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

  • Sep 26 2024
  • Length: 49 mins
  • Podcast
  • 5.0 out of 5 stars (1 rating)

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

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  • Summary

  • 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


    • My company newsletter - Retirement Planning Insights
    • Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
    • YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
    • Retirement Planning Education website - www.RetirementPlanningEducation.com
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I was introduced to Andy through Rob Berger. The subjects are interesting and the insight has great value for me and my life.

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