"Retirees' Year-End Tax-Planning Guide"

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Taylor Larimore
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"Retirees' Year-End Tax-Planning Guide"

Post by Taylor Larimore » Mon Nov 11, 2019 10:22 am

Bogleheads:

Happy Veterans Day!

Boglehead Christine Benz has written an excellent article for retirees about how to reduce our taxes. This is the link:

Retirees' Year-End Tax-Planning Guide

Thank you, Christine.

Best wishes
Taylor
Jack Bogle's Words of Wisdom: "A relative handful of funds operate at a minimal cost and with a minimal tax burden. Most are broadly based market index funds or index funds replicating the entire stock market--because significant changes to their composition rarely take place."
"Simplicity is the master key to financial success." -- Jack Bogle

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Sheepdog
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Re: "Retirees' Year-End Tax-Planning Guide"

Post by Sheepdog » Mon Nov 11, 2019 11:06 am

Thank you, Taylor.
And, Happy Veterans Day to you, our most famous Bogleheads veteran, a Battle of the Bulge WWII Veteran, a hero.....
Jim
Just because it isn't your fault doesn't mean it isn't your responsibility....Josh Reid Jones

anon_investor
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Re: "Retirees' Year-End Tax-Planning Guide"

Post by anon_investor » Mon Nov 11, 2019 11:09 am

Taylor,

Thank you for your service!

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Taylor Larimore
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Re: "Retirees' Year-End Tax-Planning Guide"

Post by Taylor Larimore » Mon Nov 11, 2019 11:31 am

Sheepdog wrote:
Mon Nov 11, 2019 11:06 am
Thank you, Taylor.
And, Happy Veterans Day to you, our most famous Bogleheads veteran, a Battle of the Bulge WWII Veteran, a hero.....
Jim
Thank you, Jim.

It is nice to be back among family and friends like you.

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "I’ve known many people in the financial business who’ve said, ‘I’m really proud because I did it all myself.’ And when someone has the temerity to say that to me, and a lot of people do, the first thing I say is ‘isn’t that wonderful, you did it all yourself. And I think that’s terrific, I don’t know many people who’ve done that. But how did you arrange to be born in the United States of America?"
"Simplicity is the master key to financial success." -- Jack Bogle

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dmcmahon
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Re: "Retirees' Year-End Tax-Planning Guide"

Post by dmcmahon » Mon Nov 11, 2019 12:19 pm

Good article, I’d ask Ms.Benz to think about one more idea re. charitable giving: using a donor-advised fund to lump contributions in order to get over the higher standard deduction.

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GerryL
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Re: "Retirees' Year-End Tax-Planning Guide"

Post by GerryL » Mon Nov 11, 2019 2:28 pm

dmcmahon wrote:
Mon Nov 11, 2019 12:19 pm
Good article, I’d ask Ms.Benz to think about one more idea re. charitable giving: using a donor-advised fund to lump contributions in order to get over the higher standard deduction.
That idea is tucked into the paragraph on charitable giving strategies.

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Re: "Retirees' Year-End Tax-Planning Guide"

Post by rossington » Mon Nov 11, 2019 3:55 pm

Thank you for your service Taylor and God Bless all of our Veterans.
"Success is going from failure to failure without loss of enthusiasm." Winston Churchill.

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Re: "Retirees' Year-End Tax-Planning Guide"

Post by dwickenh » Mon Nov 11, 2019 4:00 pm

dmcmahon wrote:
Mon Nov 11, 2019 12:19 pm
Good article, I’d ask Ms.Benz to think about one more idea re. charitable giving: using a donor-advised fund to lump contributions in order to get over the higher standard deduction.
" A donor-advised fund enables you to make a large charitable contribution in a given year (and potentially take a deduction on it) but take your time in getting the money deployed to charities."

She did put it in there, just lower in the paragraph.

Best to you,

Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

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Re: "Retirees' Year-End Tax-Planning Guide"

Post by SeeMoe » Mon Nov 11, 2019 8:31 pm

I’ll pass the article on to our astute CPA who saved us a significant tax Bill last year regards the recent tax cut provisions.
Thank you, sir.

Moe... :wink:
"By gnawing through a dike, even a Rat can destroy a nation ." {Edmund Burke}

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Re: "Retirees' Year-End Tax-Planning Guide"

Post by grabiner » Thu Nov 14, 2019 10:33 pm

One more caution: retirees in the 0% capital-gains bracket might not want to harvest taxable gains if they are already taking Social Security. Most retirees in that situation will be in the phase-in of Social Security taxation, so every $1 of gains taxed at 0% leads to 85 cents of SS taxed at 12% for a 10.2% marginal tax rate, and that 85 cents also reduces the amount of harvestable gains.
Wiki David Grabiner

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