DiscoverRetirement Planning Education, with Andy Panko#118 - Q&A edition...Itemized sales tax deductions, pension vs lump sum, surviving spouse tax increases and MORE!
#118 - Q&A edition...Itemized sales tax deductions, pension vs lump sum, surviving spouse tax increases and MORE!

#118 - Q&A edition...Itemized sales tax deductions, pension vs lump sum, surviving spouse tax increases and MORE!

Update: 2024-09-26
Share

Description

Listener Q&A where Andy talks about: 

  • Itemizing sales taxes on Schedule A of your tax return, particularly when living in two states during the year ( 6:30 )
  • Considerations when deciding between taking a pension or its lump sum ( 11:51 )
  • Should a recently widowed person take advantage of their last year of Married Filing Joint tax brackets and do a large Roth conversion or IRA distribution ( 25:03 )
  • Understanding the pro rata rule when doing a Roth conversion when you have multiple IRAs and a 401(k) ( 31:40 )
  • How the IRS knows if you didn't take Required Minimum Distributions ("RMDs") when you were supposed to ( 37:02 )
  • How to ensure your Treasury interest received (including when received indirectly through a money market mutual fund) is properly reported as tax-free on your state tax return ( 41:36 )


To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Links in this episode:

  • IRS sales tax deduction calculator - here
  • Rob Berger's YouTube channel - here


Comments 
loading
Top Podcasts
The Best New Comedy Podcast Right Now – June 2024The Best News Podcast Right Now – June 2024The Best New Business Podcast Right Now – June 2024The Best New Sports Podcast Right Now – June 2024The Best New True Crime Podcast Right Now – June 2024The Best New Joe Rogan Experience Podcast Right Now – June 20The Best New Dan Bongino Show Podcast Right Now – June 20The Best New Mark Levin Podcast – June 2024
In Channel
#126 – Retirement planning chat with a "real" person, Jane

#126 – Retirement planning chat with a "real" person, Jane

2024-11-2101:12:00

#125 – Retirement planner chat, with Jamie Lima from Woodson Wealth Management

#125 – Retirement planner chat, with Jamie Lima from Woodson Wealth Management

2024-11-1401:33:01

#124 - The basics of taxes and tax planning in retirement

#124 - The basics of taxes and tax planning in retirement

2024-11-0701:00:28

#123 - My thoughts on 12 common financial and retirement planning rules of thumb

#123 - My thoughts on 12 common financial and retirement planning rules of thumb

2024-10-3151:13

#122 - Q&A edition...tracking Roth IRA contributions, what to do with leftover RMD money, using total bond market funds and MORE!

#122 - Q&A edition...tracking Roth IRA contributions, what to do with leftover RMD money, using total bond market funds and MORE!

2024-10-2439:45

#121 – Retirement planning chat with a "real" person, Doug Mann

#121 – Retirement planning chat with a "real" person, Doug Mann

2024-10-1701:26:44

#120 – Retirement planner chat, with Erik Barnes from Retirement Portfolio Partners

#120 – Retirement planner chat, with Erik Barnes from Retirement Portfolio Partners

2024-10-1001:51:35

#119 - Andy's appearance on Rob Berger's YouTube channel, talking about taxes in retirement

#119 - Andy's appearance on Rob Berger's YouTube channel, talking about taxes in retirement

2024-10-0301:41:14

#118 - Q&A edition...Itemized sales tax deductions, pension vs lump sum, surviving spouse tax increases and MORE!

#118 - Q&A edition...Itemized sales tax deductions, pension vs lump sum, surviving spouse tax increases and MORE!

2024-09-2649:10

#117 – Retirement planning chat with a "real" person, Alison

#117 – Retirement planning chat with a "real" person, Alison

2024-09-1959:24

#116 – Retirement planner chat, with Roger Whitney from the Retirement Answer Man podcast

#116 – Retirement planner chat, with Roger Whitney from the Retirement Answer Man podcast

2024-09-1201:36:40

#115 - How to give to charities tax-efficiently

#115 - How to give to charities tax-efficiently

2024-09-0555:44

#114 – Retirement planner chat, with me...Andy Panko from Tenon Financial

#114 – Retirement planner chat, with me...Andy Panko from Tenon Financial

2024-08-2901:54:44

#113 - Q&A edition...how to find a retirement tax planner, Medicare premium surcharges, bullet maturity bond ETFs and MORE!

#113 - Q&A edition...how to find a retirement tax planner, Medicare premium surcharges, bullet maturity bond ETFs and MORE!

2024-08-2254:46

#112 – Retirement planning chat with a "real" person, Jane

#112 – Retirement planning chat with a "real" person, Jane

2024-08-1540:39

#111 – Retirement planner chat, with Victor Medina from Palante Wealth

#111 – Retirement planner chat, with Victor Medina from Palante Wealth

2024-08-0801:27:12

#110 1/2 - ONE MORE pro of rolling over employer plans (like a 401(k)) to an IRA

#110 1/2 - ONE MORE pro of rolling over employer plans (like a 401(k)) to an IRA

2024-08-0510:00

#110 - Pros and cons of rolling over employer plans [like a 401(k)] to an IRA

#110 - Pros and cons of rolling over employer plans [like a 401(k)] to an IRA

2024-08-0101:05:22

#109 - Q&A edition...how to know if your 401(k) is good, how much tax to withhold from Social Security, should you invest in International stocks and MORE!

#109 - Q&A edition...how to know if your 401(k) is good, how much tax to withhold from Social Security, should you invest in International stocks and MORE!

2024-07-2543:43

#108 – Retirement planning chat with "real" people, Ali & Alison Walker

#108 – Retirement planning chat with "real" people, Ali & Alison Walker

2024-07-1801:38:27

loading
Google Play
Download from Google Play
Castbox
Download from App Store
usUnited States
00:00
00:00
1.0x

0.5x

0.8x

1.0x

1.25x

1.5x

2.0x

3.0x

Sleep Timer

Off

End of Episode

5 Minutes

10 Minutes

15 Minutes

30 Minutes

45 Minutes

60 Minutes

120 Minutes

#118 - Q&A edition...Itemized sales tax deductions, pension vs lump sum, surviving spouse tax increases and MORE!

#118 - Q&A edition...Itemized sales tax deductions, pension vs lump sum, surviving spouse tax increases and MORE!

Andy Panko