How to Reduce the Widow’s Tax Penalty - 501

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 29 October 2024

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should Suzanne in Michigan do Roth conversions in 2025 and 2026 since she’s widowed and won’t be married filing jointly? How should she pay the tax on her conversions? Jennifer in Washington state is 55 and her husband is 70. Should she retire now and do aggressive Roth conversions before her husband passes? We’re talking about the widow’s tax, today on Your Money, Your Wealth® podcast number 501 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, answers to questions from our YouTube viewers: what’s a brokerage account? What’s a good way to pay required minimum distirbution taxes? How does the 10 year rule work on inherited IRAs? What are extended market index funds? The fellas also spitball on the 4% rule for retirement withdrawals. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-501

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Transcript

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0:00.0	Should Suzanne in Michigan do Roth conversions in 2025 and 26 since she's widowed and won't be married filing jointly?
0:08.0	How should she pay the tax on her conversions?
0:10.5	Jennifer in Washington State is 55 and her husband is 70.
0:14.4	Should she retire now and do aggressive Roth conversions before her husband passes?
0:18.8	We're talking about the widow's tax today on your money,
0:22.0	your wealth podcast number 501. Plus answers to questions from our YouTube viewers. What's a
0:27.6	brokerage account? What's a good way to pay tax on RMDs? How does the 10-year rule work on
0:32.8	inherited IRAs? What are extended market index funds? The fellas also spitball on the 4% rule for
0:39.4	retirement withdrawals. Listen in your favorite podcast app or watch us right now on YouTube or Spotify.
0:45.0	To ask a money question or get a retirement spitball analysis of your own, click the Ask
0:49.1	Joe and Big Al link in the episode description. I'm executive producer Andy Last and and here are the hosts of Your Money, Your Wealth,
0:56.0	Jill Anderson, CFP, and Big Al Clopine CPA.
0:59.5	We got Jennifer from Washington State, writes in, hi, Joe, Big Al, hoping you can give me
1:05.5	a little spitball because retirement podcasts rarely consider my situation.
1:10.2	She's a big listening to a bunch of retirement podcast.
1:13.2	Yeah, and they don't really address her situation.
1:15.5	So let's see what we can do.
1:16.8	All right.
1:17.4	I brought a little 2018 Subaru cross-check.
1:21.0	Oh, Washington.
1:23.0	Yeah, that's right.
1:25.0	Every Washington rider calls in with a little Subaru.
	...

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