Tax Planning for Widowed Retirees: How to Optimize Your Tax Strategy

[@markb8515]

Thanks James for another very informative video!

[@bjlong4452]

Hi James. Do you happen to recall which episode you spoke about umbrella insurance. It was quite awhile ago. It was a very informative episode like all your episodes and I need to go back and listen to this particular one. Thanks for all the great info you put out there.

[@larryjones9773]

She's 54. Her husband's ill. She needs low taxable income in order to make Roth conversions highly advantageous. Unless she loves her job, I suggest that she seriously considering retiring. It's time. Managing a Roth conversion strategy is time consuming. She'll be plenty busy. I'm in year 10 of my 12 year Roth conversion plan. I started at age 54 and I'm 63 now. She needs to start building a retirement spreadsheet that includes her Roth conversion numbers and all future tax return numbers. It's very time consuming, but there are a huge number of variables and all the numbers need to be estimated, but as accurate as possible, in order to determine the optimal Roth conversion plan. Plus, having all future tax return numbers calculated now, it will help in the future should she become disabled. Her caregiver and accountant can simply rely on her retirement spreadsheet.

[@mattchilders3123]

Really good show.

[@MichaelToub]

Great Video!

[@BardWannabe]

I had to laugh a little at the wording of the question, essentially, “I’m already a multimillionaire, am I totally screwed?”

[@BardWannabe]

No, ma’am, you might have to pay some taxes on money you didn’t pay taxes on yet.

[@johnbrown1851]

As my Mom used to say " sounds like a high class problem"😂

[@thomaslyens7981]

I thought the same thing.

[@voodootrois]

15:57 I would agree that this would not be a huge issue. However, the 403b has the Rule of 55 (I think), and IRA Roth conversions have the 5 Year Rule. I suppose these would impact their ability to access Roth assets in the short term, and they already have early retirement on their mind. (But it's a moot point, as in-service conversions aren't allowed.)

[@Highway18]

Tried to book an appointment but the schedule was full?

[@johnj4094]

Cole I sold some stocks with capital gains so making estimated quarterly payments on irs pay direct…how do we inform irs next year tax season…..that much has been paid Thanks

[@TheLiberty1999]

There is a line on the 1040 page 2 where you list prepayments and deduct from tax due. It was line 26 on the 2023 1040.

[@jamesglassford9657]

Line 26 on your 1040, estimated tax payments made. I also keep the confirmation numbers on my 1040-ES record for reference for each payment made.

[@Sylvan_dB]

Do you have an account on the IRS web site? You can print a confirmation. Otherwise you can use your transaction records (cancelled check, EFT on your statement, etc).

[@plebinil]

She should get married again :)

[@Max-nt7ho]

Yes, marry someone younger than she! 😊