As a Retiree, What Issues Should I Consider When Reviewing My 2018 Tax Return?

The transition to retirement should be relaxing, and you’ll have less things to do with more time on your hands.  Although your life may be slowing down, make sure to consider how retirement may affect your tax return.

Do you plan on making charitable contributions in the near future?

With the new tax law changes in 2018, it makes it more beneficial to make large charitable contributions in a single year rather than spreading them over several  years.  This allows you to take advantage of itemized deductions.

Are you recently divorced or has your spouse passed away?

If so, make sure to review your filing status at the top of Form 1040.

Are you divorced?

If you entered into a divorce agreement after January 1st, 2019, alimony is not taxable to the recipient.  If you entered into your divorce agreement before that time, alimony is deductible by the payer and taxable to the recipient.

View Our Checklist

To see our full checklist of important issues to consider, click here.

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Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.

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