Income Tax Planning in Retirement
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Minimizing the Most Important Number on Your Tax Return
The most important number on your federal income tax return is on line 37, the last line on the first page of Form 1040. It’s your adjusted gross income (AGI). For retirees, AGI is even more important than for most other taxpayers. Your taxable income used to be the most important line on your return, […]
Finding States That Are Retiree Tax Havens
Taxes, especially when all types of taxes are added together, are one of the largest expenses of most retirees. State and local taxes are a big portion of the taxes paid, and many people don’t realize the total they’re paying in all those taxes. Of course, some states are considered high-tax states and others are […]
How to Minimize Taxes on Annuity Payouts
Annuities offer several benefits when you begin receiving distributions. You receive guaranteed income that lasts for life, no matter how long you live. The insurance company takes on the risks of low investment returns and a long life. You don’t have to worry about scheduling distributions or deciding which assets to sell to raise cash. […]
The Secret to Tax-Free Annuity Distributions
In select cases, annuity owners can take tax-free distributions. Not many people know this, but it can provide a real benefit to people who need long-term care. Typically when distributions are taken from a deferred annuity, the income and gains are included in gross income and taxed as ordinary income. There’s an exception for distributions […]
Estate Planning Tax Law Changes Investors Must Understand
A revolution is underway in Estate Planning. You know about the 2012 changes to the law (see our February 2013 issue). They require fresh approaches and strategies. Many believe the new law means estate planning is unimportant. That’s a mistake. A result of the 2012 law is that for most people income taxes are a […]
April 2010
April 29, 2010 03:30 p.m. Wild week of headlines and more For many months volatility was declining in the investment markets, and investors were secure in the belief that the economy was solid and asset prices would continue rising. Things have changed a bit. On Tuesday afternoon, the headlines were not to rosy. Here’s what […]
How to Maximize the Tax-Free Portion of Each Annuity Payment
The popularity of fixed and immediate annuities is climbing for those in or near retirement. It is not surprising. An immediate annuity offers fixed, guaranteed payments. The payments can last for life if you want, and even for the joint life of you and a beneficiary. In today’s volatile and uncertain markets, annuities add a […]
How to Take Write Offs for Helping Relatives
In many families, younger members help care for older members for at least a brief period. Care can take several forms. It could involve financial help for at-home services or residence at an assisted living or other facility. Care also could involve personally providing a person’s needs in either the caretaker’s home or in the […]
