Taxes
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Five December 31 Tax Deadlines for Retirees
Sep 10 2024
The end of the year will be here before you know it, so it might be a good idea to start thinking soon about what you need to do for taxes before it arrives....
kiplinger.com
How Retirement Withdrawals May Affect Your Tax Bracket
Sep 10 2024
Learn how retirement withdrawals impact your tax bracket and explore strategies to minimize tax hits on your income during retirement....
forbes.com
Tax Efficiency Mastery for Financial Success
Sep 09 2024
As you build your wealth, tax considerations are going to become more important in protecting your earnings and staying in good standing with tax authorities....
kiplinger.com
"old person" housing in a state that do not tax on retirement income?
Sep 09 2024
hello! I've entered my 50's and I need to start planning for housing...I just like to plan things and of course, I'm single, so it's good for me to plan, too. someone in a subreddit somewhere on reddi...
reddit.com
Ed Slott Explains How to Outmaneuver the Tax Trap in Retirement
Sep 09 2024
Today we're joined by Ed Slott, the expert’s expert on retirement planning, to talk about how to make the most of your retirement savings and avoid costly tax surprises. Ed explains why converti...
sites.libsyn.com
456: Retirement Tax Planning: Should You Max Out Your 401(K)?
Sep 06 2024
What is the most effective way for you to save money for retirement? While traditionally, many have turned to accumulating wealth in their 401(k), the caveat comes in the form of taxes due. In this ep...
retirewithpurpose.com
Five Considerations About Municipal Bonds if Tax Cuts Sunset
Sep 04 2024
Tax rates are set to revert to 2017 levels after 2025, so now is the time to revisit your muni strategy and plan for optimized portfolio adjustments....
kiplinger.com
VWIUX vs. FMBIX: Which Bond Fund Is Best?
Sep 04 2024
Municipal bonds offer a unique method of investing with a nice tax benefit. Let's take a look at VWIUX vs. FMBIX and see which is better. The post VWIUX vs. FMBIX: Which Bond Fund Is Best? appeared fi...
whitecoatinvestor.com
Taxes in Early Retirement
Sep 04 2024
Want a massive tax break? Retire early. Retirement income receives much better tax treatment than earned income. The post Taxes in Early Retirement appeared first on The White Coat Investor - Investin...
whitecoatinvestor.com
Gift and Estate Tax vs Capital Gains Tax: Which Is Less?
Sep 02 2024
Capital gains tax rates might be lower than the gift and estate tax rate, but how you handle your estate and whether you use a trust can make a big difference in taxes owed....
kiplinger.com
Countdown to Tax Increases
Sep 02 2024
The Trump tax cuts are set to expire at the end of next year. And when they do expire, it means nearly everyone – including you – will be paying…...
bossretirement.com
form SSA 44
Sep 01 2024
I will be retiring sept 2024. I’m looking at this Form and don’t know what year to enter as my tax year . Do I enter 2024 ? even though it won’t be reduced by that much since I&rsquo...
community.aarp.org
Want to Move to Portugal? What to Consider Financially
Aug 31 2024
Knowing what to expect when it comes to your taxes, investments, real estate, Social Security benefits and other money-related issues is critical....
kiplinger.com
Do 1031 Exchanges Make Sense for Baby Boomers?
Aug 28 2024
Here are four scenarios in which a 1031 exchange to defer capital gains taxes would be worth exploring if you're a Baby Boomer selling property....
kiplinger.com
Nothing is Certain Except Debt and Taxes
Aug 28 2024
A few weeks ago I tweeted the following, which caused a bit of controversy on Twitter/X: Hot take: Maxing out your 401(k) when you are younger is almost always the wrong choice. The extra 0.5% per yea...
ofdollarsanddata.com
Three Strategies to Cut Your Taxes in Retirement
Aug 24 2024
All that money in your tax-deferred retirement accounts? Uncle Sam is going to want his cut, so here's how to prepare for that....
kiplinger.com
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
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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.