Tax Deductions and Retirement
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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 […]
Charitable Contribution Deductions Are Different For 2018 Tax Returns
Major changes will affect charitable contribution deductions for 2018 tax returns. The first major change is that fewer people will be able to deduct their charitable contributions. To deduct charitable gifts, you have to itemize deductions on Schedule A. Fewer people will be doing that in 2018 and later years because of the higher standard […]
Deducting Mortgage Interest after Tax Reform
One of the questions I receive most frequently from Retirement Watch subscribers is how to make estate planning gifts. Let’s take a look at the issues that recur among many readers. Gifts to family members are one of the staples of estate planning. But the tax law has changed, and that’s altered the role of […]
IRS Clarifies That a Lot of Home Equity Mortgage Interest Still Is Deductible
The tax code and your bank might disagree on whether or not you have a home equity loan, and the difference could reduce your taxes. The Tax Cuts and Jobs Act eliminated home equity interest deductions on individual tax returns for years after December 31, 2017. It doesn’t matter when the loan was taken out. […]
Saving Your Charitable Contribution Deductions from Tax Reform
Many savvy taxpayers will change their charitable giving strategies after the Tax Cuts and Jobs Act. For years I’ve advised that writing checks to charities each year or more frequently is an inefficient way to donate. It’s even less efficient now. The latest tax law made several key changes that can reduce the tax benefits […]
2017 Tax Reform: A Game Changer for Retirement? (Part 2)
Editor’s Note: This week, we’re continuing our deep dive into the Tax Cuts and Jobs Act of 2017. Click here to get caught up on Part 1 of our story: The 2017 Tax Reform Law and Your Retirement Finances Some readers are asking about the charitable contribution deduction, of which there are a few changes. […]
The Complete Retirement Finance Guide to New Tax Law Changes in 2018
It’s the #1 burning question on my readers’ minds these days… What are the most important individual income tax changes I need to know in the Tax Cuts and Jobs Act of 2017? (It was signed into law in late December) First off, most of the individual income tax changes are in effect from 2018 […]
A Loophole for 529 Plans Losses
Many people who saved for college through 529 savings plans face substantial losses in their accounts. There is a silver lining in the tax law, and it is one reason 529 plans are among the best ways to save for education. Income and gains earned by the 529 account are sheltered. If the account balance […]
