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News
Accounting Check: What Could “Medicare for All” Cost Taxpayers?
12+ hour, 35+ min ago (797+ words) Not since the Bernie Sanders presidential runs five and ten years ago has “Medicare for All” had so much attention on the national stage. With multiple candidates winning primaries on a platform including this pledge, we gathered some evidence to…...
A 72-Year-Old Can Still Move Up to $210,000 Into a QLAC and Cut Next Year's RMD by About $7,900. The Check Doesn't Start Until 85, and Neither Does the Tax
18+ hour, 16+ min ago (577+ words) Moving a chunk of IRA money into a QLAC can legally shrink next year's required withdrawal and delay the tax bill by over a decade, but the window to act in 2026 is narrow and the tradeoffs are real. Life After…...
He Sold the Rental for $600,000 and Took the Money in Six Yearly Checks Instead of One. Every Check Landed in the 0% Bracket, and the IRS's Share of a $300,000 Gain Was Close to Nothing
22+ hour, 21+ min ago (500+ words) A landlord sitting on a massive rental gain found a corner of the tax code that most CPAs never bring up at closing, and using it legally cut his federal bill on hundreds of thousands in appreciation down to almost…...
Turning 73 This Year? Watch Out for This Tax Torpedo.
19+ hour, 32+ min ago (502+ words) Your tax bill could give you sticker shock if you're not prepared for this. Turning 73 means you'll have to begin taking required minimum distributions (RMDs) from your tax-deferred retirement accounts, but that could cost you in unexpected ways, including Social…...
He Turned 73 With His Own IRA and the IRA He Inherited From His Wife. One Withdrawal From His Own Was Supposed to Cover Both. The IRS Fined Him on Hers
1+ day, 15+ hour ago (437+ words) A 73-year-old retiree followed a perfectly legal IRS shortcut for combining retirement account withdrawals, then got fined for a distribution he thought he had already taken. The rule he missed is written in plain sight, and it catches surviving spouses…...
He Spent Down the Roth First to 'Save' the IRA for His Kids. He Left Them a $120,000 Tax Bill Instead of a Tax-Free Account
1+ day, 17+ hour ago (540+ words) Saving the Roth for the kids sounds generous, but a rule most retirees missed in 2020 turned that good intention into a six-figure tax burden spread across a decade of their children's peak earning years. Life After Work desk. Editor: David…...
For Twenty Years He Made IRA Contributions the IRS Never Let Him Deduct. One Form Filed Every April Is the Only Thing Standing Between Him and Being Taxed on That $150,000 Twice
2+ day, 4+ min ago (505+ words) If you have a traditional IRA and your income was too high to deduct the contribution, you’ve been quietly building a stash of after-tax money inside a pre-tax account. That stash is called basis, and the only thing separating you…...
A Roth Conversion Isn't Investment Income. It Can Still Trigger the 3.8% Surtax on the Dividends You Collect That Year
2+ day, 1+ hour ago (614+ words) Retirees who move a large traditional IRA balance into a Roth in a single year often discover the IRS has quietly attached a 3.8% surtax to dividends and gains they never thought were in play. The mechanism behind it is… A…...
He Moved a $500,000 IRA to a New Broker and Missed the 60-Day Window by Two Days. The IRS Has a Waiver, and Almost Nobody Asks for It
2+ day, 2+ hour ago (959+ words) A single missed deadline turned a half-million-dollar retirement account into a potential six-figure tax bill, but the IRS quietly offers a way out that most taxpayers and even many advisors never think to use. The check for $500,000 sat on the…...
Medicare Has a Major Gap All Retirees Should Know About
3+ day, 12+ hour ago (36+ words) It's important to go in with realistic expectations....