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Retirement Tax Planning: Avoiding Surprises

If you’re a new or soon-to-be retiree, you need to be aware of some of the nuances concerning your cash flow in this life phase. Specifically, you need to adjust your financial plans to account for the chunk that will be claimed by the IRS beginning, of course, with whether or not your Social Security benefit will be taxed. The portion subject to regular income tax is based on something called your “Provisional income” defined as your adjusted gross income, any nontaxable interest you have, and half your annual Social Security benefit. Beyond that basic level, though, there are a couple of other income classifications that might affect your tax position: non-medical HSA withdrawals and Roth IRA earnings if you’ve had your account for less than five years. The Motley Fool’s Kailey Hagen, in a post on their website, provides some details on these portions of the complex IRS/retirement income rules. Check it out here…

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