Taxes in Retirement
Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
Found 485 Articles.
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The Estimated Tax Trap: 3 Safe Harbors to Avoid Tax Penalties
In Part 1 of this article, we discussed how a growing number of retirees are getting “snagged” in the estimated tax trap. Now let’s review 3 safe harbor ways to avoid tax penalties: Pay at least 90% of the current year’s tax liability through timely estimated tax payments; Pay at least 100% of last year’s total […]
Closing the Retiree Tax Gap: How to Boost Your Income by Paying Less to the IRS
Tax burdens are a major surprise for retirees, including both new retirees and those who’ve been retired for a while. A recent survey found that a high percentage of retirees say that they don’t know enough about how their different types of retirement income are taxed. They also wish that they had learned more about […]
The Estimated Tax Trap “Snagging” More & More Retirees
A growing number of taxpayers, especially retirees, are being caught in the estimated tax trap. When income taxes aren’t withheld, taxpayers have to prepay their federal income taxes in four estimated tax payments. The payments are due on April 15, June 15, September 15 and January 15 (unless the due date falls on a holiday […]
How To Stay In The 0% Tax Bracket For Capital Gains And Dividends
You can have a significant amount of income and yet pay no income taxes on your long-term capital gains and qualified dividends. Most retirees and many other individuals shouldn’t have to pay income taxes on those types of income. The key is to know about the tax brackets and when tax rates change for long-term […]
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You Should Be Planning This Year’s Qualified Charitable Distributions
Many people aren’t receiving all the benefits they could from the qualified charitable distribution (QCD), the powerful tax-saving tool for charitably inclined IRA owners older than age 70½. The QCD drifted in and out of the tax law for about a decade, but it finally was made a permanent part of the tax code a […]
Get a Jump Start on Your 2019 Income Taxes
The 2018 tax bills are surprising many people, especially retirees. Some paid less than they expected because of the 2017 tax law, but others were disappointed with their savings or paid higher taxes. Don’t be surprised or disappointed by your 2019 income tax bill. The best way to avoid tax surprises is to begin planning […]
You Can Beat The Tax on Social Security Benefits
The federal tax rules for Social Security benefits haven’t changed in many years. They remain complicated and snare more retirees each year. A number of my readers are old enough to remember when Social Security retirement benefits were tax free on their federal income tax returns. That ended in the 1980s, and taxes on the […]
How to Trim Taxes and Maximize Benefits from RMDs
Last week, I shared 4 ways to trim taxes, and maximize required minimum distribution (RMD) benefits. This week, let’s continue the discussion, with 5 more strategies to consider, starting with.. Timing distributions. The tax law says the IRA must distribute at least the RMD by the close of business on Dec. 31. Other than […]
