Dear Liz: Due to capital gains on the sale of a property, my monthly Social Security check is impacted by IRMAA, the income-related monthly adjustment amount for Medicare. Therefore not only do I not receive the recent cost-of-living increase, but my benefit substantially decreased. My question is: After a year will my monthly benefit go back […]
Recent Blog Posts
Q&A: How gifting property before you die gives your kids a tax headache
Dear Liz: My wife and I have purchased a few properties over the years and now we would like to give these properties to our children. I’ve read that the best way to gift properties is to wait until we pass away, which sounds terrible. Is there any way to transfer or gift properties without paying […]
Q&A: Qualified charitable distributions
Dear Liz: This is the year I turned 73, and I’m planning how to take my required minimum distribution from my IRA and 403(b) accounts. I know from a Google search that I can redirect this distribution to charities without being taxed, up to a certain amount. However, the financial services company holding my 403(b) money […]
This week’s money news
This week’s top story: How to cope debt and chronic pain. In other news: Maximize your credit card rewards with minimal effort, what to do if your hospital drops your Medicare Advantage plan, and how a global pandemic made us richer four years later. Debt and Chronic Pain Can Be Connected. Here’s How to Cope Study […]
Q&A: Paying taxes electronically
Dear Liz: I’m a CPA and your answer about paying taxes electronically was spot-on. But there’s a pro tip you might share: I advise all my clients to establish accounts with the IRS and their state tax authority. That allows my clients to schedule payments more easily with a single log-on (rather than having to validate each time […]
Q&A: How to roll over your 401(k) into an IRA
Dear Liz: My question relates to 401(k) rollovers. Are there different tax implications when it comes to rolling the money into a traditional IRA versus a traditional IRA brokerage fund? I’ve always associated the word “brokerage” with after-tax dollars. Answer: Financial terms can get confusing, so let’s start with the basics. Both 401(k)s and IRAs are tax-advantaged […]