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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 428 Articles.
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Little-Known Deductions for Medical Expenses

December 12, 2019

It is more important than ever to track your retirement medical expenses and know which qualify for tax deductions. The ability to deduct medical expenses was restricted by the Tax Cuts and Jobs Act (TCJA) in several ways. The standard deduction was doubled. You deduct medical expenses only if you itemize expenses on Schedule A […]

How to Decide When to Take Taxable Gains

November 20, 2019

Investors have a tax conundrum as we approach the end of 2019. Major U.S. stock indexes are hitting record highs. Bonds had a strong run in 2019. Gold has been a strong per-former as well. Owners of some individual stocks and other assets have substantial paper gains. But the outlook is shaky to many people. […]

How to Decide When to Take Taxable Gains

November 15, 2019

Investors have a tax conundrum as we approach the end of 2019. Major U.S. stock indexes are hitting record highs. Bonds had a strong run in 2019. Gold has been a strong performer as well. Owners of some individual stocks and other assets have substantial paper gains. But the outlook is shaky to many people. […]

Must-Take Year-End Actions for Retirees: 2019 Edition

November 8, 2019

The last few months of the year are important for your finances. You can either make a few key moves that will increase your financial security, or you can treat the period like how you handle the rest of the year and let opportunities slip by. In my latest Retirement Watch Spotlight Series presentation, I […]

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Set Up a Guaranteed Lifetime Income and Create a Large Tax Deduction, Often Without Cash

October 28, 2019

A mainstay of tax and retirement planning from years gone by is making a comeback, and it deserves to be considered in your plans. As the baby boomers age and market volatility increases, more Americans are seeking secure lifetime income. There’s a way to obtain guaranteed lifetime income and net a substantial tax deduction in […]

2 Ways To Avoid the ‘Double Tax’ on Your Retirement Benefits

October 22, 2019

As you know, IRAs and other retirement plans are included in the estate of the owner… And subject to federal estate taxes — when the estate is valuable enough. Here’s what many people don’t know: Unlike other assets, the tax basis of IRAs is not increased to current fair market value by those who inherit […]

It Can Be Harder Than You Thought to Prove Where You Live

September 24, 2019

The Tax Cuts and Jobs Act slashed deductions for state and local taxes, and that’s causing many higher-income people to move to states with lower tax burdens. The higher-tax states aren’t idly accepting this situation. The residency audit is becoming more frequent. This is when a state tax agency tries to prove that someone still […]

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 […]

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