Homework Time! It is time to use the Brighter Wealth Academy 1040 calculator to fill out your Tax Story™ worksheet Part B. Use this link to access this calculator or go to www.brighterwealth.com/1040. Complete this worksheet following the directions from Lesson #5.
How RMDs and a Pension effect how much of your Social Security benefits are taxed is discussed in this lesson. Using Bill & Janet’s example again we can see that it can effect you differently at each chapter of your Tax Story.
Here in this lesson we will discuss a few tax planning ideas to reduce how much of your provisional income. Roth IRAs/401(k)s, Roth Conversions and Cash Value Life Policies are all ways to reduce your provisional income but still provide supplemental income sources into retirement.
This lesson discusses what “Provisional Income” is and how the IRS uses this number to determine how much of our Social Security benefits are taxed. We will use Bill & Janet as an example of how this is determined. However, you will be given the chance later in this masterclass to use a 1040 calculator to precisely determine how much … Read More
This lesson will discuss the difference between Social Security Timing, the “When” of filing for your Social Security Benefits, and Social Security Taxation, the “How much” of your benefits are taxed. The best planning happens when both are considered when filing for your benefits.
This Section will discuss the workings of Social Security Taxation. Social Security Timing vs. Taxation, What is Provisional Income?, Social Security Planning Options, Pension and RMD effect, and most importantly Your Tax Story.