Dear Liz: My husband and I have owned a rental property for 20 years. We’ve never lived in it. Now, we want to get out of the landlord business. We know we’ll have to recapture depreciation, but we always thought we could live in the property for a couple of years to save some on […]
Recent Blog Posts
Q&A: Don’t leave your finances on automatic
Dear Liz: During the 2024 open enrollment period for Medicare, your column mentioned that Part D enrollees’ out-of-pocket payments in 2025 would be limited to $2,000, but only for covered prescriptions. That spurred me to be sure my prescription drug plan covered the one brand name drug I take. It didn’t and I found the […]
Q&A: Will Taking Social Security at 62 Affect Your Spousal or Survivor Benefit?
Dear Liz: I am a teacher, retiring this June. I have my teacher’s pension and will receive a small Social Security benefit as well. I am married and my husband’s Social Security benefits are far greater than mine. Should I start drawing on my Social Security benefits next year when I turn 62, assuming when […]
Q&A: Timing matters with estimated tax payments
Dear Liz: Your recent column about how to distribute estimated tax payments over the year (equal versus backend loaded) may have missed an important nuance. Your answer regarding the Form 2220 safe harbor is correct and would apply if the taxpayer’s income were retirement fund distributions. As I read the query, however, it’s possible (perhaps likely?) […]
Q&A: Should I consider Roth conversions now or after I retire?
Dear Liz: My husband and I both waited until age 70 to start Social Security. I will be 72 in September and am considering retirement. My husband is retired, 74, and taking required minimum distributions (RMDs). We have always tried to maximize contributions to our pre-tax retirement accounts and are now realizing the downside as we […]
Q&A: Am I eligible for my ex-husband’s Social Security?
Dear Liz: My ex-husband and I were married for 10 years. I married again, but am now a widow. I was told I could collect benefits on my prior marriage when my ex-husband passes. But, now that I’m a widow, I am wondering if I’m eligible to collect on my ex-husband’s record, though he is living. […]