How to Reduce the Widow’s Tax Penalty

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Should Suzanne do Roth conversions in 2025 and 2026 since she’s widowed and won’t be married filing jointly? How should she pay the tax on her conversions? Jennifer is 55 and her husband is 70. Should she retire now and do aggressive Roth conversions before her husband passes? We’re talking about the #widowstax, today on Your Money, Your Wealth® podcast 501 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, answers for our YouTube viewers: what’s a brokerage account? What’s a good way to pay required minimum distribution taxes? How does the 10 year rule work on inherited IRAs? What are extended market index funds? The fellas also spitball on the 4% rule for retirement withdrawals.

00:00 - Intro: This Week on the YMYW Podcast
01:00 - Age Gap #RetirementSpitball: Retire Now and Aggressively Convert Before Husband Passes? (Jennifer, WA)
12:18 - Widow’s Tax Retirement Spitball: Convert IRA in 2025 and 2026 Since I Won’t Be Able to File Joint? (Suzanne, MI)
17:50 - Download the 2024 Key Financial Data Guide for free
18:46 - What is a Brokerage Account? How to Pay RMD Tax? Should I Consolidate My Assets? (Lu)
21:27 - Comment: It Doesn't Matter Where You Pay #RothConversion Tax From (Jim2179)
23:19 - Clarifying the 10-Year Rule on Inherited IRA Rollover (Invictus)
25:39 - Should I Do a Backdoor Roth IRA? (119Agent)
27:56 - Watch Harris Vs. Trump - Cancel the Noise: Economic and Market Impact of the 2024 Election webinar, Calculate a Free Financial Blueprint
29:00 - What Are Extended Market Index Funds? (PH)
30:25 - Is the 4% Rule Sustainable for 40 Plus Years of Retirement Withdrawals? (N70199)
34:55 - Outro: Next Week on the YMYW Podcast

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CFP® - The CERTIFIED FINANCIAL PLANNER® certification is by the CFP Board of Standards, Inc. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. 30 hours of continuing education is required every 2 years to maintain the certification.
AIF® - Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.