STGSILVER TAX GROUP
800-778-2741
Open 24 hrs / 7 Days A Week
Real Tax Attorneys For Real Tax Issues

Fast Action. Proven Results.

START WITH A FREE CASE EVALUATION

Retirement, tax mistakes and tax consequences

The last thing any retiree would like to see happen is to have their plans interrupted due to tax difficulties. Yet with the complex rules regarding calculating income, minimum withdrawals from retirement accounts, and deducting various expenses, mistakes made in filing tax returns are common for elderly individuals.

Such mistakes can result in expensive and time-consuming tax consequences. Unfortunately, while possibly being cash strapped, senior citizens often have a fixed income with little financial flexibility.

Significant mistakes retirees can make include:

  • Failing to understand that most income retirees receive will be taxable. Depending on circumstances, this can include Social Security payments, withdrawals from retirement accounts and various government benefits.
  • Not understanding that the failure to take minimum distributions from a retirement account can also result in tax ramifications. Though this does not apply to Roth IRAs, with most 401(k)s or traditional IRAs, you will need to taking these minimum withdrawals when you reach the age of 70 1/2 years old. Failing to do so could result in a 50 percent tax penalty on any amount not removed.
  • The failure to keep good records regarding medical expenses and other health care costs. Seniors need to properly document any such expenses in order to not lose out on otherwise appropriate deductions.

It's difficult to follow all of the laws in place governing such considerations. Yet such mistakes can lead to penalties and fines. In certain instances, the taxes on retirement income can diminish the size of your estate substantially. Having guidance regarding retirement tax considerations is therefore extremely important.

No Comments

Leave a comment
Comment Information

When you hire us, we can help: you:

  • Obtain emergency relief from IRS actions
  • Stop the IRS from garnishing your wages
  • Prevent levees from being placed on your bank accounts
  • Keep tax payments and penalties from spiraling out of control

Phone Answered 24/7

We are always available to answer your questions and put your mind at ease.

Call us today at
800-778-2741 for a free initial consultation

Competitive Pricing

We offer flat fees that fit your needs and your budget.

Read Our Pricing FAQ

What Past Clients Say About Us

I know I won't be getting those frightening letters anymore thanks to Chad Silver - such a weight off my mind!” - A. Gould, Ohio

Read More Testimonials

A Real History of Success

IRS debt of $682,437, Attorney Silver and his team negotiated the Debt down to zero.

View More Results

You Can Fight The IRS And Win. We Can Help.

No matter where you are in the process, we can help you make the best of your situation. Call us toll free at 800-778-2741 for a free case evaluation.

Get A Free Consultation »
PRACTICING TAX LAW NATIONWIDE

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.

Back To Top