#092 - Q&A edition...determining state tax residency, tax underpayment penalties and MORE!

Retirement Planning Education, with Andy Panko

Andy Panko

Social Security, Taxes, Ira, Investing, Education, 401k, Retirement Planning, Roth Conversion, Tax Planning, Annuities, Roth Ira, Financial Planning, Pension

4.9 • 1.1K Ratings

🗓️ 28 March 2024

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listener Q&A where Andy talks about: How to establish tax residence in a new state, and how to leave tax residence in your old stateCarrying over capital loss deductionsMinimizing or eliminating underpayment interest penalties by "annualizing" income using Form 2210When in the tax return season should you file your returnIs an advisory fee of 1.25% to 1.50% worth itLinks in this episode: My YouTube video - Estimated Taxes, Tax Withholdings and Underpayment PenaltiesMy company newsle...

Transcript

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0:00.0	It's Q&A time where I'll be talking about a bunch of tax return and tax-related questions in this, the 92nd episode of the Retirement Planning Education Podcast.
0:12.0	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
0:22.9	strategies, annuities, estate planning, and much more. And now here's your host, Andy Panko.
0:29.4	Hello, everybody. Welcome back. Thank you, as always for listening. This is another
0:34.8	Q&A edition, which I always look forward to. Today, given it is the end of March, 2024, we are nearing the end of tax return season.
0:44.6	I thought I would answer questions that are tax return or tax related.
0:50.4	Many people probably have your return done already, but for those who don't, or just even, whatever,
0:55.3	because the time feels right, I thought I'd do sort of a theme to this Q&A of tax and tax return
1:00.2	related stuff. So I did have one person send me a question offline. The rest of these are things
1:08.0	I just pulled from the Facebook group, because there's a never-ending, ending this is a good thing but a never ending a list of questions from people about various
1:16.4	things so I just sort of scrolled through just from the last few days and picked out a few really good
1:21.1	tax and tax return related ones so before we get into it I have a question for you. How do fish get high? Seweed. Do you get it? Do you get it? Okay, not it's legal. It's legal in the ocean for fish to buy that stuff down below the surface. So, all right, let's do it. So the first question, I don't use a person's name,
1:48.0	because I don't know if they were okay with it, is about state, state related taxes. Now,
1:53.0	this is interesting. So when people talk about taxes and have tax questions and like within the
1:56.8	group, Facebook group, it's sort of generally around federal taxes.
2:02.6	Treatment, how does federal treat this? How does federal treat that?
2:05.8	State taxes are, in my view, often more complicated. Well, I guess maybe not. So as like a tax return
2:13.0	repair or, you know, as a financial planner slash tax planner that I am, I deal with folks all over
2:19.4	the country.
2:20.0	So I do need to get myself up to speed if I'm not already on each state's tax rules and tax
2:26.8	forms.
2:27.4	Now, generally, federal tax impacts are going to be larger than state impacts most of
	...

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