“As an American, you’ll be required to file a return with the IRS no matter where you’re living or for how long you have lived outside the United States,” Peddicord said. “Additionally, your retirement income is taxable in the U.S. the same as if you lived in the U.S.” ...
That’s why you should regularly track your annual earnings and determine the amount you will receive from Social Security in retirement. Incorrect or omitted earnings could cause you to miss thousands of dollars in retirement benefits. Here's how to uncover mistakes and take action to cor...
Marcus P. Miller, CFPCertified Financial Planner and Financial Advisor at Mainstay Capital Erik Baskin, CFP®, CEPA®Financial Planner for Military, Veterans, & Business Owners Gail HarrisSenior Vice President, CFP®, CIMA® Chuck CzajkaCEO of Macro Money Concepts ...
Do some self-reflection to determine what you want to get out of semi-retirement. Katie Schwartz is basking in her semi-retired life. Untethered from a full-time schedule, she runs her speech coaching business during hours that work for her, giving her the flexibility to travel and live eac...
To deduct HSA contributions from your taxable income, report contributions onForm 8889(if you use tax software, there should be a section on this) and file it with yourForm 1040return. Note that youdo nothave toitemize your tax deductionsin order to deduct your HSA contributions – you can ...
For tax purposes, you’ll have to complete Form 1099-INT, which is used to declare taxable interest income.If you don’t have a TreasuryDirect account but you do have electronic savings bonds (e.g., gifted bonds), you’ll have to set up an account. Doing so will require some ...
On the other hand, the filing dates of the “wealth tax” for the taxable year 2023 will be from May 9 to 23, 2023. The entire schedule of DIAN filing dates isfound here. Your individual filing date can change each year based on my experience. Some years my filing due date was in ...
Remember, atraditional IRAor traditional 401(k) lowers your taxable income for the year, while aRoth IRAor Roth 401(k) allows you to make tax-free withdrawals after you've retired.4(With a Roth 401(k), the account must be at least five years old for the withdrawals to be tax-free....
You can still invest in an individual retirement account (IRA), either atraditionalor aRoth, if you don’t have access to a 401(k) plan. Like those plans, these also decrease your taxable income. You won’t get a company match, but the tax benefit alone is substantial. A traditional ...
But you can also do the calculations on your own. First, determine how much income you expect to have in retirement. Then, add up all of your expenses—and don't forget anything. Make sure you include your housing, food, clothing, transportation, healthcare, and travel. Subtract your expe...