Tax strategies

If the client makes a mistake, they are advised to take the RMD as soon as they discover it so they can ask the IRS for a waiver of the penalty.

Those who signed up in the past year will get a smaller pension than they would under the old system, but they can expect additional benefits from the tax-advantaged Thrift Savings Plan.

Some clients may experience a taxable event that pushes them into a higher tax bracket.

Although the test is complicated and misunderstood, eliminating it could “do more harm than good,” according to an expert.

Medicare will charge a high-income surcharge if seniors reported more than $85,000 (or $170,000 for joint filers) in modified adjusted gross and tax-exempt interest income.

Although more taxpayers are expected to use the standard deduction, they can still claim the tax deduction for IRA contributions.

Retirement plans may decline to offer delayed RMDs, plan loans, stretch and hardship distributions and a host of other legally sanctioned tax maneuvers.

The tax-focused IBD’s custodial and platform transition is taking longer than the company or its advisors expected.

Although earnings in a deferred annuity will not be included in an investor's adjusted gross income, future withdrawals from the annuity could trigger a bigger tax bill.

About 19% of adults support elderly family members in some way.