Ask Terry Questions Widows and Income tax

Widows and Income tax

By Terry Savage on June 17, 2024 | Financial Planning / Retirement

My husband passed away last year. I was compelled to access his IRA last year to cover his medical expenses. This raised my taxable income, and I really got slammed for 2023 income tax. I am now a single taxpayer (another added expense), and I will lose my senior freeze exception on property taxes next year because of this rise in income for 2023. Do you have any suggestions for me? Anything I could read, that would guide me, as I know I’m bound to have more expense for the household? Thank you

Terry Says

Wow, you waited too long to get financial advice!  First you need a CPA to guideyou through the taxes.  You might want to increase withholding form your Social Security — or maybe file quarterly estimates–so you don’t get a penalty.

Second, you need a fee-only FIDUCIARY financial advisor you can trust.  Go through this process to find one: Pam Krueger Wealthramp – Terry Savage

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