As A Retiree, What Issues Should I Consider When Reviewing My 2022 Tax Return?

This checklist is designed to help retirees review their tax returns and consider important issues that may impact their tax liabilities. Here are some key points to keep in mind:

Review your filing status to ensure it is accurate. If you are married, you may need to decide whether to file jointly or separately.

Check to see if you are eligible for any tax credits or deductions, such as the Senior Citizen Property Tax Relief, the Credit for the Elderly or Disabled, or medical expenses.

If you received Social Security benefits, review the amount reported on your tax return to ensure it is accurate. Additionally, determine whether any of your Social Security benefits are taxable based on your total income.

If you have investment income, make sure it is properly reported on your tax return. You should also consider any tax-loss harvesting opportunities.

If you made charitable donations, ensure they are properly reported on your tax return and consider whether you should continue to make charitable contributions in the future.

If you have retirement accounts, such as a Traditional IRA or a 401(k), review the required minimum distribution (RMD) rules to make sure you are taking the correct amount.

Finally, consider working with a financial professional to identify additional tax planning opportunities that may help you minimize your tax liabilities in retirement.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.