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Dec 7, 2022 · Jeff Levine, Kitces.com's lead financial planning nerd and Buckingham Wealth Partners' chief planning officer, shares 10 'nerdy' tax planning tips for advisors and their clients in 2022. Learn how to handle coronavirus-related distributions, flexible spending accounts, RMDs and more.
- What to Know Now About IRS' Final RMD Regs: Jeff Levine
There are a few surprises to be aware of, according to the...
- Jeffrey Levine: Top 10 Tax Details in Biden Plan Advisors ...
Levine, director of advanced planning at Buckingham, takes a...
- What to Know Now About IRS' Final RMD Regs: Jeff Levine
Jul 19, 2024 · There are a few surprises to be aware of, according to the planning expert Jeff Levine. Some nuances in the final rules could push retirement plan participants toward IRA rollovers.
- John Manganaro
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.
Jeff Levine is a film producer and actor who has worked with Nicolas Cage on several projects. He is known for producing Face/Off, 8MM, The Fourth Kind and Pitch Perfect, among others.
- Producer, Actor, Additional Crew
- Jeff Levine
- 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.
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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, Buckingham Wealth Partners director of advanced planning and Kitces.com director of advisor education, highlights the key tax changes in President Joe Biden's revamped tax plan. He covers topics such as S corp profits, surtaxes, crypto, Child Tax Credit, and more.
Apr 11, 2024 · Jeffrey Levine, CPA/PFS, CFP, AIF, CWS, MSA is a nationally recognized and award-winning financial advisor, speaker, and educator as well as the Chief Planning Officer at Buckingham...
Jan 13, 2023 · Learn from Jeff Levine, the chief planning officer for Buckingham Strategic Wealth and the lead financial planning nerd at kitces.com, on topics such as Secure 2.0, tax planning before and during retirement, and inflation. Listen to his podcast, The Great Retirement Debate, and read his books and articles on retirement-related questions.
