Taxes
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The 3 Tax Mistakes That Could Cost You Thousands
Dec 12 2024
Hey FAANG FIRE! I just returned from 7 days in Oahu, Hawaii. All contributing towards my goal of increasing spend on vacation that I mentioned in my last post where I outlined my current spending. We ...
faangfire.com
9 Answers to Boost Tax-Free Roth Retirement Income - 507
Dec 10 2024
Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement acco...
purefinancial.com
Case Study: Optimizing Current ACA Subsidies vs. Roth Conversions for Long-Term Tax Planning
Dec 10 2024
Today I have a guest post from personal finance enthusiast Dan Griffin. While Dan is not a practicing financial planner, he passed the CFP exam in 2010 and holds an Executive Certificate in Personal F...
caniretireyet.com
What Trump’s Tax Policies Mean for Your Retirement
Dec 09 2024
How could Trump’s tax policies impact your retirement plans? In this episode, we break down the potential changes, from tax cuts to shifting brackets, and discuss what they could mean for your s...
sites.libsyn.com
Year-End Retirement Tax Planning Actions if You Have $1 Million or More
Dec 08 2024
Consider implementing these four strategies before December 31 to potentially improve your tax situation for this year and the future....
kiplinger.com
Is BOXX the Place for Your Cash?
Dec 07 2024
Here's everything you need to know about investing in BOXX, including its tax implications and how much it could ultimately cost you. The post Is BOXX the Place for Your Cash? appeared first on The Wh...
whitecoatinvestor.com
Top 10 Ways to Lower Your Taxes and Lower Your Tax Bracket
Dec 07 2024
Let's review tax reduction strategies that can help you minimize your tax burden and keep you in a lower tax bracket. The post Top 10 Ways to Lower Your Taxes and Lower Your Tax Bracket appeared first...
whitecoatinvestor.com
Required Minimum Distribution (RMD) Tax Mistakes to Avoid
Dec 05 2024
RMD mistakes can lead to IRS penalties and in some cases, more taxable income than necessary....
kiplinger.com
Roth or Traditional: How to Choose a Retirement Tax Strategy
Dec 05 2024
When picking which type of 401(k) or IRA is right for you, consider whether you want to save a little on your taxes now — or save a lot more on them later....
kiplinger.com
Maximizing Tax-Free Income and Withdrawals In Retirement
Dec 05 2024
There’s a lot of enthusiasm for Roth IRA conversions and Mega Backdoor Roth IRAs—and for good reason. Paying taxes upfront on your retirement accounts can be a savvy move, especially if yo...
financialsamurai.com
Estimate Your Taxes in Retirement
Dec 04 2024
TAX BILL CALCULATOR COULD YOUR TAX BILL IN RETIREMENT BE TOO BIG? If you’ve saved for retirement in an IRA, 401(k), or other tax-deferred vehicle, you have a tax bill…...
bossretirement.com
Gifting While You're Alive: Tax Benefits and Practical Tips
Dec 04 2024
Why wait until you're gone to help the people and causes you love? Get a jump-start on gifting and see all the good you can do....
kiplinger.com
Unpacking Common Retirement Challenges(Ep. 3)
Dec 04 2024
Did you know that the average retired couple could end up paying hundreds of thousands of dollars in taxes on their retirement savings? Join Tyson Thacker and Ryan Thacker, as…...
bossretirement.com
10 Taxes of Life You Need to Pay: A Guide to Personal Growth and Fulfillment
Dec 03 2024
A few years ago, I came across a profound quote by Seneca in Ryan Holiday’s The Daily Stoic: “All the ... Read more...
physicianonfire.com
Post-Election Estate Tax Planning – What Now?
Dec 03 2024
If you are like many people, you put off finalizing estate tax planning until the results of the 2024 election were in. Now they are in - it is time to move forward....
forbes.com
What Is Capital Gains Tax Deferral?
Dec 02 2024
Spoiler alert: It's the secret weapon of savvy real estate investors. Here's how it works and details about the tools you need to do it....
kiplinger.com
The Most Important Document To Have Before Going Into Retirement
Dec 02 2024
The most important part of your estate plan isn't about taxes, investments, gifts, or other financial issues. The priority of every estate plan, for people of every age, is the medical care documents....
forbes.com
Don't Leave Your Heirs an IRA Tax Bomb
Dec 01 2024
Your traditional IRA has served you well, but when your heirs inherit it, watch out. Consider some of these strategies to minimize their tax burdens....
kiplinger.com
Tax Planning for Widowed Retirees: How to Optimize Your Tax Strategy
Nov 30 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
Teach:able’s Founder Tackles A New Challenge: Democratizing Access To Tax-Efficient Retirement Accounts For The Self-Employed
Nov 27 2024
An early player in the online learning space tackles a new challenge: making tax planning and retirement savings easier for solo practitioners and small businesses....
forbes.com
Three Reasons Why Your Adviser Won't Talk Taxes
Nov 25 2024
Financial advice and tax advice go hand in hand — or at least they should. But a lot of times, they don’t. Here's why and what to watch out for....
kiplinger.com
Trump Tax Cuts And 11 Other Reasons To Skip A Roth Conversion
Nov 23 2024
Prepaying income tax on a retirement account might be a good idea. Or it could be a really bad idea. Read this before pulling the trigger....
forbes.com
12 Year-End Tax Planning Strategies to Keep More 2024 Money and Prepare for Future Wealth
Nov 23 2024
These 12 year-end tax tips for retirement will help you minimize your 2024 taxes and reduce future tax bills. The post 12 Year-End Tax Planning Strategies to Keep More 2024 Money and Prepare for Futur...
boldin.com
9 Year-End Money Moves to Make Now
Nov 23 2024
Boost your retirement savings, lower your taxes and get the most out of your health insurance....
kiplinger.com
Trump promise of no fed tax on SS checks.
Nov 23 2024
why isn't AARP holding Trump to his promise of no fed tax on SS checks and making it a public issue....
community.aarp.org
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
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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.