Taxes
Showing 48 results of 398
State Tax-Exempt Muni Bond Interest from Mutual Funds and ETFs
Feb 23 2023
The previous post State Tax-Exempt Treasury Interest from Mutual Funds and ETFs covered how to get state income tax exemption on the portion of mutual fund and ETF dividends that are attributed to int...
thefinancebuff.com
TFSA vs. RRSP: Where Should You Put Your Money?
Feb 23 2023
Back in 2009, the Tax-Free Savings Account (TFSA) was introduced to Canadians. Since then, TFSAs have grown in popularity, and as a result, there have been many great debates over the Registered Retir...
retirehappy.ca
How Does an RRSP Tax Deduction Work?
Feb 21 2023
During tax season, Canadians are constantly reminded to contribute to their RRSPs in order to receive a tax deduction. But how exactly does an RRSP tax deduction work, and how much do you need to cont...
retirehappy.ca
State Tax-Exempt Treasury Interest from Mutual Funds and ETFs
Feb 16 2023
When you earn interest from U.S. Treasuries in a taxable account, the interest is exempt from state and local taxes. How the interest is reported on tax forms depends on whether you hold Treasuries di...
thefinancebuff.com
Best mid-sized town for retirement?
Feb 16 2023
5 years from retirement; are there any towns with a vibrant nightlife, moderately priced housing market (and land?) that is also tax friendly for a military retirement? I currently live in Visalia, CA...
reddit.com
Managing a Concentrated Stock Position: Too Much of a Good Thing
Feb 14 2023
It can be a great problem to have, except for the tax implications. Here are some common ways to keep tax liability in check....
kiplinger.com
What to Do About a Wealth Tax
Feb 13 2023
By Dr. James M. Dahle, WCI Founder I've written elsewhere about all of the possible ways to deal with wealth inequality and its problems. I put a wealth tax pretty far down that list. Nevertheless, it...
whitecoatinvestor.com
One 1099-R for Two Rollovers in TurboTax and H&R Block
Feb 13 2023
When you do a direct rollover from the pre-tax account in a workplace retirement plan to a Traditional IRA, you’ll get a 1099-R form after the end of the year that shows the rollover isn’t...
thefinancebuff.com
Pre-tax vs. Roth 401(k): Deciding which to use for retirement is trickier than you think
Feb 11 2023
The choice between pre-tax and Roth 401(k) contributions may be trickier than you expect, financial experts say. Here's what to know....
cnbc.com
What You Need To Know About Your Form W-2 This Tax Season
Feb 10 2023
The amount of information on your Form W-2 can be overwhelming. Here's what you need to know for the current tax season....
forbes.com
12 States That Don't Tax Your Retirement Income
Feb 08 2023
Your tax burden in retirement can vary depending on where you live. Be sure to plan ahead for income on your retirement income....
forbes.com
Is it allowed to indirectly transfer money into RIA by hedging?
Feb 08 2023
(edit: should be "IRA" in title) Just want to check before I do something potentially stupid. I have my regular account (account1) and IRA (account2) which has an annual contribution limit and tax ben...
reddit.com
February Quick Hits: RSU Vests, Tax Tips, and a Sneak Peak at a Total Compensation Dash
Feb 05 2023
FAANG Total Compensation can be "lumpy" and dynamic due to RSU vests and bonus payouts. I am working on updates to the RSU Dashboard to automatically track your total compensation. Here is a mock up s...
andrenader.substack.com
8 Tips For Tax-Free Gifting In 2023
Feb 02 2023
Making annual exclusion gifts allows you to move money to family members and friends so that it is out of your taxable estate with no estate or gift tax consequences....
forbes.com
Best Roth Conversion Tax Strategy - Leisure Freak
Feb 01 2023
There are many articles claiming to have the Best Roth Conversion Tax Strategy. In the end it all comes down to individual situations and where they are...
leisurefreak.com
tax time - what's your actual % yield from invested cash, that you're using to fund your lifestyle?
Jan 31 2023
I am apparently not super clear on what I'm asking, so I've rewritten this post. Of the amount earned from investment funds, how many percent of this cover your annual expenses? If this is below 100%,...
reddit.com
Your Investment Lost Money Last Year. So Why the Big Tax Bill?
Jan 27 2023
When you invest and where matters for taxes. But a few rules of thumb can stave off some nasty surprises, our columnist says....
nytimes.com
Should I fund my tax-deferred retirement account with brokerage account sales?
Jan 24 2023
Hi, This year, i want to fund my tax-deferred retirement accounts IRA, 401k, HSA with my brokerage account sales? My taxable income being in the 0% capital gain bracket (thanks to the retirement contr...
reddit.com
Am I Going to Be OK in Retirement? Yes, With Focus on 5 Key Areas
Jan 21 2023
All it takes is protecting what you save, having an income plan, knowing your health care options, reducing your tax burden and making an estate plan....
kiplinger.com
Ten Advantages of Having a Personal Tax Accountant
Jan 18 2023
Doing taxes can be an intimidating process, but it doesn’t have to be. With the help of a qualified personal tax accountant, you can ensure that your taxes are done correctly and in a timely man...
retirementsavvy.net
How to pick the right retirement state/city for a pair 38 y/o's? (Have any of you found a state/city that has good/fair retiree tax laws, lower cost of living, warm enough to be outside 300+ days out
Jan 18 2023
Broad question, I know. I'll try and narrow it down. My wife and I are quickly approaching 2025 which will be my 20 years of service at the Fire Department and 20 years of her working/contributing to ...
reddit.com
6 Things You Should Know About Taxes on Social Security
Jan 18 2023
Contrary to popular myth, Social Security is taxable. How much you pay in taxes depends on your income and the state you live in. Age is not a factor....
aarp.org
Your Appeal Rights at the IRS
Jan 16 2023
Photo credit: jb If you have received a result from an IRS examination that requires an adjustment to your tax liability and you don’t agree with the result, you have certain rights to appeal &n...
financialducksinarow.com
retirement tax advice
Jan 15 2023
I'm set to semi-retire soon at my full retirement age of 66 1/2 years of age. I'll have $1,800 monthly from pension, $2,400 monthly from Soc Sec. As well as annual income of $15K from a part time job....
reddit.com
More Powerful than Financial Advice
Jan 12 2023
Financial advice can be free (google it) or expensive (hire an advisor). But financial advice tends to be tactical — buy this investment, optimize that tax advantage — instead of behaviora...
retirebeforedad.com
IRA Rules: Contributions, Deductions, Withdrawals
Jan 11 2023
Understand the tax implications and contribution limits before funding an IRA....
money.usnews.com
My Financial Plan Step 2: Estimating Your Tax Bill
Jan 07 2023
Welcome back to the series on the 10 steps of my 2023 financial plan. In the previous newsletter, I covered the first step: revisiting my goals and mission statement. In today's newsletter, we will be...
andrenader.substack.com
Roth IRA conversions: Take advantage of this limited-time offer to save on taxes
Jan 05 2023
Market conditions are perfect right now to pay tax on some of your retirement funds and avoid a bigger hit later....
marketwatch.com
Tax strategies to usher in 2023
Jan 05 2023
The new year brings a new tax season and the opportunity to advise clients on ways to save money on their taxes....
financial-planning.com
New RMD Ages in 2023 and 2033: Immediately See the Impact on Your Retirement Income and Taxes
Dec 30 2022
The NewRetirement Planner, the most user-powerful financial planning tool online, has been updated with the new Required Minimum Distribution (RMD) ages that became law last week when President Biden ...
newretirement.com
Avoiding individual retirement account early-withdrawal tax penalties
Dec 28 2022
Secure 2.0 is poised to be signed into law. It adds new exceptions to the 10% early withdrawal penalty for individual retirement accounts and 401(k) plans....
cnbc.com
Families can make a tax-free rollover from 529 plans to Roth
Dec 23 2022
Lawmakers say new rules would rescue funds from tax penalties and promote more college savings....
cnbc.com
What’s the most tax-efficient way to use my required minimum distribution to make a charitable donation?
Dec 22 2022
You asked just in time! You have until Dec. 31 to make a qualified charitable distribution (QCD) from your IRA or other tax-deferred retirement plan and have it count toward your required minimum dist...
marketwatch.com
How Making a Qualified Charitable Distribution (QCD) Can Save You Tax Money
Dec 21 2022
(QCDs) are a way to help great causes and those in need, but they are also a way to manage your tax exposure and avoid unpleasant surprises....
newretirement.com
Is Tax Loss Harvesting a Waste of Time?
Dec 19 2022
As the end of the year approaches, it seems like everyone is looking for ways to feel better about the losses sitting in their investment accounts. One strategy that has gained some mainstream popular...
andrenader.substack.com
Most Tax Friendly States for Retirement – 2023
Dec 06 2022
Dec. 7, 2022 — For the people who see red when they think about paying taxes, the good news is that there are plenty of tax friendly states to retire in. There are enough choices that they can p...
topretirements.com
12 States That Tax Social Security Benefits
Nov 14 2022
You may have dreamed of a tax-free retirement, but if you live in one of the states that tax social security, your benefits could take a hit....
kiplinger.com
14 States That Won't Tax Your Pension
Oct 28 2022
Some states have pension exclusions with limitations based on age and/or income. But these states don't tax pension income at all, no matter how old you are or how much money you have....
kiplinger.com
Is Your Retirement Portfolio a Tax Bomb?
Oct 11 2022
A warning to high earners and super savers: That massive 401(k) or traditional IRA that you worked so hard to build may become a big problem in retirement, resulting in huge tax bills and Medicare sur...
kiplinger.com
2022's Best U.S. States to Retire In | Personal Capital
Sep 21 2022
It often makes financial sense to relocate in retirement, especially if your state has high taxes. But what are the best states to retire in 2022?...
personalcapital.com
Avoid Unnecessary Taxation
Aug 25 2022
7 sources of tax-free retirement income. When retirement finally arrives, you deserve to collect at least some tax-free retirement income without Uncle Sam coming back for more....
newretirement.com
States That Don’t Tax Retirement Income | Personal Capital
Jul 18 2022
Depending on where you live, your retirement savings may last longer. Discover which states don't tax retirement income....
personalcapital.com
When Are Roth Accounts Better then Tax-Deferred?
Jul 18 2022
The Roth vs. tax-deferred investment debate requires a lot of assumptions about an unknowable future. Learn what factors impact your outcome....
caniretireyet.com
Money Management Tips for a Windfall
Apr 19 2022
If you are owed unexpected money from back taxes, a pension-payout or even the sale of your home, here are a few ways to manage the extra funds....
aarp.org
Shocked by Your Tax Bill?
Feb 01 2022
As we head into February and outlook lets you know that your W2’s are ready, many of you over achievers will be trying to get a jump start on filing your taxes....
andrenader.substack.com
Tax-Loss Harvesting (Making The Most Of Your Losses)
Apr 29 2021
Tax-loss harvesting is ofen considered an "advanced" investment technique, but it's not as complicated as it seems. It's worth understanding....
theretirementmanifesto.com
Tax Strategies for High Income Earners | White Coat Investor
Jun 24 2019
The rich do take advantage of their knowledge of the tax code to pay less in taxes. But six strategies higher earners use are available to everyone....
whitecoatinvestor.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.