Talk of The Villages Florida - View Single Post - Big Tax Bill
Thread: Big Tax Bill
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Old 07-03-2025, 12:46 PM
GWilliams GWilliams is offline
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Originally Posted by CoachKandSportsguy View Post
So you have to pay taxes? we all do, its part of having successfully saved and invested.
Should you have done some ROTH rollover contributions? maybe, but why don't you actually go see a CPA about tax planning first.A CPA will set you straight on tax planning, as that is their primary specialty.

On the other hand, after taxes, what are you going to do with all the additional income? Any trips you want to take? Buy a boat?
Any gifts to family, helping them out? do you want to upgrade your house? Maybe move to a bigger house for a bigger tax deduction?

Taxes are the least of your problems though, in reality. . just a payment at withdrawal. .

good luck

You can always save the additional income and invest it for more income, maybe invest in tax free bonds, or stocks with qualified dividends?
With RMD their income will increase and the IRMAA will cost them extra premiums for Medicare for the same service as others. Why pay more for the same service?
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