After 70½, the IRS Lets You Do These 7 Things (Most Don't Know)

What does the IRS let retirees do after age 70½ that most never use? Seven IRS rules for seniors on fixed income: IRA contributions with no age limit, the extra standard deduction for 65 and older (Form 1040-SR), the new $6,000 senior deduction, the qualified charitable distribution (QCD) up to $111,000 tax free, required minimum distribution (RMD) age 73 and 75, the still-working exception, QLAC, IRA withholding instead of estimated taxes, and the Form 5329 RMD penalty waiver. Lower your income tax, Social Security taxes and Medicare IRMAA premiums in retirement. Get The Senior EXEMPT Playbook (the guide from the QR code in this video): every bill you are legally allowed to stop paying after 65, in one guide: https://senior-exempt-playbook.netlify.app Chapters: 0:00 $47,500 the IRS lets you keep untaxed 1:35 Why this matters before December 31 2:16 #1 Keep contributing to an IRA at any age 4:08 #2 The bigger standard deduction after 65 5:44 #3 The new $6,000 senior deduction 7:41 #4 The tax free IRA move most never use 11:10 #5 You can wait longer than you think 13:31 #6 Pay a whole year of taxes in December 15:25 #7 Fix a missed withdrawal penalty free 16:54 What to do before December 31 DISCLAIMER: This video is for general educational and informational purposes only and is not tax, legal, or financial advice. Tax rules, limits, and deductions can change, and your situation may differ. Always confirm with the IRS, a free Tax Counseling for the Elderly site, or a licensed tax professional before acting. #IRS #SeniorFinance #RetirementIncome