 401K?

Feb 13 2024

The U.S. government has made it easy for you to save for retirement in a traditional IRA or 401K. But there’s a hidden risk that most people don’t see until it’s too late. Putting mo...

bossretirement.com

Ira

401k

Don’t Ruin Your FIRE Strategy with International Tax Compliance Issues

Feb 13 2024

Hey FAANG FIRE! Last year, I partnered with Jane Mepham CFP, to help us all better understand the details of “FIRE Planning While on a Work Visa”. I started following Jane after reading he...

andrenader.substack.com

Fire

Strategy

How Much to Save in Tax-Free, Tax-Deferred, and Taxable Accounts? - 468

Feb 13 2024

Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brok...

purefinancial.com

How Much

4 Simple Strategies on How to Reduce Taxes and Maximize Retirement Income

Feb 10 2024

Tax-savvy withdrawals in retirement are often overlooked or ignored by investors. That’s bad news when the Required Minimum Distribution (RMD) comes along and OUCH! As individuals approach retir...

commonfinancialsense.com

How To

Retirement Environment: Urban or rural?

Feb 10 2024

Looking to retire in a year or two and planning to sell my home with stairs in a high tax community for a ranch-style home in an area of lower property taxes. I like the idea of living in the country ...

reddit.com

?? 5 Pros, 4 Cons of Relocating to Florida For Retirement (AARP Article)

Feb 09 2024

5 Reasons to Retire in Florida … and 4 Reasons to Think Twice. Come for the sunshine, low taxes and endless golf, but be prepared for hurricanes, roof rats and tourist hordes. By Bob Niedt. Pub...

community.aarp.org

Tax Talk Made Simple: A Useful Guide Tax Lingo and Strategies

Feb 08 2024

It’s everyone’s favorite time of the year: tax season! Ok…that may be an exaggeration, but either way, it’s likely that you will come across tax terms that may have you scratc...

newretirement.com

If You Want to Retire in 2025, Here's What You Need to Prep Now

Feb 07 2024

Here's how to strategize withdrawals, optimize tax advantages and beat inflation ahead of a 2025 retirement....

money.usnews.com

How Will Your State Tax Your Social Security Benefits?

Feb 05 2024

Many Americans depend on Social Security to make ends meet each month. Where you choose to live in retirement how much taxes you owe on Social Security....

forbes.com

Retirement Preparation Without Tax Preferences? Part 1

Feb 04 2024

Experts say it might be much the same. I say that’s foolish!...

401kspecialistmag.com

SSA Responds to Bill Aiming to Remove Social Security Taxes for Retirees

Feb 04 2024

Social Security Administration Chief Actuary Stephen Goss believes the enactment could…...

401kspecialistmag.com

Tax efficient retirement distributions *LIVE (only) webinar, Monday February 5

Feb 02 2024

Taxes. If you are thinking about how to plan for them while in retirement this **LIVE only webinar might be for you. I see people commenting in our community and others like it, on this topic. A commo...

reddit.com

Start to worry about RMDs now, or wait to be socked with taxes in my 70s?

Feb 02 2024

I am 60 years-old and retired. I have about $800k in [traditional] IRAs and about $700k in brokerage accounts. Should I start drawing on my IRA's now, or should I leave it to grow and draw from my aft...

reddit.com

Rmds

Roth Conversions to Pay Less Tax on Retirement Withdrawals - 466

Jan 31 2024

Should Peter LemonJello, who has high income, and his wife, who is retired with zero income, file their taxes as married filing separately so they can start Roth conversions? What are the tax implicat...

purefinancial.com

Withdrawals

5 ways to be a tax planning 'rockstar'

Jan 30 2024

From knowing your demographics to understanding RMDs, these are some of the best opportunities for tax planners to demonstrate their value to clients this year....

financial-planning.com

Planning

What to Know Before You File 2023 Taxes

Jan 29 2024

With tax season right around the corner, it’s time to talk about what you need to know before you file 2023 taxes. According to the IRS, “Although the IRS will not officially begin accepti...

401kmaneuver.com

How to Enter 2023 Foreign Tax Credit Form 1116 in TurboTax

Jan 29 2024

[Updated on January 28, 2024 with updated screenshots from TurboTax for 2023 tax filing.] When mutual funds and/or ETFs that invest in foreign countries receive dividends or interest, they have to pay...

thefinancebuff.com

How To

Who knows anything about IMF in Australia?

Jan 24 2024

Looking to Minimise my tax submitted by /u/IamBrilliant_4170[visit reddit] [comments]...

reddit.com

Marginal Tax Rates vs Effective Tax Rates: What’s the Difference?

Jan 23 2024

Tax brackets are one of the most misunderstood concepts in taxes. You’ve probably heard people say (or said it yourself) ... Read more...

physicianonfire.com

Income Tax On Social Security Benefits

Jan 23 2024

As we approach April 15, let’s discuss the federal taxation of Social Security benefits. Taxable benefits include retirement & spousal, survivor, and disability benefits....

forbes.com

What's the Right Roth Conversion Amount to Avoid a Tax Nightmare in the Future?

Jan 23 2024

Sammy, a 51-year-old retiree, is seeking advice on how much she should convert from her traditional IRA to a Roth IRA each year to avoid jumping tax brackets and minimize the taxation of her social se...

buzzsprout.com

Why the ubiquitous & loud obsession over taxes when retirement income is lower?

Jan 23 2024

Having had some good fortune while working, especially in my last three years, my estimated retirement income is ~72% less than while working. Accordingly, my income tax rates should also plummet as w...

reddit.com

Retirement Tips for 2024 From Five Retirement Experts

Jan 20 2024

From Rothifying IRAs to navigating changing tax laws, these fiduciary advisers share the recommendations they’re making to their clients this year....

kiplinger.com

Tax Savings for Medical Residents

Jan 18 2024

[Editor's Note: The Financially Empowered Women (The FEW), a newly created WCI community that supports women on their path to financial success, will make its 2024 debut next Wednesday, January 17, an...

whitecoatinvestor.com

Savings

Higher Social Security Benefits May Mean A Tax Bill For Seniors This Year

Jan 16 2024

Seniors saw a boost in Social Security benefits in 2023. But there's a downside—the increase may result in a higher tax bill this tax season for some taxpayers....

forbes.com

Tax Strategies, Backdoor Roth, Buy vs. Rent - 464

Jan 16 2024

It’s a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York’s daughter’s custodial account, and the tax impacts of Leon in Chicago investi...

purefinancial.com

How Does It Work When You Get Paid 1099?

Jan 09 2024

Working as an independent contractor offers significant freedom, but if it’s your first year doing so, it can come with some serious headaches if you haven’t paid attention to your taxes. ...

thomaskopelman.com

Tax Deductions for Property Damage from Disaster

Jan 08 2024

Image via Wikipedia If violent weather has caused damage to your property, you may be able deduct a part of the cost of the damage from your taxes, if the event was a federally-declared disaster. You ...

financialducksinarow.com

Solo 401(k) Plans Eligible for Up to $1,500 in Tax Credits

Jan 04 2024

SECURE 2.0 auto-enrollment tax credit provides “substantial incentive” for self-employed…...

401kspecialistmag.com

Planning

New IRS Ruling: Can’t Modify A Trust To Add A Tax Reimbursement Clause

Jan 03 2024

A new IRS ruling, CCA 202352018, holds that if you modify a trust to add a tax reimbursement clause the beneficiaries will be deemed to have made a gift....

forbes.com

Which States Tax Social Security Benefits? Missouri, Nebraska Change Rules

Jan 03 2024

Learn all about Medicare plans and costs for different parts of the plan with Money's expert guide....

money.com

200 People Already Paid Their Social Security Taxes: Happy New Year!

Jan 02 2024

Elon Musk earned $160,200 in about 4 minutes. In the first few hours of 2024, over 220 U.S. workers will have likely paid their Social Security taxes for the entire year. In contrast, over 160 million...

forbes.com