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Income Tax Issues for Older Adults-02-23-UPDATED.pptx
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2.
3. Street Cred
• CFP® for 38 years (since 1985)
• Financial educator for 45 years (since 1978)
• Prepared my own taxes for 50+ years
• Age 65+
• An older adult paying income taxes just like you
29. More About RMDs
• Applies to traditional IRAs, employer DC plans, SEPs (tax-deferred)
• RBD is April 1 after the year you reach starting age (e.g., 72 or 73)
• New RMD life expectancy table started in 2022
• Divide 12/31 balance by the divisor for your age
• Examples: Age 73 divisor (revised 2022 table) of 26.5
• $10,000 balance: $10,000 ÷ 26.5 = $378 (rounded)
• $100,000 balance: $100,000 ÷ 26.5 = $3,774 (rounded)
• $1,000,000 balance: $1,000,000 ÷ 26.5 = $37,736 (rounded)
31. RMD Withdrawal Percentage Keeps Growing!
RMD Percentage of Account Balance increases with
age: 3.65% at 72
3.77% at 73
4.96% at 80
6.25% at 85
8.20% at 90
11.24% at 95
15.63% at 100
28.58% at 110
34.49% at 115
50% at 120
Source:
AAII Journal:
https://www.aaii
.com/journal/arti
cle/strategies-
for-managing-
required-
minimum-
distributions
43. 2023 Figures:
Single and age 65+: $14,700 vs. $12,950 under age 65
If both are age 65+: $28,700 vs. $25,900 if both under age 65
If one is <65 and the other age 65+: $27,300 Source:
https://www.nerdwall
et.com/article/taxes/
do-i-need-to-file-a-
tax-return#