What is the IRS warning? It’s for retirees — make sure you’re paying enough federal income tax. The Tax Cuts and Jobs Act of last December changed the income tax calculations for most filers. This means that most retirees will probably see a decrease in tax liability. Retirees should adjust the amount of taxes they pay accordingly. If they don’t make the proper adjustment and underpay, it could result in IRS penalties.

To find out what to do, read the full article Every Retiree Should Make This Tax Move Right Now, According to a New Warning From the IRS on time.com.

 

Credit to Time.com/Money
Every Retiree Should Make This Tax Move Right Now, According to a New Warning From the IRS
By Sergei Klebnikov September 18, 2018