Hello Reader,

Most people think tax season ends when the return is filed.

But what if that is actually where the real opportunity begins?

What if your tax return could help guide smarter decisions this year instead of sitting untouched until next April?

How to Turn Your Tax Return into a Planning Tool

In this episode, I explain how your tax return can become a valuable planning tool instead of something you file away. I walk through how to review your return for accuracy, compare it year to year, and identify missed items that could impact your taxes.

We also share how understanding key numbers like income and tax rates can shape better decisions, and how building a “base case” early in the year helps you plan ahead and avoid last-minute tax surprises.

Key Takeaways:

• Why reviewing your tax return after filing can uncover missed details and potential savings opportunities
• How comparing year-to-year returns helps identify changes, errors, or missing income and deductions
• What key numbers like taxable income and tax brackets reveal about future planning decisions
• How small reporting mistakes like Roth conversions or QCDs can lead to unnecessary taxes
• Why using your return early in the year creates a base case for proactive tax planning
• And more!

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Related Links & Resources

• 📄 Read
  • ​Episode 103 Transcript​
• 🎧 Related Episodes
  • ​#54 - How Social Security Gets Taxed: What You Need to Know​
  • ​#75 - Year-End Tax Planning Checklist for 2025​
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The Simply Retirement Toolbox

👉 Retirement tax return review checklist: Retired​

👉 Retirement tax return review checklist: Still Working​

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

In these checklists, we highlight key points to consider, whether you are still working or already retired, including:

• Review your filing status. If you are married, should you automatically file jointly with your spouse, or might there be situations where filing separately makes sense? If you are divorced or widowed, there are specific filing considerations depending on the timing and circumstances.
• Evaluate dependents and potential credits. If you have dependent children or others you support, you may be eligible for certain tax credits.
• Review investment income. If you had investment income during the year, ensure it is properly reported and aligned with your overall tax strategy.
• Assess tax-advantaged accounts. If you owned accounts such as IRAs, 401(k)s, or HSAs, review contributions, distributions, or conversions, including any Roth conversions or withdrawals taken during the year.
• Required Minimum Distributions (RMDs). If you have reached your Required Beginning Date, confirm that you took the full amount of your RMD and that it was reported correctly.
• Real estate and other income sources. If you owned rental property or had other unique income sources, ensure all reporting requirements are met.
• Medical and itemized deductions. Determine whether you had significant medical expenses or other deductions that may impact your tax situation.
• State-specific considerations. Be aware of any state-level tax rules or reporting requirements that may apply to your situation.

Have more questions about retirement planning? Just hit reply to this email. I read and respond to every message. 😃

Keeping Retirement Simple,

Eric Blake, CFP®

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