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

<p class="MsoNoSpacing"><span style="font-size: 14pt;">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.</span></p> <p class="MsoNoSpacing"> </p> <p class="MsoNoSpacing"><span style="font-size: 14pt;"><strong>Here are the questions we’ll tackle in today’s show:</strong></span></p> <ul> <li class="MsoNoSpacing" style="font-size: 14pt;"><span style= "font-size: 14pt;">Husband is 70, wife is 65- Is it okay to file separately so each one can do Roth Conversions before RMDs kick in?</span></li> <li class="MsoNoSpacing" style="font-size: 14pt;"><span style= "font-size: 14pt;">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?</span></li> <li class="MsoNoSpacing" style="font-size: 14pt;"><span style= "font-size: 14pt;">I received a big bonus this year.<span style= "mso-spacerun: yes;"> </span> My company withholds for tax.<span style="mso-spacerun: yes;"> </span> I assume there is nothing else I need to do from a tax perspective?</span></li> </ul> <p> </p> <p><span style="font-size: 14pt;"><strong>Want to get in touch?</strong></span></p> <p><span style="font-size: 14pt;">Web: <a href= "https://sierensfinancialgroup.com/">https://sierensfinancialgroup.com/</a></span></p> <p><span style="font-size: 14pt;">Email: <a href= "mailto:office@sierensfinancialgroup.com">office@sierensfinancialgroup.com</a></span></p> <p><span style="font-size: 14pt;">Phone: 847-235-6989</span></p> <p><span style="font-size: 14pt;"><strong>Read more and get additional financial resources here:</strong> <a href= "http://lifemoneys