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Dec 7, 2022 · The end of each year brings many tax planning opportunities for financial advisors and their clients, according to Jeff Levine, Kitces.com’s lead financial planning nerd and also Buckingham...
- John Manganaro
Apr 11, 2024 · Ed Slott, CPA, America's IRA Expert, and Jeffrey Levine, CFP, Chief Planning Officer for Buckingham Strategic Wealth, host The Great Retirement Debate podcast. They discuss the pros and cons of various retirement strategies and topics in a video format.
- There Is Also A New Surtax on High-Income Taxpayers.
- There Is A Second Surtax For Higher-Income Taxpayers.
- The Limitation on Excess Business Losses Would Be Made permanent.
- The Increased Child Tax Credit Will Be Extended.
- Several Proposed and Widely Reported Tax Changes Have Not Been Included.
- Most Americans’ Tax Liability Won’T Change Much.
Specifically, there is a “5% surtax on MAGI in excess of $10MM for all individuals except separate filers ($5MM),” he tweeted.
“On top of 5% surtax for taxpayers w/ MAGI as described above, there would be an ADDITIONAL surtax for individuals w/ MAGI < $25MM ($12.5MM for MFS),” Levine tweeted. As a result, the “total top Federal rate for persons w/such stratospheric income would be: 37% +5% +3% +3.8% = 48.8%,” Levine said. It’s “fair to say EXTREMELY few people will ever be...
“Basically, if you have > $250k (single)/$500k (joint) of biz losses, the losses above that can’t be used to offset other non-biz income that year,” he warned.
Another change is that the increased Child Tax Credit “would stick around one more year, for 2022, as would prepayments (though the thresholds would change,” Levine noted. “This is MUCH shorter than [Democrats] wanted, but it’s a popular provision w/ at least some bipartisan support, so I think they’re banking on it getting extended in the future,”...
Among the widely reported tax changes that had been proposed which are not included in the final bill are: an increased top ordinary income tax bracket, an increased top long-term capital gains tax bracket, and a reduced estate/gift tax exemption, Levine said.
“Given build-up around potential changes … most Americans’ tax liability will change remarkably little as a result of this bill,” Levine tweeted.
Jeffrey Levine is a financial advisor, speaker and consultant who specializes in tax, investment and financial planning. Learn more about his consulting, speaking and training services, and read his latest news and insights on the tax cuts and jobs act.
Kitces.com is a website that provides news, insights, and resources for financial advisors. It features a blog by Michael Kitces, a leading industry influencer, and covers topics such as technology, business, and planning.
Jeffrey Levine is a CPA/PFS, CFP, AIF, CWS, MSA and a Lead Financial Planning Nerd at Kitces.com, a leading online source of research, resources, education, and training for real financial planners. Learn more about his nerd cred, bio, and other team members at Kitces.com.
Jun 11, 2021 · Jeffrey Levine is a financial planner, educator, speaker, and tax and retirement super-nerd. He writes about the latest developments and tips on retirement and tax planning for Forbes readers.
