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)

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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

"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

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

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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