Taxes
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Five Reasons Some Financial Planners Avoid Tax Planning
Aug 22 2024
They might not be allowed to do it at their company, but they also might not be willing to commit the time or are more focused on compensation. Here's how to make sure you're covered....
kiplinger.com
How Many Retirement ‘Tax Buckets’ Do You Have?
Aug 20 2024
Diversifying retirement account types can lead to more significant and flexible tax benefits....
kiplinger.com
Don't Wait: Make Your Year-End Money Moves Now
Aug 18 2024
Now is a great time to minimize your upcoming tax bills, get your RMDs in order and make sure your investments are on track for a prosperous new year....
kiplinger.com
Repeal the Death Tax? These Are the Taxing Trade-Offs
Aug 13 2024
Getting rid of the death tax (aka the estate tax) might sound like a great idea, but more people could pay higher taxes under the capital gains tax regime....
kiplinger.com
Traditional IRAs: Get Tax-Deferred Retirement Savings
Aug 12 2024
A traditional IRA is a powerful way to save for retirement. If you don't have a 401(k) it can be especially helpful....
kiplinger.com
Here's What's Wrong With Trump's Pledge to Repeal Taxes on Social Security Benefits
Aug 12 2024
Eliminating taxes on Social Security benefits could impact your finances. Here's what you need to know....
kiplinger.com
Estimated tax payments in retirement
Aug 09 2024
I am retiring at the end of August !!! Yeah!!! Need some more education on estimated tax payments. Two situations in the coming years. 2024: Through Aug, taxes have been deducted from my paycheck. I w...
reddit.com
Think You’ve Planned for Retirement? Beware the Tax Torpedo.
Aug 09 2024
The complicated way Social Security is taxed can catch middle-income earners by surprise....
nytimes.com
How a Roth Conversion Can Spare You From Medicare’s IRMAA and Taxes
Aug 08 2024
If you've been a good saver and face large required minimum distributions (RMDs), then you need to plan for how to head off or limit higher Medicare premiums....
kiplinger.com
Yes, You Can be Trained to Detect Imposter Scams
Aug 07 2024
It is not difficult to find people who have received a fake email claiming to be from the government or a retailer asking them to clear up a problem with their Social Security number, tax filing, or r...
crr.bc.edu
Does AARP support the idea of no taxes on Social Security benefits?
Aug 07 2024
I'm interested in the idea of no taxes on Social Security benefits. I understand that this is a campaign promise by a presidential candidate but feel it is something that AARP should support....
community.aarp.org
Listener Q&A: Tax Strategies, Inheritances, Annuities, and More
Aug 06 2024
In this episode, Devin and John dive into a variety of listener questions, discussing annuities, maxing out retirement plans, why HSAs aren't widely talked about, IRMAA, and more. Tune in as we explor...
sites.libsyn.com
A Tax Tip to Fatten Your Bottom Line
Aug 06 2024
Last month I wrote about how I’ve used the Affordable Care Act (ACA) to bridge the gap to Medicare. I pointed out that lowering the adjusted gross income (AGI) I report on my federal tax return ...
caniretireyet.com
Good Tax Planning Can Save You HOW Much?! Find Out From IRA Guru Ed Slott, CPA - 489
Aug 06 2024
The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a tru...
purefinancial.com
Why Trump’s Repeal Of Social Security Benefits Taxes Could Speed Insolvency
Aug 02 2024
The tax cut would reduce Social Security and Medicare revenues by $1.5 trillion over the next decade, sharply reducing benefits for millions of recipients...
forbes.com
Get Tax Smart: Insights on Gold, Mistakes, and IRA Forms
Aug 02 2024
At Keen Wealth, "tax season" is never really over. Our checklist-driven, comprehensive planning process is constantly taking in new information about the folks we work with and changes to tax law. By ...
keenonretirement.libsyn.com
Advanced Direct Indexing With Tax Loss Harvesting Using Frec
Jul 31 2024
Since the first robo-advisors came on the market, I have been “robo-curious”. Robots could manage hundreds of individual positions while creating daily tax loss harvesting opportunities. B...
andrenader.substack.com
Got a Hot Rate on a Money Market Account? Think Again
Jul 29 2024
After taxes and inflation, the real return you get may not be as good as you think. Here's another approach to consider: fixed deferred annuities....
kiplinger.com
Listener Q&A: Navigating Taxes, Trusts, and More
Jul 29 2024
In this episode of Big Picture Retirement, we’re back answering more of our listener-submitted questions. Join us as we cover: Anna's Query: When will NESARA begin? Ron's Question: Clarification...
bigpictureretirement.com
Check Your State’s Tax Law Before Converting An IRA
Jul 27 2024
Some states tax IRA conversions differently than the federal government. Know the details before you decide on a conversion....
forbes.com
Retire Aboad? Here’s What You Need To Consider First
Jul 26 2024
Discover the key factors to consider before deciding to retire overseas, including affordability, taxes, medical insurance, and residence requirements....
forbes.com
Pre-Retirement Tax Planning: Things to Know to Save Big in Retirement
Jul 26 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
Tax Payments and Savings
Jul 26 2024
Answering listener questions about quarterly estimated payments and the safe harbor rule, tax-loss harvesting and not letting the tax tail wag the investment dog, and what to do when you do not couple...
whitecoatinvestor.com
Tax thresholds during retirement
Jul 22 2024
My wife and I are planning to retire at the end of the year and we're in a position where the majority of our pension pots are in my name. It means that I will quickly hit the threshold for paying inc...
reddit.com
Social Security Demystified: Calculating Taxation, Provisional Income, and the Tax Torpedo
Jul 18 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
How to Pay Less Tax and Invest for Retirement - 486
Jul 18 2024
How is Kimberly’s strategy for reducing her retirement taxes by doing Roth conversions and qualified charitable distributions? Is Patrick’s tax loss harvesting transaction a wash sale? At ...
purefinancial.com
Retirees: Want to Keep Your Money? Make a Tax Plan
Jul 17 2024
Your retirement plan isn't complete unless you have figured out how to lessen the impact of taxes on your nest egg. Here's where to start....
kiplinger.com
The Importance of a Taxable Investment Account
Jul 17 2024
Photo credit: jb I’ve written about this topic a few times in the past, such as in this article on tax diversification of your investment accounts. It’s an important topic, but probably th...
financialducksinarow.com
Withholding taxes from Social Security?
Jul 17 2024
My understanding is that you have to file a witholding form to have taxes withheld from Social Security payments. I'm curious about whether you have money withheld, if so how much, and what is the rea...
reddit.com
How to figure out tax income bracket?
Jul 17 2024
Ok retired 3 days ago. Married, both retired. I m no financial brain surgeon so please be aware of this. So i retired half-way through the year and have to figure out our tax bracket. I don’t wa...
reddit.com
How to Protect Your Digital Assets From Estate Tax
Jul 16 2024
Estate planning is critical to ensure heirs don't get hit with millions in estate taxes after you die. You can also protect your digital assets from litigation....
kiplinger.com
How to Handle Irrevocable Trust Assets Tax-Efficiently
Jul 15 2024
Irrevocable trusts can be structured so that trust property is either included in the potentially taxable gross estate or removed. What are the pros and cons?...
kiplinger.com
Want to Move to France? What to Consider Financially
Jul 13 2024
Before you start packing, you might want to check out the potential impacts on your taxes, investments, retirement planning and estate planning....
kiplinger.com
6 Ways To Get More Tax-Free Income In Retirement
Jul 11 2024
Maximizing your tax free income in retirment is worth celebrating. Keep reading as we share way to get more of your retirement income from getting killed by taxes....
forbes.com
Tax-Savvy Retirement: Mastering Your 401(k) Tax Implications
Jul 10 2024
When it comes to investing for your financial future, understanding the tax consequences is important to growing wealth. Because it’s not just what you make, it’s what you keep, that count...
401kmaneuver.com
Why I Stopped Chasing Bank and Brokerage Bonuses
Jul 10 2024
I met the blogger Frugal Professor last week when he traveled to my area for a family gathering. I learned from his blog post that he earned over $5,000 tax-free by transferring a Roth IRA to Robinhoo...
thefinancebuff.com
Spitballing Retirement From Apple to a Tax-Friendly State | YMYW Extra - 5
Jul 04 2024
Will their $5 million nest egg get them to ages 85 and 100? Pa and GiDi are 65 and 60 and retiring now. As they consider moving to the no-income-tax state of Nevada in retirement, they have some decis...
purefinancial.com
How to Estimate Your Tax Bill in Retirement (And How to Pay it)
Jul 04 2024
David has a question about taxes in retirement: When you’re retired and no longer getting a regular paycheck from which your employer withheld tax payments on your behalf, how do you estimate th...
buzzsprout.com
Should You or the Trust Pay a Trust's Income Taxes?
Jul 01 2024
Irrevocable trusts can be set up so that the trust maker no longer pays income taxes, and the taxes are instead paid by the trust. What are the pros and cons?...
kiplinger.com
Leaving a no income tax state. Tips? Advice?
Jun 30 2024
My husband is 55 and 5 years away from our target retirement date. We currently live in Florida and are debating whether to move to GA. We have family there and FL is changing rapidly. We've been here...
reddit.com
Is Your IRA an IOU to the IRS? Three Retirement Tax Strategies
Jun 29 2024
These steps, including converting to Roth IRAs, using a Roth 401(k) and leveraging life insurance and annuities, can help reduce your taxes in retirement....
kiplinger.com
One Retiree's Story of How She Built Her Retirement Nest Egg
Jun 28 2024
One way to build wealth is to max out your company’s retirement plans, but doing it in tax-efficient ways can make an even bigger difference....
kiplinger.com
Retirement Income Strategies: IRA vs. Brokerage Withdrawals (The Tax-Smart Choice for Retirees)
Jun 26 2024
Mark asks a common question – What should I do regarding my withdrawal strategy? Should I first pull from my brokerage account or my IRA? There is no one-size-fits-all answer, but James provides...
buzzsprout.com
What are some $ benefits retirees get?
Jun 25 2024
So i m retiring soon, my wife is already retired. As far as pension, healthcare, social security, 401K, taxes…. I m fine with these important aspects of retirement What i want to look at now is...
reddit.com
Tax-Smart Strategies for Account Withdrawals
Jun 19 2024
Understanding the best way to tap your IRAs and other accounts can help you preserve your savings and lower your tax bill....
kiplinger.com
ETFs Are Hot, But Are They the Right Investment for You?
Jun 18 2024
The younger cousin to mutual funds, exchange-traded funds offer some convenient advantages, like lower fees and greater tax efficiency....
kiplinger.com
Section 181: Investor Tax Benefits for Movie Buffs
Jun 18 2024
Are you tired of the same old investments in stocks and real estate? The TV and movie industry is calling ... Read more...
physicianonfire.com
TCJA: Why Your Taxes Are Likely to Increase in 2026 and What to Do About It
Jun 14 2024
In 2017, congress passed the Tax Cuts and Jobs Act (TCJA). This legislation reduced taxes for many people and corporations. However, without further legislative action, the tax cuts are set to expire ...
newretirement.com
Maximizing Your Retirement Wealth: Essential Tax-Saving Strategies
Jun 13 2024
Becoming aware and fully understanding which tax-saving strategy fits your needs is important in maximizing your retirement wealth. Minimizing taxes in retirement can be tricky. Below you will see a b...
theretirementsolution.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.