Podcast

Taxes. Filing status. Adjusted gross income. Capital gains.

Just reading those words can make you want to close the tab and deal with it “later.” But here’s the truth: taxes change after widowhood. Sometimes in ways no one warns you about. Filing status shifts. Income is calculated differently. Survivor benefits can become taxable. And all of it is happening while you’re navigating one of the hardest transitions of your life. In this episode, Stacy Francis and Allen Sakon walk through what really happens to your tax situation after the loss of a spouse – in plain language – so you can feel more confident, ask better questions, and avoid costly surprises.

You’ll hear them discuss:

• How your filing status works in the year your spouse passes, and what changes in the years that follow (including qualifying surviving spouse and head of household)
• Why your adjusted gross income (AGI) is such a powerful number and how it affects Social Security taxation, Medicare premiums, and eligibility for credits and deductions
• When and why Social Security survivor benefits become partially taxable and how timing major financial decisions can help
• What cost basis means, how the step-up in basis works at death, and why it can dramatically reduce capital gains taxes on a home or investment account
• How selling a house or investments in the wrong year can unexpectedly spike your income and how to think strategically about timing
• The most commonly missed deductions after a spouse’s death, including medical expenses, property taxes, mortgage interest, charitable gifts, and capital loss carry-forwards
• One simple habit – tracking your income deposits —that can help you regain control and make your tax return far less intimidating

Resources

Allen Sakon on LinkedIn | Email

Stacy Francis on LinkedIn | X(Twitter) | Email

FrancisFinancial.com

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