Contributions to a traditional IRA can reduce taxable income for some filers.

Retirement Tax Fact 101: Your Retirement Income Is Taxed (Sometimes!)

Here’s an important fact: Retirement doesn’t always mean tax-free income. Many people are surprised to learn that Social Security, pensions, and withdrawals from retirement accounts can still be taxable — and those taxes can eat into your nest egg if you’re not prepared.

✅ Planning your retirement or already retired? Let’s review your tax situation together!

What Gets Taxed in Retirement?

When you retire, you may pay taxes on:
✔️ Traditional IRA & 401(k) withdrawals — fully taxable as ordinary income.
✔️ Social Security benefits — taxable for many retirees if your income is above a certain limit.
✔️ Pension income — usually taxable at the federal level and sometimes by your state.
✔️ Investment income — dividends, interest, or capital gains can also bump up your tax bill.

Common Retirement Tax Surprises

Many retirees get caught off guard by:
❌ Forgetting that Social Security can be taxed.
❌ Taking big retirement account withdrawals that push them into a higher tax bracket.
❌ Missing required minimum distributions (RMDs), leading to big IRS penalties.
❌ Not planning for state income tax on retirement benefits.

👉 Don’t let tax surprises shrink your savings — book a retirement tax checkup here!

Can You Reduce Retirement Taxes?

Yes! Smart tax planning can help you:
✅ Control how much income you withdraw each year.
✅ Time your withdrawals for a lower bracket.
✅ Use credits and deductions to offset taxes.
✅ Avoid penalties on required minimum distributions.

✅ Ask us how to lower your retirement tax bill here!

We Make Retirement Tax Planning Simple

At Acceptance Tax & Accounting, we help you:
✔️ Understand what income is taxable
✔️ Plan smart withdrawals and minimize taxes
✔️ File correctly every year
✔️ Fix mistakes or amend old returns if needed

📞 Click here to schedule your Retirement Tax Review today!

Don’t let unexpected taxes drain your golden years — get the retirement tax help you need today!