IRMAA & Roth Conversions, Filing Separately, Lump Sum Withdrawals, Unexpected Income – Tax Planning Mailbag

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Show Notes

Today, we’re diving into the listener mailbag once again, to answer your questions on tax planning and strategies for the year ahead. As we approach the end of the year, it’s crucial to get your financial ducks in a row so that you can keep more of your hard-earned money. Scott offers valuable insights on whether to file taxes jointly or separately, how IRMAA can affect your Medicare premiums, tax surprises that can be caused by receiving unexpected income, and more.

This episode covers a variety of topics, so tune in for a jam-packed discussion that is sure to have some takeaways for everyone. Discover little-known strategies that can help supercharge your tax savings and take control of your financial future. Tune into this week’s questions to see what you can learn!

Here are the questions we’ll tackle in today’s show:

  • Husband is 70, wife is 65- Is it okay to file separately so each one can do Roth Conversions before RMDs kick in?
  • How do you feel about taking a lump sum out of a 457B account? Is there any drawback to this besides taking a big sum of money? Will we owe any more taxes?
  • I received a big bonus this year.  My company withholds for tax.  I assume there is nothing else I need to do from a tax perspective?

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.