Tax deductions in retirement

[daylatedollarshort]

Most of this is not applicable to the truly retired.

Maybe just not for you.

Hobby job income, deductions + expenses, hobby job retirement savings, HSA, college expenses, SS taxes on hobby income, property taxes, state and local income taxes, health insurance, capital loss deductions, mortgage interest, personal exemptions, Lifetime Learning Credits, business travel, home office, HELOC interest to pay for home improvements, green energy credits - I am not sure what is mutually exclusive to being retired from full time work.

The hobby business could be photography or a travel blog.

 

[Sirka]

None of the poll options are applicable to our situation.

Our deductions went up initially after retiring primarily due to significantly higher HI premiums. That changed once we both reached Medicare age - we no longer have enough deductions to itemize.

+1
We had no mortgage deductions before retirement, so there wasn't enough to deduct. Very high HI premiums after retirement made us to itemize again. I hope that Medicare in 2 years will help me with HI premiums cost.

 

[whitestick]

Deductions are higher for a couple of reasons. When working, employer paid for health insurance, when retired, although I get it at the same rate, I have to pay for it now. Also medical costs significantly higher due to health problems for DW when living, and myself now. Charitable deductions higher to consolidate and reduce clutter (long line of packrats). Different income sources change deductions now allowable, which when drawing paycheck are not available. Also kinds of deductions have changed, when working it was mostly mortgage interest costs that were deductible, now with house paid off, it's other type of opportunities. According to my tracking program, largest category of expenses now are medical costs and taxes. If you don't count "entertainment" for "vacations" and travel.
Have to maintain some balance.

 

[jIMOh]

When I followed the link, I got the home page at "Retirement Cafe". I couldn't find the word "deductions" anywhere on that page.

Maybe you could link to the specific article.

The blog which is emailed links to that site, yet I found no mention of the blog on the site.

The Retirement Cafe: Saving Excess Tax Deductions at the Last Minute