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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 452 Articles.
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tax

How to Minimize Your Tax Return’s Most Important Number in Retirement

July 17, 2022

It’s the most important number on your federal income tax return. You can find it on line 11 of the first page of Form 1040 for 2021. The number I’m referring to is your adjusted gross income (AGI). In your retirement years, AGI is more important than for most other taxpayers. Before retiring, taxable income […]

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The ‘Widow’s Penalty Tax’ and How to Avoid It [Part 2]

July 4, 2022

It’s one of the “Stealth Taxes” no one talks about, and it comes at an emotionally vulnerable time. I’m referring to the “widow’s penalty tax.” Last week we discussed the first three potential hits to the surviving spouse: Income is likely to decline. Second, the surviving spouse is pushed into a higher tax bracket. A […]

How to Minimize the Most Important Number on Your Tax Return

June 30, 2022

The most important number on your federal income tax return, especially during retirement, is on line 11 of the first page of Form 1040 for 2021. The number is your adjusted gross income (AGI). For retirees, AGI is more important than for most other taxpayers. Before retiring, taxable income probably is the most important line […]

The ‘Widow’s Penalty Tax’ and How to Avoid It

June 26, 2022

The widow’s penalty tax is one of the least known yet most onerous of the retirement Stealth Taxes. Since few people are aware of it, few retirement plans defend against the widow’s penalty. I frequently warn people about the “solo” years. Those are the years after one spouse has passed away. The surviving spouse must […]

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Don’t Let the IRS Take Your Charitable Contribution Deductions

May 26, 2022

Congress is making it harder and harder to deduct charitable contributions. Know the latest rules so the IRS won’t be able to deny tax breaks for your charitable donations. The increase in the standard deduction in the 2017 tax law means you have to give more to receive a tax break. You deduct charitable contri- […]

How to Decide When to Sell in Taxable Accounts

May 5, 2022

Many people with appreciated investments often are in a conundrum. The price reaches a point where there isn’t a margin of safety. But the investors are hesitant to sell because they know part of their gains will be reduced by taxes. Here are a couple of ways to make the decision. Compute what the taxes […]

Shrewd Ways to Increase After-Tax Investment Returns

May 5, 2022

The old adage is, “You can’t spend pre-tax returns.” Af- ter-tax returns are what count. The tax rules on investments are in effect all year, but few people take advantage of that. Too many people don’t start thinking about investment taxes until near the end of the year, or even after the year is over. […]

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The Net Unrealized Appreciation (NUA) Tax Strategy

May 1, 2022

Employees who own company stock or other securities in their retirement plans should review their options before taking any distributions or doing rollovers. There’s a substantial tax break available to many of these workers. The tax break is known as net unrealized appreciation, or NUA. It’s very valuable when you know the tricks and follow […]

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