IRMAA & Roth Conversions, Filing Separately, Lump Sum Withdrawals, Unexpected Income – Tax Planning Mailbag

The Retirement Show: Your Life, Your Money with Scott Sierens

Today, we're diving into the listener mailbag once again, to answer your questions on tax planning and strategies for the year ahead. As we approach the end of the year, it's crucial to get your financial ducks in a row so that you can keep more of your hard-earned money. Scott offers valuable insights on whether to file taxes jointly or separately, how IRMAA can affect your Medicare premiums, tax surprises that can be caused by receiving unexpected income, and more.

Here are the questions we’ll tackle in today’s show:

• Husband is 70, wife is 65- Is it okay to file separately so each one can do Roth Conversions before RMDs kick in?
• How do you feel about taking a lump sum out of a 457B account? Is there any drawback to this besides taking a big sum of money? Will we owe any more taxes?
• I received a big bonus this year. My company withholds for tax. I assume there is nothing else I need to do from a tax perspective?

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