After watching several videos on this topic, it seems the general assumption is that people should retire fairly early and not claim their SS benefits for the first few years.
How do we approach it for folks that retire much later because they either enjoy working or earn a substantial salary they don't want to give up?
Another cliff to fly under as to tax year income total after adding the Roth conversion (in addition to trying to stay under a certain tax bracket ceiling you need to stay under the "phaseout ceiling" for the "senior bonus added deduction" (or is penetrating part of the way into the phaseout ceiling sometimes worthwhile ?)
I think it's important to show the calculations for singles too, even though I'm MFJ. Someday one of us will die, and the other one is going to be spanked hard with single tax rates.
There are all these rules…..but how do you keep track of them? How does the IRS know if you've followed them or not? I have a difficult time keeping it straight when i do taxes, so not sure how this is all reported to the IRS?
I am in a position of not a lot of income. When I do a Roth conversion it increases the amount of Taxable SSA. The extra Taxable income increases the tax rate on my Roth Conversion amount by 9.66%.
Here's the link to download the slides: https://foundryfinancial.net/obbba-tax-implications
Hi. How much is your hourly rate?
You need to simplify your presentation
Was a single filing status video ever made?
After watching several videos on this topic, it seems the general assumption is that people should retire fairly early and not claim their SS benefits for the first few years.
How do we approach it for folks that retire much later because they either enjoy working or earn a substantial salary they don't want to give up?
Another cliff to fly under as to tax year income total after adding the Roth conversion (in addition to trying to stay under a certain tax bracket ceiling you need to stay under the "phaseout ceiling" for the "senior bonus added deduction"
(or is penetrating part of the way into the phaseout ceiling sometimes worthwhile ?)
I think it's important to show the calculations for singles too, even though I'm MFJ. Someday one of us will die, and the other one is going to be spanked hard with single tax rates.
please do single examples..thank you
There are all these rules…..but how do you keep track of them? How does the IRS know if you've followed them or not? I have a difficult time keeping it straight when i do taxes, so not sure how this is all reported to the IRS?
I am in a position of not a lot of income. When I do a Roth conversion it increases the amount of Taxable SSA. The extra Taxable income increases the tax rate on my Roth Conversion amount by 9.66%.
It's not costing you more to convert, you are getting less benefit from the $6000.