This is a special "mailbag" edition of Taxes in Retirement LIVE! where group members ask Andy all sorts of retirement planning questions. Questions addressed (and time stamps at which point in the video the question starts) in tonight's video are: 3:32 – Can you explain the Social Security Windfall Elimination Provision (“WEP”) 14:34 – Do I need to refile or amend prior year tax return to claim my deceased parents’ unclaimed property? 16:20 – If you make a large Roth conversion, do estimated federal and state taxes need to be paid in that quarter to avoid underpayment penalties? 20:08 – My defined benefit pension will increase by 0.5% per month for each month I delay it past age 65. Should I delay it? Or maybe start it early (with 0.5% per month reduction)? 27:10 – When is interest from a Home Equity Line of Credit (“HELOC”) deductible? 30:07 – If I have a Roth 401(k) and a Health Savings Account (“HSA”), will I have different “gross” and “taxable” wages on my W-2? 32:14 – Can you discuss Social Security spousal benefits and when one spouse may be able to take just a spousal benefit while delaying his or her own benefit? 36:05 – With a revocable living trust, can the same person be named the trustee and beneficiary? 36:18 – When considering doing Roth conversions, are there thresholds where it is probably a good idea, such as having a traditional IRA of $1,000,000 or more? 40:48 – Can I name a charity and an individual as beneficiaries of my traditional IRA? 42:23 – Can you explain the benefits (or not) for those who say they want to convert all of their tax-deferred money to Roths? 47:38 – What is the 2021 MAGI limit for Medicare IRMAA premium surcharges? How will I or my tax return preparer know what my MAGI is? 55:16 – I just did a recharacterization of a Roth IRA contribution to a traditional IRA contribution. Will I get a 1099-R for this? 57:52 – I’m over 59 ½ and have already had a Roth IRA for more than five years. I will be retiring and rolling over my Roth 401(k) into a new Roth IRA. Will I need to wait to take money out of that new Roth IRA? 59:05 – I did a large Roth conversion in January and I paid the estimated taxes on it in the first quarter. Will I need to file a Form 2210 with my tax return? 1:00:39 – Is there an easy way to figure out my after-tax “basis” in my traditional IRA if I’ve never filed Form 8606 or otherwise kept track of the basis? 1:02:56 – If someone rebalances their portfolio every 90 days and there is a big drop in the markets right after doing the rebalance, should they wait another 90 days to rebalance again, or do it after the market drop? 1:05:33 – Has there been any further talk about the RMD starting age increasing from age 72 to 75? 1:06:16 – Can foreign tax credits be used to pay for U.S. Capital Gain tax? To join the Taxes in Retirement Facebook group - To listen to the retirement planning Education Podcast - #TaxPlanning #FinancialPlanning #RetirementPlanning DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy....(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Mailbag...Ask Andy Anything! is an innovative podcast show that presents a unique platform for individuals to connect and engage with Andy, the host of the show. The show has captured the hearts of many individuals, creating a community of loyal listeners who eagerly anticipate each new episode. The genesis of the show is the Mailbag - a collection of letters sent in from listeners, each containing a specific question, inquiry or advice. As the show's title suggests, Andy is willing to answer any question and provide insight on a broad range of topics. No question is too big or too small, and the platform is open to any subject matter. Apart from its entertaining nature, Mailbag...Ask Andy Anything! also offers listeners an opportunity to learn, unlearn and relearn. It features a dynamic and knowledgeable host who has amassed a wealth of experience over the years. Andy's answers are always practical, insightful, and delivered in a fun and engaging manner. The show's listeners often remark on Andy's ability to provide practical answers that help them in their daily lives. His easy-going personality and extensive knowledge make each episode informative, relatable, and often thought-provoking. Some recent topics covered on the show include business advice, mental health, relationships, and even a unique guide on how to prepare the perfect espresso! Mailbag...Ask Andy Anything!’s popularity is attributed to its authenticity and informality. Andy's approachable nature, combined with his wealth of experience, has earned him a loyal following of listeners worldwide. Every question asked on the show is given equal attention, making each listener feel seen and heard. Conclusion Mailbag...Ask Andy Anything! is an excellent podcast show that you should tune into. Whether you're looking for some entertaining company or seeking answers to life's tricky questions, the show delivers. With a host who is knowledgeable and down-to-earth, Mailbag...Ask Andy Anything! provides insightful advice on a broad range of topics. So, what are you waiting for? Tune in to Mailbag...Ask Andy Anything! and send your questions to the Mailbag! https://inflationprotection.org/andy-is-ready-to-answer-all-your-questions-mailbag-for-inquiries/?feed_id=82272&_unique_id=64231bc10223a #Inflation #Retirement #GoldIRA #Wealth #Investing #investing #investmentmanagement #portfoliorebalancing #retirementplanning #Rollover #rothconversion #taxcredits #TaxPlanning #SpousalIRA #investing #investmentmanagement #portfoliorebalancing #retirementplanning #Rollover #rothconversion #taxcredits #TaxPlanning
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