What is the Widow and Widower Tax Penalty?

Explanation of why income taxes increase for surviving spouses. Links in this video: retirement planning Insights - Taxes in Retirement - #TaxPlanning #Taxes #IncomeTaxes 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

The Widow and Widower Tax Penalty refers to a situation wherein a surviving spouse is punished by higher taxes simply because they are no longer married. This penalty can be particularly devastating for those who have just lost their partner, as they are already dealing with the emotional and financial strains of widowhood. The Widow and Widower Tax Penalty primarily affects those who receive Social Security benefits. When both spouses are alive, their joint income is calculated for tax purposes. However, when one spouse passes away, the surviving spouse loses one of their Social Security benefits and their tax bracket can shift upwards. This penalty can be particularly harmful for those who rely on Social Security income. In addition to Social Security benefits, the Widow and Widower Tax Penalty can also affect inheritance taxes. For example, if a married couple has assets that are jointly owned and one spouse passes away, the surviving spouse may suddenly find themselves facing a much higher inheritance tax bill. This penalty has been criticized by many advocacy groups, who argue that it unfairly punishes those who have already suffered a loss. Some lawmakers have attempted to address this issue by pushing for changes to the tax code. However, these efforts have largely stalled. It's important for those who have recently lost a spouse to be aware of the Widow and Widower Tax Penalty and to plan accordingly. This may involve meeting with a financial advisor or tax professional to assess your tax situation and identify any potential challenges. Overall, the Widow and Widower Tax Penalty remains a contentious issue that affects many Americans each year. While efforts to address this issue have been slow-moving, it's important for those who are impacted to stay informed and take steps to protect their finances. https://inflationprotection.org/what-is-the-widow-and-widower-tax-penalty/?feed_id=76448&_unique_id=6406b8b3d65fe #Inflation #Retirement #GoldIRA #Wealth #Investing #FinancialPlanning #IncomeTaxPlanning #incometaxes #RetirementIncomePlanning #retirementplanning #TaxPlanning #Widow #WidowTaxPenalty #Widower #WidowerTaxPenalty #SpousalIRA #FinancialPlanning #IncomeTaxPlanning #incometaxes #RetirementIncomePlanning #retirementplanning #TaxPlanning #Widow #WidowTaxPenalty #Widower #WidowerTaxPenalty

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

Birch Gold Group Review 2023 – Best Gold IRA Company? Pros and Cons

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. See chapters in the description. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Chapters: 0:00 - Intro 0:26 - Is Gold a Good Investment? 1:03 - What is Birch Gold Group? 1:37 - IRA Eligible Coins 1:59 - Is Birch Gold Group a Legitimate Company? 2:50 - How Does Birch Gold Group Work? 3:34 - Birch Gold Group’s Fees and Investment Options 4:02 - Birch Gold Group Low Minimum Investment 4:29 - Birch Gold Group Storage and Security 5:34 - Con #1 – No Overseas Storage Options 5:49 - Con #2 – Initial Setup Fees 6:02 - Birch Gold Group Review Summary Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a

Timothy Sumer

Search This Blog