Andy discusses common tax planning mistakes often made in retirement. Additionally, he shares insight on how to attempt to prevent such mistakes, and/or fix them after they've happened

The 8 common mistakes are:

Not paying enough income tax timely throughout the year, and having underpayment penalties as a result
Missing or not taking the correct amount of Required Minimum Distributions (“RMDs”)
Having improper beneficiary designations
Not properly applying Roth account withdrawal rules
Not understanding IRA “basis” and the pro rata rule
Not being as tax-efficient as possible with charitable giving
Not managing Modified Adjusted Gross Income (“MAGI”)
Not planning for state-specific income tax considerations

Links in this episode:

My YouTube video - How Much Estimated Tax to Pay
Summary of RMD factors from the Retirement Planning Education website's - Free Stuff
IRS summary of RMDs - here
My company's newsletter - Required Minimum Distribution ("RMD") Rules from Inherited IRAs
My YouTube video - Roth IRA Withdrawal Rules
My YouTube video reply of the webinar - IRA after-tax "basis," the pro rata rule and Form 8606
My YouTube video - How to give to charities tax-efficiently
My company's newsletter - How to donate to charities tax-efficiently
My YouTube video - What is Modified Adjusted Gross Income, or "MAGI"

Tenon Financial monthly e-newsletter - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com