323 Tax Planning

Sound Retirement Planning Podcast

In this podcast episode Jason talks about tax planning ideas as you prepare to retire and transition into and through retirement. Topics discussed are as follows:

Recent Tax Reform
Tax Savvy withdrawals
Where you live matters
HSA – Health Savings Accounts
Roth conversions
Reverse mortgages for tax free income
Social Security for tax efficient income
Keeping income low for the ACA and IRMAA
Charitable giving
Transferring wealth to generations

Rating: 4 out of 5.

Resources and links mentioned in this podcast.


Corona Virus Debt:
https://www.usatoday.com/in-depth/news/2020/05/08/national-debt-how-much-could-coronavirus-cost-america/3051559001/

National Debt Clock:
https://www.usdebtclock.org/

13 States that Tax Social Security Benefits:
https://investor.vanguard.com/retirement/social-security/taxes-on-benefits

What are the best states to retire for taxes:
https://smartasset.com/retirement/retirement-taxes

Health Savings Accounts:
https://www.thebalance.com/the-key-benefits-of-health-savings-accounts-3192991

https://www.fidelity.com/go/hsa/why-hsa

Paying for Medicare Part B with HSA

IRS: Q&A on the ACA Premium Tax Credit:
https://www.irs.gov/affordable-care-act/individuals-and-families/questions-and-answers-on-the-premium-tax-credit#:~:text=The%20premium%20tax%20credit%20is,based%20on%20a%20sliding%20scale.

Medicare Income Related Monthly Adjustment Amount (IRMAA)
https://www.medicare.gov/your-medicare-costs/part-b-costs

Income Taxes and Your Social Security Benefit:
https://www.ssa.gov/benefits/retirement/planner/taxes.html

How are social security benefits taxed:
https://www.schwab.com/resource-center/insights/content/do-you-have-to-pay-income-taxes-on-social-security-benefits

Donating retirement assets to charity:
https://www.fidelitycharitable.org/guidance/philanthropy/donating-retirement-assets-to-charity.html

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions

https://www.fidelitycharitable.org/guidance/charitable-tax-strategies/charitable-tax-deductions.html

https://www.fidelitycharitable.org/articles/what-the-cares-act-means-for-charitable-giving.html

https://www.forbes.com/sites/berniekent/2020/04/03/giving-more-than-60-of-income-to-charity-cares-act-says-deduct-it/#49b3c517b34f

Donor Advised Funds:
Podcast Episode #221 Donor Advised Funds with Joe Eelkema with the National Christian Foundation
https://www.ncfgiving.com/
https://www.fidelitycharitable.org/
https://www.vanguardcharitable.org/

Additional Resources:
Can you convert Covid distribution to a Roth:
https://www.forbes.com/sites/deniseappleby/2020/07/03/can-you-convert-a-coronavirus-related-distribution-to-a-roth-ira/#240f906c2cfc

https://www.kitces.com/blog/corona-virus-related-distributions-unwanted-rmd-cares-act-rollover-in-service-early-distribution-penalty/



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