Are you charitably inclined, not able to itemize but close to age 70 ½? A couple options: 1. Consider postponing charitable giving until you reach age 70 ½ and can make charitable donations directly from your IRA; 2. Calculate the amount of your annual charitable giving times the number of years until age 70 ½ and see if it makes sense to “bunch” your charitable giving into one tax year using a donor advised fund.
Do you hate making estimated tax payments on that unearned income? If you really don’t like having to remember to make quarterly estimated tax payments and have income available for federal income tax withholdings such as wages, pensions or IRAs, consider adjusting your withholding to cover any balances due. You can request additional amounts to be withheld from wages or up the percentage withheld on other sources such as IRAs or Social Security.
IRMAA – Income related monthly adjustment amount on your Medicare premiums. Do a little tax planning to help manage the premium adjustments on your Medicare because of high income thresholds. If you have had a substantial change or life event in your income circumstances, you may qualify for an adjustment. Click here for the Medicare Income-Related Monthly Adjustment Amount – Life Changing Event Form SSA-44.