Dr. Katy Votava speaks on new changes to Medicare and how this affects you. Will you qualify for the same premium as last year or will your new rate be higher? In the second half of this hour, Sandy Botkin, CPA gives listeners tax tips regarding maxing out 401(k) contributions, rules for charitable contributions and surprising ways in which you can get your taxes written off. Joe and Al also discuss net unrealized appreciation, tax gain harvesting and the possible elimination of the stretch IRA.
1:20 “I want to talk about another year-end tax planning strategy that is often overlooked—it’s called tax gain harvesting”
4:16 “Both tax gain harvesting and tax loss harvesting you need to do between now and December 31st”
5:04 “Net unrealized appreciation is also on the chopping block”
7:42 “[At our year-end tax planning seminar on December 2] we will be talking about all sorts of end of year tax planning techniques that you want to make sure you take advantage of: tax gain harvesting, tax loss harvesting, net unrealized appreciation, Roth IRA conversions, the stretch IRA, asset location strategies, donor advised funds, etc.”
10:08 Start of Interview with Dr. Katy Votava
11:03 “What’s going on right now is we just got the final announcement from the Center for Medicare on what the Medicare Part B premiums will be for this year. One of the big pieces of news is that people who are already on Medicare who are not going to get a Social Security COLA (Cost of Living Adjustment) increase and have an income below a certain threshold will keep the same premium that they had last year, which was $104.90”
11:37 “People who are higher income as well as anyone new going in to Medicare are what’s called not held harmless. That means they’re going to pay the new rate which is 16% higher”
13:56 “The biggest variables are: are your medications covered at the best possible price, and are the doctors and hospitals you want to go to in network? And if they are, your coverage is going to do well for you, and if not, it’s time to shop”
15:55 “If I’m still working and I plan on working until age 70, should I still apply for Medicare?”
16:57 “If you have a high-deductible health plan with a health savings account, you cannot participate in any part of Medicare and then contribute new dollars”
17:47 “Number one: are you in a large employer group situation? Number two: do you have a health savings account?”
20:35 End of Interview with Dr. Katy Votava
20:52 Start of Interview with Sandy Botkin
22:15 “It is astonishing to me that people who have 401(k)s, particularly where the company matches, around 40% of the people who have those don’t maximize their contributions—this is free money that they’re literally walking away from”
22:37 “Absolutely maximize your 401(k), especially if the company you work for is matching it”
23:35 “No longer can you just drop cash into the church box or the Salvation Army box [and get a deduction]—there has to be acknowledgement; you have to get a receipt or pay with a check [in order to get the deduction]”
25:47 “The IRS gives you 14 cents a mile for charitable mileage…this is one of the most overlooked deductions in the United States”
31:33 End of Interview with Sandy Botkin
35:02 “The stretch IRA might be leaving us, and if you’re not familiar with it I’ll briefly describe it”
37:31 “All non-spouses that inherit retirement accounts can stretch out that tax liability to their life expectancy”
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