Summary: On this week’s show, The Wise Investor Group goes over 5 questions you can learn from looking at your 1040. 1) Filing status can matter if one of you has a big, big deduction. 2) Carrying too much cash? Not enough Cash? Interest Income can reveal that question. 3) Did you make a deductible IRA contribution? The above the line deduction will tell you. 4) Are you subject to RMDs and are you charitable? The Qualified Charitable Distribution may be a good move for you. If you did that last year, then box 15B (the taxable amount of your IRA distribution will be lower than box 15A (the gross total IRA distribution). 5) How to calculate your effective or average tax rate. And then -- are you a candidate for a Roth IRA conversion as a result? And you can keep more of your money in your family by comparing effective tax rates to those of your kids/grandkids. To reach Greg Smith, call 571-203-1600. We manage investments for our clients. We'd be happy to help you plan your investment goals.
