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As a Retiree, What Issues Should I Consider When Reviewing My Tax Return?

Reviewing your tax return can always be an informative exercise to ensure you understand all sources of income and tax liabilities for the prior year. 

In this checklist, we highlight points to consider on your tax return if you are retired, including:

  • Review your filing status. If you are married should you automatically file jointly with your spouse or might there be situations where you might consider filing separately?
  • If the you are divorced or widowed, there are filing steps for you to take depending upon timing and circumstances.
  • If you had investment income for the prior year, there are reporting issues that you will want to be sure you address in connection with this income.
  • If you owned tax-advantaged accounts during the prior tax year there may be some reporting issues to consider, especially if you took any distributions from these accounts. For individuals that have reached their Required Beginning Date (RBD), did you take the full amount of your Required Minimum Distribution (RMD) from your retirement plans? Did you do a rollover to an IRA? Were any distributions taken from an after-tax IRA account?
  • Check to see if  you had a high level of medical expenses or if there are state-specific issues to be considered.

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