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Articles by Eric Bronnenkant
FEIE vs Foreign Tax Credit: Key Differences
The answer is yes, but with an important limitation. You generally can’t claim both the FEIE and the Foreign Tax Credit on the same income. In other words, if you exclude income under the FEIE, you can’t also claim a foreign tax credit for taxes you paid on that excluded income. However, many taxpayers have multiple income sources.
Tax Loopholes for Married Couples: Smart Tax Planning Strategies
If you’re getting married, congratulations – the IRS has some gifts for you, and they may be even more valuable than a fancy blender. People sometimes call them “tax loopholes,” which sounds like something that could be overly complex. In reality, many so-called loopholes for married couples are simply provisions intentionally built into the tax code, and they can create real opportunities to reduce taxes.
Crypto Taxes Explained: Rules, Reporting & Filing Tips
Cryptocurrency has moved from the margins of investing into the mainstream, but the tax rules governing it haven’t exactly followed a simple path. Many investors still assume that crypto operates outside the traditional tax system, or that taxes only apply when converting back to cash. In reality, the IRS has been clear for over a decade: Digital assets are not treated like currency; they’re treated as property. That distinction carries significant consequences for how and when taxes apply.
What Is a Capital Gain Distribution and How Is It Taxed?
If you own mutual funds or ETFs, you might find that you have a tax bill even if you didn’t sell anything. That surprise often comes in the form of a capital gain distribution – a payout that reflects the fund’s own investment activity. If you have automatic reinvestments and don’t closely monitor your accounts, you might not even know about these distributions until you get your tax form the following year. But from a tax perspective, they still count as income.
Married Filing Separately: Pros, Cons and Tax Rules
For most people, one of the biggest financial changes resulting from marriage is that you’ll start filing joint tax returns instead of filing individually. In many cases, that can lower your overall tax bill as a couple, especially if one spouse has a significantly higher income than the other. But the IRS doesn’t require you to file jointly. There’s another status called married filing separately that allows you to complete your own returns with your own individual information.
What Is the Alternative Minimum Tax?
For years, the Alternative Minimum Tax was something many taxpayers could safely ignore – but that’s changing. AMT is set to make a comeback in 2026, especially for higher earners, people with complex income or those who rely heavily on certain deductions. Understanding how AMT works now could help you avoid an unpleasant surprise when you file your 2026 tax return.
A Step-by-Step Guide
When someone you love passes away, taxes are probably the last thing you want to think about – yet they still need to be handled. The good news? Filing a final return is often simpler than it seems. In a nutshell, the IRS requirements for a deceased person say that if they would've been required to file a federal tax return if they had lived, then a return needs to be filed on their behalf.
Standard Deduction vs Itemized: Key Tax Differences Explained
Life these days comes with a lot of decisions. Unlike choosing which fast-casual restaurant to grab dinner from or which TV show to binge next, this one’s easy. When you’re deciding between the standard deduction and itemizing, the right option is usually just the one that keeps more money in your pocket. So, which is it for you? The standard deduction lets you subtract a specific amount of income that you’re not federally taxed on – you just cut that amount right out on your tax return.
Key Year-End Tax Planning Moves to Consider
When the holiday season is approaching, what’s foremost on your mind? Probably not your personal finances. But the clock is ticking. When the ball starts dropping on New Year’s Eve, a door of financial opportunity will slam shut. What is it? It’s the potential to take proactive steps now that could save you money on your next tax bill. We’ll go through several tax-saving strategies that need to be implemented before year’s end if you want to take advantage of them.
What High Earners Need to Know
The Barron’s 2024 Top 100 RIA Firms list, a nine-year annual ranking of independent advisory firms, is based on qualitative and quantitative factors. Firms elect to participate but do not pay to be included in the ranking. The 2024 ranking refers to Edelman Financial Engines as the top mega RIA. The 2018 ranking refers to Edelman Financial Services, LLC, which combined its entire advisory business with Financial Engines Advisors L.L.C. (FEA) in Nov.
Tax Clarity at Last
The Barron’s 2024 Top 100 RIA Firms list, a nine-year annual ranking of independent advisory firms, is based on qualitative and quantitative factors. Firms elect to participate but do not pay to be included in the ranking. The 2024 ranking refers to Edelman Financial Engines as the top mega RIA. The 2018 ranking refers to Edelman Financial Services, LLC, which combined its entire advisory business with Financial Engines Advisors L.L.C. (FEA) in Nov.
Does Ohio Tax Social Security?
When you think about retirement planning, taxes may not be the first thing on your mind – but they should be close to the top of the list. Even in a state like Ohio, where some tax rules favor retirees, your financial picture can shift depending on how and where your income is sourced. Thankfully, Ohio offers several advantages for retirees, including no tax on Social Security benefits and no estate or inheritance taxes. But other sources of income, from pensions to IRAs, are still taxable.
How Illinois Taxes Social Security and Retirement Income
For retirees, Illinois can be a surprisingly tax-friendly place to land. While it may not be known for warm winters or low property taxes, Illinois offers full exemptions on Social Security and most retirement income – a significant financial advantage that can make a meaningful difference to your golden years.
How Virginia Taxes Social Security and Retirement Income
Whether you're already living in Virginia or considering a move, understanding how the Commonwealth taxes Social Security and retirement income is key to building a tax-efficient retirement strategy. From age-based deductions to new tax breaks for veterans, Virginia offers a mix of retiree-friendly benefits – and a few caveats to plan for. Let’s explore what to expect and how to make the most of your income in retirement. Virginia does not tax Social Security benefits.
How Texas Taxes Social Security and Retirement Income
Texas is more than just wide-open skies, good brisket and mild winters – it’s also one of the most financially favorable states for retirees. With no personal income tax, no estate or inheritance tax and relatively manageable sales and property taxes, the Lone Star State makes it easier for retirees to preserve their income and enjoy long-term financial flexibility.
Strategies to Navigate the 2025 Mega Tax Law Changes
This year’s July Fourth set off fireworks April 15-style as President Trump used Independence Day to sign major tax and spending legislation, aka the One Big Beautiful Bill Act. Naturally, you may be asking, “What does the new tax law mean for me?” You owe it to yourself to find out because you don’t want to assume the size of its impact. For many people, we expect the impact will be neutral to slightly positive from a tax perspective.
Strategies to Navigate the One Big Beautiful Bill Act Updates
The 2025 One Big Beautiful Bill Act changes are now fully in effect, and many taxpayers are starting to see how the new rules influence their filing decisions. It’s important to understand how these provisions apply to your financial situation and where planning opportunities may exist. For many people, we expect the impact will be neutral to slightly positive from a tax perspective. Still, the details matter.
Does California Tax Social Security?
If you're thinking about retiring in California, one big question probably comes to mind: How much of my retirement income will go to taxes? It’s something many retirees wonder, especially when it comes to Social Security. Does the state take a cut? What about federal taxes? And how do other income sources factor in? Here’s the good news: California doesn’t tax your Social Security benefits. But before you breathe a full sigh of relief, there’s more to the story.
How to Use a Roth IRA for Estate Planning: A Tax-Smart Legacy Strategy
Many people know that Roth IRAs have specific benefits for retirees who own them – namely, that the money in Roth IRAs isn’t taxable if you meet the requirements. That can make a Roth IRA a great addition to a tax-diverse portfolio. But did you know Roth IRAs also have tax benefits for those who inherit them? The tax-free treatment continues for the beneficiary as long as they don’t take distributions from the Roth IRA until at least five years from when it was opened.
Capital Gains Tax in Louisiana
Selling investments for a profit in Louisiana? Whether it’s real estate, stocks, or business interests – even the sale of your main home – you may owe capital gains tax to not only the federal government, but to Louisiana as well. If you’re a Louisiana investor who wants to reduce the amount of your investments lost to taxes, understanding capital gains tax is important. The right or wrong moves can significantly impact your investment returns. Let’s take a closer look.
Personalizing Your Retirement Withdrawal Strategy
Is it time to plan for withdrawals from your 401(k)? Before you do, there are a few things to think about. To withdraw from a 401(k), you’ll need to first contact your plan administrator to submit a distribution request, keeping in mind that early withdrawals generally incur penalties unless you qualify for an exception such as the Rule of 55. While withdrawing from a 401(k) can initially seem like a complicated process, adequate planning can help it go more smoothly.
Capital Gains Tax in Iowa
Iowa's capital gains tax can significantly influence the financial landscape for investors residing in the Hawkeye State. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
Capital Gains Tax in Minnesota
Minnesota's capital gains tax can significantly influence the financial landscape for investors residing in the North Star State. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
Capital Gains Tax in Connecticut
Connecticut's capital gains tax can have a big impact on investors who live there. In fact, Connecticut taxes may ultimately affect your investment strategies and long-term financial objectives. You can wind up with an unplanned tax bill when you sell a profitable asset without considering the capital gains tax implications. And taxes ultimately reduce your overall returns.
Trading Taxes: What is Changing in 2025 for Investors
Some traders and investors may not have a complete understanding of the way their profits or losses will be taxed and how that impacts profit margin, or capital gains taxes, and how these taxes can impact profit margins. However, traders can implement tax planning strategies to help you mitigate capital gains taxes through a deeper understanding of options trading and the applicable taxes.
Capital Gains Tax in Rhode Island
Rhode Island's capital gains tax can significantly impact investors there. It’s important to consider how to integrate tax management into your investment strategies and long-term financial objectives. Selling a profitable asset in Rhode Island without considering the capital gains tax implications could lead to a surprise tax bill and reduce your effective returns. Tax planning – for state and federal capital gains included – is an important component of effective financial planning.
Capital Gains Tax in Alabama
Alabama's capital gains tax can influence the financial landscape for investors residing in the state. Alabama subjects capital gains to its graduated income tax system, which starts at 2% and goes as high as 5%. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
Capital Gains Tax in South Carolina
Did you know that South Carolina taxes capital gains? It's important to plan for capital gains taxes at both the federal and state level. If you’re a South Carolina resident who wants to make your portfolio as tax efficient as possible, understanding capital gains is important. Capital gains taxes can significantly impact your investment returns, but we can help you navigate their complexities with confidence. Let’s take a closer look.
Capital Gains Tax in Tennessee
Did you know that while Tennessee doesn't impose a state capital gains tax, federal obligations still play a significant role in your financial landscape? This surprising reality highlights the importance of being vigilant about planning for federal capital gains taxes, even in a state known for its tax-friendly environment. For Tennessee residents aiming to optimize their investment portfolios and ensure long-term financial security, understanding capital gains tax is important.
Capital Gains Tax in Indiana
Capital gains tax is a key consideration for Indiana residents looking to sell investments like real estate, stocks or business interests. Indiana has a flat tax on ordinary individual income, including capital gains. This means that when you sell an asset for a profit, you’ll need to account for both federal and state capital gains taxes, which can impact your overall returns.
Capital Gains Tax in New Jersey
New Jersey's capital gains tax can really shake things up for investors living there. It's crucial to think about how this tax might impact your investment plans and long-term financial goals. Selling a winning asset without thinking about the capital gains tax could leave you with a surprise tax bill, cutting into your profits. Figuring out the ins and outs of both federal and state capital gains taxes isn't just about following the rules – it's a key part of smart financial planning.
Capital Gains Tax in Wisconsin
Wisconsin's capital gains tax can significantly influence the financial landscape for investors residing in the Badger State. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
Capital Gains Tax in Georgia
Georgia's capital gains tax can significantly influence the financial landscape for investors residing in the Peach State. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
Who Can Claim and How
When someone close to you passes away, stress and confusion often add to the grief and loss you’re already feeling. There’s a lot to think about and sometimes a lot of paperwork to handle. One important task is to file the deceased person’s final tax return and, if applicable, pay the tax due or claim the refund. Not just anyone can do this – the IRS has specific processes and rules around how it works. So, who gets the tax refund of a deceased person?
Capital Gains Tax in Illinois
Illinois’ capital gains tax can significantly influence the financial landscape for investors residing in the Land of Lincoln. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
Capital Gains Tax in Ohio
Ohio’s capital gains tax can significantly influence the financial landscape for investors residing in the Buckeye State. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
Capital Gains Tax in Virginia
When it comes to managing your investments, understanding how capital gains are taxed is essential to protecting your wealth and minimizing tax liabilities. In Virginia, capital gains are treated as ordinary income and subject to the state’s progressive tax rates, with a top rate of 5.75%. Unlike the federal tax system, which provides preferential rates for long-term capital gains, Virginia applies the same tax rate to both short- and long-term gains.
Capital Gains Tax in Texas
Texas offers a unique tax advantage for investors – there is no state income tax, which means capital gains are not taxed at the state level. Unlike investors from states that impose their own capital gains taxes, Texas residents only need to account for federal capital gains taxes when selling assets like real estate, stocks or business interests. For high-income earners, federal capital gains taxes can still be significant.
Capital Gains Tax in Michigan
Capital gains tax is a key consideration for Michigan residents looking to sell investments like real estate, stocks or business interests. Unlike states with no income tax, Michigan imposes a flat 4.25% tax on most forms of income, including capital gains. This means that when you sell an asset for a profit, you’ll need to account for both federal and state capital gains taxes, which can impact your overall returns. For high-income earners, capital gains taxes can be significant.
Capital Gains Tax in New York
New York’s capital gains tax landscape presents unique challenges for investors. Unlike some states that offer preferential rates, New York taxes capital gains as ordinary income – meaning they are subject to the state’s progressive income tax rates. As a result, high income earners (i.e., New Yorkers reporting over $1 million in income) accounted for over 75% of all capital gains in tax year 2022.
Capital Gains Tax in California
California's capital gains tax can significantly influence the financial landscape for investors residing in the Golden State. It’s important to consider how this tax may directly affect your investment strategies and long-term financial objectives. Selling a profitable asset without considering the capital gains tax implications could lead to an unexpected tax liability, reducing overall returns.
401k Contribution Strategy: A Secret to Retirement Success
“Set it and forget it!” You’ve probably heard that advice when it comes to your 401k account. And to a point, it’s true – frequent changes to a long-term investment portfolio can derail your progress. But never reviewing your 401k contributions can be just as risky. One of the most underappreciated drivers of retirement success is reviewing your 401k contribution strategy at the start of each year. Your financial life doesn’t stand still.
Capital Gains Tax in Florida
Did you know that while Florida doesn't impose a state capital gains tax, federal obligations still play a significant role in your financial landscape? This surprising reality highlights the importance of being vigilant about planning for federal capital gains taxes, even in a state known for its tax-friendly environment. For Floridians aiming to optimize their investment portfolios and ensure long-term financial security, understanding capital gains tax is important.
Navigating State Capital Gains Tax Laws
Did you know that your state of residence could determine whether you pay anywhere from 0% to more than 13% in capital gains taxes? These taxes vary by state and can significantly affect your net investment profits. Understanding how federal and state tax laws impact your gains is an essential part of smart financial planning.
I botched my first RMD by taking one withdrawal for 3 accounts. Shouldn’t the ultimate quantity be the one factor that issues?
The IRS says all tax-deferred accounts should not the identical and you may solely match apples to apples for RMDs. – Getty Images Dear Fix My Portfolio, I’ve a tax-deferred annuity, a conventional IRA and a 403(b). Most Read from MarketWatch I turned 73 final 12 months. I totaled my three balances as of Dec., 31, 2022, divided by 26.5 and withdrew that quotient from the 403(b). It was reported on a 1099-R as a traditional distribution.
My mom had a trust, so why do we still need probate to settle her estate?
A little probate never hurt anyone, that's what I'm learning from the process of handling my mother's posthumous affairs and the administration of her trust.
How Options Trading is Impacted
Many options traders, unfortunately, don't have a complete understanding of the way their profits or losses will be taxed and how that impacts profit margin, capital gains taxes, and how these taxes can impact profit margins. However, traders can implement tax planning strategies to help mitigate capital gains taxes through a deeper understanding of options trading and the applicable taxes. Are options trading losses tax-deductible?
Tax Day Primer: How Options Trading is Impacted
Learn more about how options trades are taxed or tax-deductible Many options traders, unfortunately, don't have a complete understanding of the way their profits or losses will be taxed and how that impacts profit margin, capital gains taxes, and how these taxes can impact profit margins. However, traders can implement tax planning strategies to help mitigate capital gains taxes through a deeper understanding of options trading and the applicable taxes. Are options trading losses tax-deductible?
Should my spouse and I file jointly or separately?
With just over a month to go before the filing deadline, taxpayers may still have some confusion around the electric-vehicle tax credit, gig income reporting and finding in-person help. Washington Post personal finance columnist Michelle Singletary answered your tax questions on March 17 from noon to 1 p.m. Eastern. She was joined by Eric Bronnenkant, head of tax at Betterment, a digital investment advisory firm. He has also had stints with Ernst & Young and Fidelity Investments.
Can You Write Off Crypto Losses on Your Taxes? – CNET
This story is part of Taxes 2023, CNET’s coverage of the best tax software, tax tips and everything else you need to file your return and track your refund. Let’s just say 2022 wasn’t the best year for cryptocurrency. Bitcoin, the best known cryptocurrency, took a beating last year, plummeting over 60%, with many altcoins delivering similar losses.
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