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
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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


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#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