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The Biggest Tax Issues We’ve Seen In 2022- Episode 110

2022 has been a year of stock market volatility, but it’s also been a year that’s given many people a surprise on their tax bill.  When income from stocks is down, you might think that your tax bill should be lower. But in some instances, this hasn’t been the case.

Part of the problem stems from the fact that stocks ended 2021 on such a high note. Because of that, your Required Minimum Distributions for this year, which are based on your year-end balance from last December, have often been higher than many people expected.

And why are some people getting a bill this year for extra capital gains taxes? These questions and more are answered this week as podcast host Johnny Dean speaks with “Professor” Rick Plum, CFP® and Lucia Capital Group Advisor Jonathan Savona, CFP® on this week’s episode of Managing Your Financial Future.

Important Information:

The information provided should not be considered specific tax, legal, or investment advice and is not specific to any individual’s personal circumstances. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.

No client or prospective client should assume that this information, or any component thereof, serves as the receipt of, or a substitute for, personalized advice from Lucia Capital Group or from any other investment professional.

IRA withdrawals will be taxed at ordinary income rates. Withdrawals prior to age 59½ may also be subject to a 10% penalty tax.

Rick Plum and Jonathan Savona are a registered representatives with, and securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Lucia Capital Group, a separate entity from LPL Financial.

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