3 Tax Tips for Recently Widowed – CPA Advice


The demise of a cherished one is rarely straightforward.  During this era of grief, the surviving partner is probably going not desirous about their taxes. Perhaps, they need to. Tax specialists say that the surviving partner will doubtless expertise dramatic adjustments to their taxes. 

As a part of TheAvenue’s ongoing tax collection, we caught up with Jeffrey Levine, CPA and tax professional from Buckingham Strategic Wealth Partners. He spoke to our Retirement Daily’s Robert Powell concerning the high tax methods for the just lately widowed.

3 Tax Tips for Those Recently Widowed

  1. Joint tax brackets are a lot greater than single filer brackets. The survivor may need a better tax invoice sooner or later as a result of they’re utilizing much less favorable tax brackets.
  2. All of the tax attributes of the decedent die with the person and do not survive on the joint return. So use it within the last yr to the extent attainable. (Note: The yr demise happens is the ultimate yr a joint tax return will be filed.)
  3. It’s all the time finest to set your self up for future success. Organize your paperwork, and attain out to an excellent tax skilled or monetary advisor to assist be sure to’re not overlooking something.

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