Tax Filing Issues - estimated, divorce, MFS, MFJ, etc.
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Flowchart illustrating safe harbor tax rules and filing amounts and whether or not a client should be filing estimated taxes
Under consideration Suggested by: Dylan Potter • Upvoted: 17 May • Comments: 3
"Should I File Married Filing Joint or Married Filing Single" (suggested by Carter E on 2022-01-12), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Newly weds have a lot of new things happening in the first year of marriage a flowchart to help with the largest tax decision would be beneficial."
"Am I exempt from filing a Federal TAX Return" (suggested by Tim on 2022-01-25), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "We as advisors would love every client that retires to not only be in a ZERO TAX bracket , but not even required to file a return some years.
IE - Marred couple could have $130,000 per year coming in and not be required to file. Example - Each get $24,000 Social Security Not taxable -Say $12,000 Total combined distribution from an IRA or Non Q annuity, (Soc Sec Calculation keeps Soc Sec 0% taxable) , and the each are pulling $35,000 from their IUL policy each year until age 90 in tge form of a tax free policy loan (non taxable and not included in the Soc Sec calc so Soc Sec remaons at 0% taxable)
Would be happy to help with the limits ."
"Checklist for filing taxes post divorce" (suggested by Dan Suiter on 2021-02-24), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "A checklist for people who are filing taxes for the first time after a divorce. It seems at least one spouse always feels overwhelmingly lost with finances after a divorce and this would be a helpful guide for the first year they need to file taxes."