Taxes and Retirement Planning
What Is the Tax Saver's Credit?
Learn about the Saver's Credit and how it might reduce your tax bill.
How to Calculate Your Modified Adjusted Gross Income (MAGI)
Your modified adjusted gross income, or MAGI, influences many of your retirement planning options, including which retirement plans you can contribute to, how much you may contribute, and whether you can deduct your contribution. Make sure you have a solid understanding of your MAGI before finalizing your annual contributions.
What is Your Tax Filing Status?
For most people, determining your filing status for tax purposes is simple. Are you like most people?
Capital Gains and Losses
Understand how to calculate capital gains and losses and how they are taxed inside and outside of retirement plans.
Early Distributions, No Penalty: Substantially Equal Periodic Payments
As a rule, early distributions from retirement plans are subject to a 10 penalty tax. One notable exception to the penalty is taking substantially equal periodic payments (SEPP). Learn the advantages and disadvantages to this approach.
Minimum Required Distribution Calculator
After you reach 70 1/2, you must begin taking distributions from your 401(k) and regular IRA. The penalty for not doing so (50% of the amount you should have distributed) is so high that there is no appropriate strategy that involves not taking these payments. Here's an easy way to calculate what you must distribute, ensuring you never pay that penalty.
Early Withdrawals from Retirement Accounts
Typically, you must wait until you are at least age 59 1/2 in order to access retirement funds (such as your 401(k), IRA, or Roth IRA) without paying a 10% penalty tax. However, there are a few exceptions. But, even if you qualify for an exception, should you take your money early? Learn the true implications of early retirement plan distributions.
State Taxes for Retirees: A Comparison
Did you know that many retirees move to Florida for reasons other than the sunshine? It turns out that Florida's tax climate is as friendly to your wallet as their warm air is to your bones. Learn how each state ranks on its tax policies towards retirees including sales tax, property tax, cigarette tax, certain retirement benefits, and Social Security.
Estate Taxes: Should You Care?
Estate taxes are collected upon the ultimate demise of some individuals. These death taxes, as they are sometimes known, can have very high rates. Will estate taxes affect you? Read this article to find out and learn how to plan for the possibility. After all, the estate tax laws are changing all the time and neither you nor your heirs want to be caught off guard on this one.
Will You Be Able to Deduct Your Medical Expenses in Retirement?
You may not realize that some of your medical expenses are tax deductible. Save those receipts!
Year-End Retirement Planning
Give yourself a gift that keeps giving in the New Year and for years to come with these end-of-year retirement tips.