Surviving Spouse - Truenewj

Death and taxes: Yes, you owe the year you die

amefika3 months ago06 mins

Nobody likes to think about death or taxes. But your tax obligations don’t disappear when you die. That means your loved ones don’t just have to think about honoring your final wishes — they may also have to file your final tax return. You may be wondering: How can the IRS come after me if…

The ‘widow tax penalty’ results in higher taxes on lower income after your spouse dies – why should you plan for it now?

amefika8 months ago03 mins

Losing a spouse is emotionally devastating and, for many widows and widowers, it can also bring unexpected financial difficulties. One key reason is the “widow tax penalty,” a little-known tax consequence that can increase the tax burden and reduce income after the death of a spouse. Here’s how this penalty can significantly impact your retirement…