Tax Tips

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The tax deadline is over but many of us file extensions so there is still time to figure out how to pay less. 

Never assume that your Social Security retirement benefits are tax-free.

All of your Social Security benefits won’t be taxed, but depending on how much money you’re generating in retirement, it’s possible that up to 85 percent of your Social Security benefits could be included in your gross income and be subject to federal income taxes.

How much you pay in taxes will depend on the amount of benefits, other income (including tax-exempt interest from municipal bonds), and your filing status, said Barbara Weltman, author of J.K. Lasser’s 1001 Deductions and Tax Breaks 2016.

 

Keep an eye on the extra 3.8 percent tax on investments.

If you’re looking at generating cash by selling off investment property, talk to your tax preparer first. Find out the potential impact of what’s often called the 3.8 percent Medicare surtax in a given year. The tax can apply to net investment income of individuals, estates and trusts that have income above a set threshold.

 

Once you hit your 70s, reconsider how you donate to charity.

If you are sitting on a sizable amount of money in your regular IRAs, consider taking your required minimum distribution by having money sent from an IRA to a charity. It’s called taking “qualified charitable distributions.”

 

Get an extra break on medical expenses if age 65 or older.

Typically, you can only get a tax break for qualified medical and dental expenses once those expenses exceed 10 percent of your adjusted gross income.

If you’re in your mid 50s, check into ways to avoid a 10 percent penalty from a 401(k) plan.

Money that you take out of a 401(k) plan can be subject to an additional 10 percent tax for early distributions, if you take that money out before reaching age 591/2.

But there are some exceptions that can help you avoid the 10 percent penalty. The 10 percent additional penalty, for example, does not apply to distributions that are made because you are totally and permanently disabled.

One of these exceptions applies to 401(k) plans, not IRAs.

For the full article see: TampaBay