Taxes
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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
Unconventional Retirement relocations
Jun 11 2024
Typically folks seem to pick places near family, sunny climates or tax havens when they look to relocate for retirement. Anyone have experiences that run counter to those trends and thoughts on tips /...
reddit.com
The Power of Donor Advised Funds
Jun 10 2024
If you regularly donate to your church or other charities, donor advised funds (DAFs) might be something you want to look into. These funds offer some big perks. First off, you get a potential tax ded...
sites.libsyn.com
How To Donate 80,000 Comic Books—And Get A Marvelous Tax Break
Jun 08 2024
Seven decades after he became addicted to Superman, Gary Prebula’s collection of graphic novels and comics has a permanent home at the University of Pennsylvania library....
forbes.com
How Married Couples Can Max Out Their Retirement Accounts
Jun 05 2024
Spouses can coordinate their retirement benefits to get bigger tax breaks and employer contributions....
money.usnews.com
Recent retiree, when (and how) should I be paying income taxes?
Jun 05 2024
Retired last year, living off savings and small SS for my wife until I turn 70 in December. Filed taxes for 2023 using HR Block software, paid state and Feds calculated taxes due. Then in last few wee...
reddit.com
Solar Tax Credit Explained: Rebates & Incentives
Jun 04 2024
Most of us have had a solar panel sales rep knocking on our door to pitch the benefits: huge savings, ... Read more...
physicianonfire.com
QCDs Are a Tax-Smart Way for Retirees To Donate to Charity
May 31 2024
With QCDs, retirees can save on taxes by making donations from their IRAs directly to charity. Here's what you need to know about qualified charitable distributions....
kiplinger.com
The Best Way to Defer RMDs (and Their Tax Bills): QLACs
May 29 2024
Concerned about RMDs? Worried about outliving your retirement savings? A qualified longevity annuity contract defers some RMDs and guarantees lifetime income....
kiplinger.com
These Are the Key Decisions You Need to Make for Retirement
May 26 2024
These important issues are all connected and can affect your taxes, likely setting them at a certain level for the rest of your retirement....
kiplinger.com
Six Custom Tax Planning Tips for High-Income Individuals and Families
May 24 2024
Tax planning is a multifaceted process that requires a personalized approach, especially for high-income individuals and families....
kiplinger.com
Three Reasons It May Look Like You Love the IRS More Than Your Family
May 24 2024
Consider these strategies to avoid overpaying taxes on your hard-earned money. Your family will thank you for it. (And you’ll thank yourself.)...
kiplinger.com
Medicare Tax: Five Things Every Worker Needs to Know
May 22 2024
It's important to know how Medicare tax works....
kiplinger.com
What Story Is Your Tax Return Telling?
May 21 2024
Today one of my colleagues at Abundo Wealth, Maggie Klokkenga, CFP®, CPA, shares some of the key things she is looking at when reviewing a client’s tax return. She provides a checklist to he...
caniretireyet.com
The Best No Income Tax States To Work And Get Rich
May 15 2024
Income taxes can hinder wealth creation. Fortunately, for Americans seeking to save on taxes, there are nine states without income tax where we can choose to reside. These states are listed below in a...
financialsamurai.com
Multi Member LLC: How to File Taxes and Pay Yourself?
May 15 2024
Opening a medical practice or business can be rewarding, but it’s not without its hurdles. What if your company faces ... Read more...
physicianonfire.com
Taxes: do you have them taken out of social security disbursements?
May 15 2024
As stated in the title, what do you all do, if you are collecting social security, about taxes? Do you have a certain percentage taken out of your social security before receiving it monthly or pay qu...
reddit.com
Leaving a Legacy: Tax Savings for Your Heirs
May 11 2024
Watch this free clip from the “Estate Planning in Your Retirement” online course. Shane Perry, a TRS financial planner and course instructor, walks us through three possible scenarios for ...
theretirementsolution.com
Infinite Return – A Tax-Free Strategy To Grow Wealth
May 09 2024
Occasionally, the term “infinite return on investment” is mentioned in real estate investing. This strategy helps real estate and business ... Read more...
physicianonfire.com
Tax Questions
May 09 2024
Today, Dr. Jim Dahle is answering all of your questions about taxes. He talks about FICA taxes, quarterly estimated payments, IRA contributions and tax deductions, paying taxes when you work in two st...
whitecoatinvestor.com
How 401(k) Drives Inequality
May 09 2024
How an obscure, 45-year-old tax change transformed retirement and left so many Americans out in the cold....
nytimes.com
Solving the Roth conversion tax and IRMAA riddle
May 09 2024
I think I've come upon an answer for my Roth conversion riddle. FYI, I have a large tax-deferred ("always taxed") IRA. I'm 63. I'm going to be a widower maybe in my early 70s (incurable disease proces...
reddit.com
How Will the 2024 Election Impact Your Retirement?
May 08 2024
Investors should expect volatility but also try not to overreact to news. To prepare, focus now on tax minimization, protecting your portfolio and more....
kiplinger.com
The Election Can Affect Taxes, Social Security, And Your Retirement
May 07 2024
For retirees, tax troubles from sunsetting irrespective of whether Congress goes red, blue or stays purple; and Social Security needs Congressional attention as well...
forbes.com
Tax implications if I collect SS at 62 and my wife continues to work?
May 06 2024
Wondering if anyone is in the same boat as I am. I turn 62 in December. Have a good job I like but my health is failing. Cardiac issues. I plan on retiring in Jan. My wife has a great job that she lov...
reddit.com
If You Have a Pension, Smart Tax Planning Should Start Now
May 03 2024
Adding pension income to Social Security benefits and income from required minimum distributions could see you facing a tax torpedo and higher Medicare costs....
kiplinger.com
Whose Tax is it Anyway?
May 01 2024
Last week, Bloomberg published an article on how the rich avoid paying New York income taxes while still owning a home in the city/state. The key to their tax avoidance strategy is spending less than ...
ofdollarsanddata.com
Forget To File Your Taxes? You Might Hear From The IRS
Apr 30 2024
According to the IRS, the mailings are being sent to more than 25,000 people who have more than $1 million in income between tax years 2017 and 2021, and to more than ......
forbes.com
Tax Loss Harvesting, Tax Gain Harvesting, Financial Advisor Value - 479
Apr 30 2024
Linda is retired and financially independent. Her advisor suggests she have a separately managed account specifically for tax loss harvesting. Today on Your Money, Your Wealth® podcast 479, Joe An...
purefinancial.com
The Best Kept Tax Secrets That Uncle Sam Doesn’t Want You to Know
Apr 29 2024
Did you know, you have more control over how much you pay in taxes in retirement … than at any other time of your life? It’s true! And if you take advantage of some simple tax planning st...
bossretirement.com
Capture The New Tax Breaks On Home Improvements
Apr 28 2024
Know how to navigate the IRS regs to capture the tax credits under the Inflation Reduction Act....
forbes.com
Moving 401(K) providers and want to understand any tax implications
Apr 25 2024
Hey all, I am in my 50s and need to change 401(K) providers - likely from Vanguard to Fidelity. I also run a small business, so this is specific to the Individual 401(K) plan I have with my wife toget...
reddit.com
Tax Planning for Widowed Retirees: How to Optimize Your Tax Strategy
Apr 24 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
No more market slumps as "buying opportunities"
Apr 24 2024
When I was working full-time, and putting away money into my retirement plans and after-tax accounts, I could always put a smiley-face on long-term market declines by thinking of those times as "buyin...
reddit.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.