Skip to content
Sign inOpen the app
Artwork for Retirement Planning Education, with Andy Panko
Retirement Planning Education, with Andy Panko · July 2 · 1 hr 13 min

#211 – 8 common tax planning mistakes often made in retirement

Andy discusses common tax planning mistakes often made in retirement. Additionally, he shares insight on how to attempt to prevent such mistakes, and/or fix them after they've happened The 8 common mistakes are: Not paying enough income tax timely throughout the year, and having underpayment penalties as a result Missing or not taking the correct amount of Required Minimum Distributions (“RMDs”) Having improper beneficiary designations Not properly applying Roth account withdrawal rules Not understanding IRA “basis” and the pro rata rule Not being as tax-efficient as possible with charitable giving Not managing Modified Adjusted Gross Income (“MAGI”) Not planning for state-specific income tax considerations Links in this episode: My YouTube video - How Much Estimated Tax to Pay Summary of RMD factors from the Retirement Planning Education website's - Free Stuff IRS summary of RMDs - here My company's newsletter - Required Minimum Distribution ("RMD") Rules from Inherited IRAs My YouTube video - Roth IRA Withdrawal Rules My YouTube video reply of the webinar - IRA after-tax "basis," the pro rata rule and Form 8606 My YouTube video - How to give to charities tax-efficiently My company's newsletter - How to donate to charities tax-efficiently My YouTube video - What is Modified Adjusted Gross Income, or "MAGI" Tenon Financial monthly e-newsletter - Retirement Planning Insights YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified) Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

0:00-1:13:33
Play in podnod

transcript

No transcript — this publisher did not publish one.

show notes

Andy discusses common tax planning mistakes often made in retirement. Additionally, he shares insight on how to attempt to prevent such mistakes, and/or fix them after they've happened


The 8 common mistakes are:

  • Not paying enough income tax timely throughout the year, and having underpayment penalties as a result
  • Missing or not taking the correct amount of Required Minimum Distributions (“RMDs”)
  • Having improper beneficiary designations
  • Not properly applying Roth account withdrawal rules
  • Not understanding IRA “basis” and the pro rata rule
  • Not being as tax-efficient as possible with charitable giving
  • Not managing Modified Adjusted Gross Income (“MAGI”)
  • Not planning for state-specific income tax considerations


Links in this episode:



To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

links12

more episodes

All episodes