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

Retirement Planning Education, with Andy Panko

Andy Panko

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

2.4 • 671 Ratings

🗓️ 26 September 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

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...

Transcript

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0:00.0	It is time for another Q&I episode where I will answer questions about deducting income
0:05.5	taxes versus sales taxes on your tax return, the pension versus lump sum decision, and when
0:11.1	to consider Roth conversions, plus much more in this, the 118th episode of the Retirement Planning
0:16.0	Education Podcast.
0:25.4	Welcome to the Retirement Planning Education podcast, where you can learn all about IRAs and Roth IRAs, employer retirement plans, taxes, social security, Medicare,
0:31.2	portfolio withdrawal strategies, annuities, estate planning, and much more. And now here's your
0:36.6	host, Andy Panko.
0:38.4	Hello, friends. Thank you, as always for listening. Today is another fun Q&A, otherwise known as
0:45.3	question and answer episode. I have to apologize. My voice is a tad bit horse today. I went out
0:52.8	last night with a friend of mine from high school who I haven't
0:55.7	seen in a while. And we went to some places, stayed out late. Places were loud. I had to
1:01.8	yell to be heard. I have one of those voices where it doesn't, it's not very loud. I mean,
1:06.5	normal speaking voice within, you know, close distance to someone is fine unless there's a lot of
1:11.7	noise around. But, you know, some folks have just like this real deep booming voice that just
1:17.3	super loud, no matter how loud the environment around you, their voice just like cuts through it.
1:23.0	I don't have that. My voice, I have to really sort of like yell and strain to make my voice heard
1:28.8	when I'm in a bar or something or a concert or whatever, even if the person's standing right
1:32.8	next to me, I kind of have to like yell into their ear. And even then they're like, what,
1:36.2	what? So my voice has a little shot. Apologies for that. But for what it's worth, I did have a
1:41.8	really good time.
1:46.4	He was one of my best friends in high school.
1:50.5	We still live relatively close to one another, but life happens and just haven't really stayed too connected or in touch.
	...

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