Home RECENT RADIO SHOWS Rendering: The New Tax Law

Rendering: The New Tax Law

This tax season, returns might look very different for a lot of Americans. This week, Hans and Robby talk about what differences people 62 and older might see.

 

Social Security is the biggest difference for people in this age bracket. If your only income is Social Security, you will pay no income taxes on this money. If your other taxable income is small, you will pay some tax on that income, but still none on your Social Security benefit. Only when you reach higher levels of other income does your Social Security benefit become taxable. It is important to note that you will never be taxed on more than 85% of your Social Security benefit. You can lower the taxes on your Social Security if you plan ahead, especially by using money from a Roth IRA versus a traditional IRA.

 

If you do have money in a traditional IRA, which counts as taxable income when withdrawn, there is a way to take this money and avoid taxes. Using distributions from this account as a QCD, or Qualified Charitable Distribution, allows you to make donations directly from this account and qualify this money as nontaxable income. As Robby says, if you are already donating $100 or more a month to your church, you are over 70 ½, and you have a traditional IRA, you could be leaving a lot of money on the table.

 

Taxes are important, and it is important that you stay educated on all the aspects of your money in order to make sure you are paying only what is necessary, not any more.

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!

 

You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.

Finishing Well
Finishing Wellhttps://www.cardinalguide.com/finishing-well/
Retirement planning involves a lot more than just managing your money. This show is the complete guide to planning for and living in retirement, helping families finish well. Host Hans Scheil will discuss a new topic every week ranging from Social Security and Medicare to IRAs and taxes. Follow along each week by downloading the corresponding chapters below for free! New episodes air: Finishing Well Schedule on Truth Network
- Advertisment -

Recent Posts

Hope and Help for Weary Moms (Part 2 of 2)

A panel of three moms in different life stages offers encouragement to listening moms who are feeling exhausted and burnt out. Our guests discuss...

Presenting Everyone Mature in Christ (Part 3 of 4)

What’s a pastor’s ultimate goal? While preaching, teaching, and warning the congregation are essential objectives, they’re not the primary purpose Paul identified. Hear an instructive message for church leaders and members on Truth For Life with Alistair

A Second Chance for a World Changer: God Is on the Search

Pastor Greg Laurie says God is on a search. He may be on a search for you! Tuesday on A NEW BEGINNING, Pastor Greg...

I Don’t Get It! How Can Three Be One? – Part B

Thomas Jefferson. Martin Luther King Jr. Winston Churchill. C.S. Lewis. All outstanding men with amazing life stories, but in all of history, one biography stands out above the rest.The Biography of Godgives an in depth look at His character and nature, and delves into the theological and personal profile of our Heavenly Father. As this series searches the scriptures to lead the believer to a discovery of who God is and how He is sensitive to the human condition, it will both lift up and humble at the same time.

Finding Your Place Part 1

Christians are blessed to be a part of an invisible assembly—the body of Christ that transcends denominational barriers. It is so vital that we understand the body of Christ and our part in it. Click here to listen (Duration 25:02)

What Do You Have On?

To support this ministry financially, visit: https://www.oneplace.com/donate/222/29 From the ancient Greeks to Shakespeare to Mark Twain its been said that the clothes make the man....

Bought With a Price – Part 2 of 2

“For ye are bought with a price: therefore glorify God in your body, and in your spirit, which are God’s” (1 Corinthians 6:20).
%d bloggers like this: