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What will you actually need to spend in retirement? Joe and Big Al explain how to really think about and calculate your retirement expenses. Plus, if you want to reduce your tax-deferred account balances, does it make more sense to do Roth conversions or reinvest? What about doing Roth conversions to a higher tax bracket than the one you’ll be in during retirement? Also, the fellas explain the alternative minimum tax, how Social Security spousal benefits work, and when in the year you turn 72 you must take required minimum distributions from your retirement accounts. And finally, what should someone with no credit history, who hasn’t paid taxes, do with a sudden $100,000 windfall?
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Should a trust be the beneficiary of your retirement accounts? Are withdrawal restrictions and required minimum distributions (RMD) good reasons to transfer out of the thrift savings plan (TSP) at retirement? How do you handle the stock acquisition of a company held in your retirement account? Plus, alternative minimum tax (AMT) explained, and strategies for health savings account (HSA) contributions and restricted stock units (RSU).
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Learn the basics of Roth IRA conversions, how to calculate the tax on a Roth conversion, when to pay the tax, and more. Plus, ideas for what to do with unused 529 plan education savings funds, rules for 401(a) accounts, understanding the alternative minimum tax, the latest tax proposals, how to calculate employer solo 401(k) contributions – and that’s just the tip of the iceberg.
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What is the Alternative Minimum Tax? While fewer people will have to pay it since the new tax legislation took effect in 2018, Amy Cattelino, CFP® outlines what it is and what situations might cause you to still pay AMT or alt-min. Transcript: Alternative Minimum Tax. Sometimes it’s called Alt-Min or nicknamed AMT. But what […]
