It's tax document season, and for retirees over age 70½, a common tax filing mistake could be costing you thousands in unnecessary taxes. In this episode, Garrett Crawford, CFP® and Adam Reed discuss an important and commonly missed reporting issue with Qualified Charitable Distributions (QCDs). While the IRS recently introduced Code Y to explicitly label these gifts on Form 1099-R, many major custodians are still using the generic Code 7 (Normal Distribution) in for tax year 2025.

Unless you remember to tell your tax preparer about these distributions, your tax return will likely treat your tax-free gift as fully taxable income, potentially triggering higher tax bills and potentially unexpected Medicare IRMAA surcharges. We break down how to review your tax return and what to look for in Box 7 of your 1099-R, and how to fix prior-year errors through the amendment process.

Timestamps:

(00:00) – Intro

(01:02) – Tax Documents

(02:25) – QCD Mistake

(04:40) – 1099-R discussion

(07:31) – Code 7 and Code Y

(09:50) – Can it be Fixed?

(13:10) – Conclusion

(15:05) – Outro

Year-End Tax Planning Checklist for HNW Retirees: https://www.retirementtaxmatters.com/checklist

Disclosures:

www.retirementtaxmatters.com/disclosures

If you have decided that 2026 is the year to execute a large Roth conversion, you might be wondering about the mechanics of the tax bill. In Episode 22, Garrett Crawford, CFP® professional, and Adam Reed break down the three primary ways to pay the IRS: the simple way, the efficient way, and the strategic way. We explain why high-net-worth retirees with assets between $2M and $8M should typically avoid federal withholding to keep their tax-free growth engine at full capacity.

Free Resource for High-Net-Worth Retirees:

Year-End Tax Planning Checklist for HNW Retirees

Timestamps:

(00:00) - Intro

(01:30) - Roth Conversions How To

(03:50) -Withholding vs Estimated Payment

(08:50) - 59 1/2 Penalty

(09:45) - Utilize the Brokerage Account

(17:05) - Concerns with Estimated Payments

(22:15) - Conclusion

(24:46) - Outro

Disclosures:

www.retirementtaxmatters.com/disclosures

High-net-worth retirees often reach a point where DIY tax software like TurboTax no longer offers the peace of mind their $2M–$8M portfolio requires. In this episode we pull back the curtain on the referral conversation we have with clients and prospects.

We discuss the increasing prices of tax preparer professionals and the shift that many retirees make from saving money to buying freedom, and why your tax preparer and financial planner must be on the same page to avoid tax inefficiencies.

Resources:

Year-End Tax Planning Checklist for HNW Retirees

Timestamps:

(00:00) – Intro

(01:20) – Mindset Shift

(06:45) – The Cost of Tax Prep

(11:01) – Spectrum of Price

(15:55) – What does more expensive tax prep get me?

(18:00) – Expectations are Key

(24:12) – Conclusions

Disclosures Direct Link:

www.retirementtaxmatters.com/disclosures