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5 Retiree Tax Tips for 2018

Source: money.usnews.com - Dec 10, 2018

Retirees and near-retirees need to find every tax deduction they can take. There are several ways to reduce your tax bill, but you often need to take action before the end of December. The Tax Cuts and Jobs Act changes the tax law in many important ways. Here are five tips for retirees filing taxes for 2018.

Take required minimum distributions. Required minimum distributions are amounts the owner of a retirement account must withdraw annually starting after age 70 1/2. When you made those contributions to your retirement plan years ago, they were tax-deferred – not tax-free. It's now time for retirees to pay up.

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Category: General Business