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Taxes in Retirement

Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less

Found 436 Articles.
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Recent Tax Changes You Should Know

September 17, 2019

The IRS has been busy the last few months. Some of its work is of special interest to people in or near retirement. Recently, the IRS ruled that the health portion of genetic-testing kits qualifies as medical care under the tax code. Typically, part of the report from a genetic-testing kit summarizes a person’s ethnic […]

Supreme Court Shuts Down a State Scheme to Tax Out-of-State Trusts

September 17, 2019

States have been aggressively trying to expand their tax bases, and their efforts aren’t always successful. The U.S. Supreme Court recently shut down an attempt by North Carolina, which other states have fully or partially replicated, to impose income taxes on what are essentially out-of-state trusts. In the case, the trustee resided in Connecticut, the […]


How to Reduce Estate Taxes and Cut the IRS Out of Your Estate Plan

August 13, 2019

There are four basic strategies for reducing estate taxes: • Reducing assets from the estate • Removing future appreciation from the estate • Increasing deductions, and • Buying life insurance. Within those four estate planning strategies are many options. Not all will be appropriate for you. But below I discuss your estate tax reduction options […]

What You Need to Know About the New Opportunity Zones

July 23, 2019

You probably heard something about the tax benefits that can be reaped from investing in the new “qualified opportunity zones.” But you probably haven’t heard all you need to know before making a decision. The tax benefits of investing in qualified opportunity zones (QOZs) were created by the Tax Cuts and Jobs Act, enacted at […]

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Tax Rules For The Bank of Mom & Dad

July 23, 2019

Children and grandchildren often want some financial help, and parents and grandparents frequently are glad to provide it. Too often, everyone involved considers the help to be a private arrangement. The IRS, however, has an interest in the transactions. When you don’t review the tax rules and structure the arrangements the right way, you might […]

Tax Secrets of Mutual Funds

May 22, 2019

Many mutual fund investors focus on the fees they pay but don’t pay enough attention to the taxes on their investment returns. Taxes are a greater drag on net investment returns than expenses and fees, according to a study by Rob Arnott of Research Affiliates. Most investors leave a lot of money on the table […]

Why Beneficiaries Overpay Taxes on Inherited IRAs

April 24, 2019

The most frequent, most expensive mistakes with IRAs occur when it’s time to pass the IRAs to the beneficiaries. Sometimes the fault is with the original owner. Sometimes the fault is with the beneficiaries. In either case, the mistakes cause the tax-deferred compounding of the IRA to be lost. Income taxes are paid earlier than […]


The Estimated Tax Trap: 3 Safe Harbors to Avoid Tax Penalties

April 16, 2019

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 […]

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