RTS Guide to Getting IRS Form 8606 Right
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State Tax Tips for Financial Advisors
When Congress changes federal tax law, it always dominates the headlines, but the IRS' portion of a taxpayer’s income is only part of the story. Every state has their own unique set of tax rules, and it is not enough for financial advisors to be versed in the rules of their home state. Eight states have no individual income tax. For the other states, there are 42 different sets of rules on what type of income is taxed, how it is taxed, at what rate it is taxed and whether where you work or where you live is more important. Then one could wade into local taxes, with nearly 5,000 jurisdictions in 17 states imposing a local income tax, which can treat nonresidents differently than residents.
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Your Retirement Tax Bracket Might Be Higher Than You Think
Background One of the most commonly-searched phrases around taxes and retirement is “retirement tax brackets.” Your clients want to know what to expect in retirement. However, when it comes […]
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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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