I know what you're thinking. You're thinking, man, I wish someone would do a podcast of an introductory level overview of the federal income tax system. Well, guess what? Today's your lucky day because I'm going to do just that. And this is the 51st episode of the retirement planning education podcast.

Welcome to the retirement planning education podcast, where you can learn all about IRAs and Roth IRAs, employer retirement plans, taxes, Social Security, Medicare, portfolio withdrawal strategies, annuities, estate planning, and much more.

And now here's your host, Andy Panko.

All righty.

Thank you, everyone, for listening as always.

Welcome back to the show.

We are on our 51st episode.

We made it past the half a century hurdle.

Now on to the century mark.

Looking forward to it.

So anyway, so today's topic is going to do an overview of the federal income tax system.

Super high level, just walking through sort of broad strokes of how the system works, what's

taxable, what's not, what are deductions, credits, et cetera. How do you finally end up in what your

total tax obligation is for a year? And I'll talk

for the year. I'll talk a little bit about how to pay that tax. You may not exactly realize it,

but many people often pay tax throughout the year and then just sort of have to true up anything

additionally owed or refund to be refunded at the end of the year tax return time. So I'll preface this by saying

that today I'll be talking just about the federal income tax system. Now, as far as state income tax,

if you live in one of the states that does have income tax, some don't, for example, like Alaska,

Florida, Texas, handful of others. But if you do live

in a state that has income tax, the system can and likely will be different, at least to some extent.

Now, generally speaking, many states that do have income tax. For the most part, piggyback off of the

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