Retire With Purpose - The Retirement Podcast

473: Retirement Tax Planning: Exploring the Impact of a Republican Trifecta on Your Taxes and Bottom Line

23 snips
Dec 13, 2024
Guest
Marshall Johnson
Marshall Johnson, a co-host specializing in retirement tax planning, delves into the implications of recent tax policy changes following the 2024 elections. He discusses how the Tax Cuts and Jobs Act is set to expire in 2026, impacting future tax rates. Johnson provides insights on navigating state and local taxes, estate tax planning, and strategic financial planning for retirees. He emphasizes the importance of staying informed to maximize retirement tax opportunities and shares advice for optimizing personal financial strategies.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
ADVICE

Standard Deduction and Roth Conversions

  • Consider the potential return of personal exemptions and maintaining expanded standard deductions under TCJA when planning for retirement.
  • A larger standard deduction may influence Roth conversion strategies.
INSIGHT

SALT Deductions

  • Trump pledged to eliminate the SALT cap, while the failed Build Back Better Act proposed raising it to $80,000.
  • This suggests SALT deductions will likely be a negotiation point, possibly resulting in an increase, indexing to inflation, or adjustments for married couples.
INSIGHT

Miscellaneous Itemized Deductions

  • TCJA eliminated miscellaneous itemized deductions exceeding 2% of AGI, including investment advisory fees.
  • Lobbying efforts by financial groups aim to reinstate these deductions, particularly for investment-related fees.
Get the Snipd Podcast app to discover more snips from this episode
Get the app