Winning at Life with Gregory Ricks

The Weekly Wrap: 01.18.20


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00:11 - Darrell in Baton Rouge asks why his wife's Social Security income suddenly became 85% inclusive on their taxable income. Is there a way to get under that taxable threshold?

07:56 - Keith in Baton Rouge was planning on maxing out his Social Security at age 70, but waiting to turn on Medicare could result in higher premiums. Does it matter if he continues to work?

11:27 - Tim in Jackson asks how the IRS withholding rules have changed. Gregory explains some of the effects of the tax cut act on withholdings.

15:32 - Charles in Mandeville reminds you about some types of income that are not inclusive when figuring out how much of your Social Security benefit will be taxable.

16:55 - Ray in Lucedale has a huge IRA, and wants to know if the Required Minimum Distribution are going to keep going up, and if he can reduce the tax hit.

18:58 - Bonnie in Bay St Louis is wanting to do some non-profit work out of her home in retirement. She asks Gregory and Jude how this could affect her taxes.

24:51 - Now that the Raiders are moving from California to Nevada, the players get a 13% pay raise by moving to a state with no income tax.

32:04 - Someone found over $40k in a thrift store couch.

35:00 - Mike in Lucedale is getting a $100k gift from his son. Will he have to pay taxes on that?

43:23 - Mark in Gulfport just sold his car and bought a new one. Is there anything he needs to take care of as far as the taxes go? He also asks about a CD he saw.

49:08 - Richard on the Westbank finds out his wife is losing her job. What are some ways he can get some money to hold them over until she can find another gig?

52:07 - Ryan in Kenner and his wife are saving for retirement, is there anything they need to do to address their significant age gap? Is there any special considerations for an older wife?

56:25 - Lenny in Mandeville asks: will the dividends from inherited stock reduce his wife's Social Security benefit? Gregory says it won't affect the size of the benefit itself, but the extra income could cause an increase in how much of his Social Security benefit is subject to taxation.

59:06 - Brian in New Orleans is investing in real estate properties he's picking up at tax auctions. Now that he's flipped a few of the properties, how will that revenue to his llc be taxed?

1:01:34 - Marian texts in her question from the app: she inherited a house from her mom, so how will it be taxed when she sells it?

1:07:02 - Gregory and James are convinced the reason Harry and Meghan want to leave the British Royal Family is purely financial.

1:08:54 - Bob in New Orleans asks if he should put more money into his 401k, or pay down his mortgage. He gets no match on his 401k, does that change the math any?

1:11:22 - Bob in Memphis asks if he should put more after-tax money toward his Roth IRA or his equities account.

1:14:24 - Bill in Mississippi wants to know why his Medicare premium jumped up, even though he had no earned income this year. Gregory points out your Medicare premiums are based on your last tax return, which is based on the previous year.

1:16:50 - Patricia in Covington is getting hit with the Windfall Elimination Provision when she turns on her pension from the state. How bad will this hit be?

1:21:22 - Mark in Lakeview could qualify for disability, but wants to keep working. What are his options between Social Security retirement benefits, disability benefits, and the various earnings tests?

1:25:00 - The Open House social event at the Gulfport Office for Gregory Ricks and Associates had about all the guests they could handle. Everything went great!

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Winning at Life with Gregory RicksBy Winning at Life with Gregory Ricks