If you’re getting ready to retire, you’ll soon experience changes that may have tax implications. For example, if you sell your principal residence to downsize and you have a gain from the sale, you may be able to exclude up to $250,000 of the gain from your income ($500,000 if filing jointly). You may have […]
Tag Archives | Retirement
COVID-19: IRS announces more relief and details
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. On its Twitter account, the IRS announced that it deposited the first Economic Impact Payments into bank accounts on April 11. “We […]
CARES ACT Changes Retirement Plan and Charitable Contribution Rules
The CARES Act contains a range of relief, notably the “economic impact payments” that will be made to people under a certain income threshold. But the law also makes some changes to retirement plan rules. The additional 10% tax on early distributions from IRAs and 401(k) plans is waived for distributions made between Jan. 1 […]
Thinking about moving to another state in retirement? Don’t forget about taxes
If you’re thinking about relocating to another state in retirement, consider the impact of state and local taxes. It may seem like a state with no income tax is a smart choice, but you also have to factor in property and sales taxes, as well as any state estate tax. If you make a move […]
