Tax Day is Here Last-Minute Tips for Retirees to File with Confidence

Don’t Let Tax Day Catch You Off Guard

Tax Day is here, and if you’re still sorting through forms, wondering if you missed something, you’re not alone. Taxes in retirement are more complicated than ever. Between 1099s, required withdrawals, and shifting tax rules, even seasoned filers can second-guess themselves. But here’s the good news—you still have time to make smart, last-minute moves that could save you money and prevent costly mistakes.

Before you hit “submit” or drop that envelope in the mail, take a deep breath and check these key areas to file with confidence.

Double-Check Your Taxable Income

Retirement income isn’t as straightforward as a paycheck. It can come from Social Security, pensions, investment withdrawals, and part-time work—and not all of it is taxed the same way. A common mistake? Underreporting Required Minimum Distributions (RMDs) from retirement accounts.

If you took RMDs from multiple accounts but only reported one, you could face a penalty of up to 25% on the unreported amount. Before you file, go through your 1099s carefully and confirm everything matches. If you’ve already filed and realize there’s an error, don’t panic—you can amend your return.

Max Out Last-Minute Deductions

Even in retirement, certain deductions can help lower your tax bill. Don’t overlook:

✅ Medical expenses – If they exceed 7.5% of your adjusted gross income, you may be able to deduct them.
✅ Charitable donations – If you gave to charity in 2024, ensure they’re accounted for.
✅ IRA contributions – If you have earned income, you may still be able to contribute to a traditional IRA before the filing deadline.

Take Advantage of Tax Credits

Retirees often assume tax credits don’t apply to them—but they do. Depending on your situation, you may qualify for:

The Saver’s Credit – If you’re still contributing to a retirement account.
Energy-efficient home improvement credits – If you made qualifying upgrades.
Certain medical expense credits – If you had major healthcare costs.

Even a small credit can make a difference—so don’t leave money on the table.

File the Right Way to Avoid Delays

Expecting a refund? File electronically with direct deposit to get your money faster.
Owe taxes? Pay online to avoid mailing delays and processing issues.
Can’t pay the full amount? The IRS offers payment plans, but you need to set them up before the deadline to avoid penalties.

Tax Time Stress? Let’s Fix That

Tax mistakes can be costly, but you don’t have to go it alone. If something doesn’t look right or you’re unsure about a deduction, let’s get it sorted before it’s too late.

Call Barb Swiatek at 719.597.2179 today—because peace of mind is worth it.