Jody and Marni dive deep into the complex world of taxes and retirement. They explore the shifting dynamics of retirement account funding, notably the transition from pensions to Individual Retirement Accounts (IRAs), and the impact of state income tax on retirement income and how it can influence retirement planning. 

Later, Eli, a fintech investor from Treasury, sits down with Jody and reflects on his time as a founder at the innovative retirement planning tech company. Betterment tackles the pressing issue of senior citizen poverty and the risks of relying solely on social security for retirement. They break down the factors to consider when choosing between Roth and Traditional IRAs and the potential risks and rewards of including cryptocurrency in retirement plans. Lastly, Jody and Eli discuss the recent legislation that benefits student loan borrowers. 

Join us for an enlightening discussion about taxes and retirement.

Why are taxes in your "financial underwear drawer?"

How does the government inform people about major tax changes?

Does your bank feel out of touch with what's happening in your life?

This episode, Marni and Jody discuss the process of tax law changes, and the importance of staying informed about potential changes. They suggest that people should review their taxes at least quarterly, with one of those times being before year-end for effective tax planning. 

After that, Fay Scott, the VP of Marketing at april, discusses the importance of engaging with taxes regularly to optimize financial health. Fay and Jody point out that most people only think about taxes once a year, and marketing plays a crucial role in shifting this mindset. The conversation highlights the need for trusted sources of tax information and the opportunity for financial institutions to lead that charge by helping customers navigate big life moments.

What is crypto in the eyes of the IRS?

Why is giving to charity good for the heart and the wallet?

In this episode, Marni and Jody have a conversation about the history of income tax in the United States, from the introduction of the Wilson Tariff Act in 1894 to the ratification of the 16th Amendment in 1913. They discuss how state taxes impact the current income tax situation, tax brackets, and whether the wealthy should be taxed more. After that, Jody answers why the government seems to reward those that give charitable donations.

Later, Jody and Regis discussed the tax code changes proposed by the Biden administration for 2023-24, such as the modification to the child tax credit and the introduction of a new minimum tax on individuals earning over $100 million. They also delved into how tax software companies prepare for tax law changes and the challenges that come with it. In addition, they analyzed new complexities in the tax code, like cryptocurrency and non-fungible tokens (NFTs), and how the IRS is seeking comments on how NFTs should be taxed.