Next Steps – Tax Story Part B

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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.

Lesson #4 – Pension and RMD Affect

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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.

Lesson #3 – Social Security Planning Options

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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.

Lesson #2 – What is Provisional Income

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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

Lesson #1 – Social Security Timing vs. Taxation

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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.

Introduction

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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.

Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. Brighter Wealth and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision. This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Brighter Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.