Ask an Advisor: How Can Tax Rates Be Higher in Retirement Than Your Earning Years?
Required minimum distributions (RMDs) are certainly a reason that a person’s tax rate might go up in retirement, but they’re not the only reason. There are a number of possible scenarios in which a person faces higher taxes in retirement when compared to their earning years. (And if you need help with planning for taxes in retirement, consider matching with a financial advisor.)
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Guide to Getting
IRS Form 8606
RIGHT
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