Andy discusses common tax planning mistakes often made in retirement. Additionally, he shares insight on how to attempt to prevent such mistakes, and/or fix them after they've happened

The 8 common mistakes are:

• Not paying enough income tax timely throughout the year, and having underpayment penalties as a result
• Missing or not taking the correct amount of Required Minimum Distributions (“RMDs”)
• Having improper beneficiary designations
• Not properly applying Roth account withdrawal rules
• Not understanding IRA “basis” and the pro rata rule
• Not being as tax-efficient as possible with charitable giving
• Not managing Modified Adjusted Gross Income (“MAGI”)
• Not planning for state-specific income tax considerations

Links in this episode:

• My YouTube video - How Much Estimated Tax to Pay
• Summary of RMD factors from the Retirement Planning Education website's - Free Stuff
• IRS summary of RMDs - here
• My company's newsletter - Required Minimum Distribution ("RMD") Rules from Inherited IRAs
• My YouTube video - Roth IRA Withdrawal Rules 
• My YouTube video reply of the webinar - IRA after-tax "basis," the pro rata rule and Form 8606
• My YouTube video - How to give to charities tax-efficiently
• My company's newsletter - How to donate to charities tax-efficiently
• My YouTube video - What is Modified Adjusted Gross Income, or "MAGI"

• Tenon Financial monthly e-newsletter - Retirement Planning Insights
• YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
• Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email [email protected]