Mailbag...Ask Andy Anything!

This is a special "mailbag" edition of Taxes in Retirement LIVE! where group members ask Andy all sorts of retirement planning questions.

Questions addressed (and time stamps at which point in the video the question starts) in tonight's video are:

3:32 – Can you explain the Social Security Windfall Elimination Provision (“WEP”)

14:34 – Do I need to refile or amend prior year tax return to claim my deceased parents’ unclaimed property?

16:20 – If you make a large Roth conversion, do estimated federal and state taxes need to be paid in that quarter to avoid underpayment penalties?

20:08 – My defined benefit pension will increase by 0.5% per month for each month I delay it past age 65. Should I delay it? Or maybe start it early (with 0.5% per month reduction)?

27:10 – When is interest from a Home Equity Line of Credit (“HELOC”) deductible?

30:07 – If I have a Roth 401(k) and a Health Savings Account (“HSA”), will I have different “gross” and “taxable” wages on my W-2?

32:14 – Can you discuss Social Security spousal benefits and when one spouse may be able to take just a spousal benefit while delaying his or her own benefit?

36:05 – With a revocable living trust, can the same person be named the trustee and beneficiary?

36:18 – When considering doing Roth conversions, are there thresholds where it is probably a good idea, such as having a traditional IRA of $1,000,000 or more?

40:48 – Can I name a charity and an individual as beneficiaries of my traditional IRA?

42:23 – Can you explain the benefits (or not) for those who say they want to convert all of their tax-deferred money to Roths?

47:38 – What is the 2021 MAGI limit for Medicare IRMAA premium surcharges? How will I or my tax return preparer know what my MAGI is?

55:16 – I just did a recharacterization of a Roth IRA contribution to a traditional IRA contribution. Will I get a 1099-R for this?

57:52 – I’m over 59 ½ and have already had a Roth IRA for more than five years. I will be retiring and rolling over my Roth 401(k) into a new Roth IRA. Will I need to wait to take money out of that new Roth IRA?

59:05 – I did a large Roth conversion in January and I paid the estimated taxes on it in the first quarter. Will I need to file a Form 2210 with my tax return?

1:00:39 – Is there an easy way to figure out my after-tax “basis” in my traditional IRA if I’ve never filed Form 8606 or otherwise kept track of the basis?

1:02:56 – If someone rebalances their portfolio every 90 days and there is a big drop in the markets right after doing the rebalance, should they wait another 90 days to rebalance again, or do it after the market drop?

1:05:33 – Has there been any further talk about the RMD starting age increasing from age 72 to 75?

1:06:16 – Can foreign tax credits be used to pay for U.S. Capital Gain tax?

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DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.