New York Attorney General Letitia James and Governor Kathy Hochul today filed an amicus brief in support of efforts to redraw New York’s Congressional district lines. Rather than leaving the lines drawn by a court-appointed special master in place between now and the 2030 census. The state’s Independent Redistricting Commission’s (IRC) maps were rejected by the…
Diesel trucks are incredibly useful for transportation, hauling goods, and completing tough jobs. However, they also require regular maintenance and care to keep them running smoothly and efficiently. Neglecting your diesel truck’s maintenance can result in costly repairs and decreased performance. That’s why developing essential maintenance habits is crucial for any truck owner. This article…
It was an event to remember, held under the watchful eye of Ms. Dorothy Maynor, who is ever present through the mural in the lobby of the building in Harlem. That reminds visitors that she was the visionary who imagined and made possible, the gorgeous 37,000-square-foot facility known as the Harlem School of the Arts. …
NEW YORK (AP) — A fire set by an inmate at New York City’s troubled Rikers Island injured 20 people on a day that lawmakers visited the jail complex, authorities said.
Fifteen staff members and five inmates were injured in the fire that started about 1:30 p.m. Thursday, the city Correction Department said. The New York City Fire Department extinguished the blaze within an hour, a department spokesperson said.
Fifteen of the injured were taken to hospitals for treatment, while the other five declined medical attention, the Fire Department said. Information on the victims’ conditions was not available Friday.
“The health and safety of those who work and live in our facilities is our main priority,” James Boyd, the Correction Department’s deputy commissioner for public information, said in a statement. “We take arson very seriously, and will pursue re-arrest of the individual involved pending the outcome of the investigation.”
The fire broke out on a day when a group of Democratic state lawmakers visited Rikers Island to underscore their opposition to Gov. Kathy Hochul’s proposed changes to New York’s bail laws. The plan to give judges greater leeway in setting bail is among the key issues stalling negotiations over the state budget.
The lawmakers noted the rise in deaths at Rikers Island and warned of dire results if bail reforms passed in 2019 are rolled back and more inmates are sent to Rikers and other jails.
“We will have blood on our hands if we allow there to be these changes implemented in our New York state budget,” Assembly member Zohran Mamdani said.
The state legislators did not visit the unit where the fire took place and appear to have left before it was reported.
New York City Mayor Eric Adams, New York City Landmarks Preservation Commission (LPC) Chair Sarah Carroll. Including New York City Department of Buildings (DOB) Acting Commissioner Kazimir Vilenchik today announced an action plan to strengthen enforcement tools that will preserve the city’s most vulnerable historic buildings. The plan will aid in protecting buildings designated as historic landmarks that are at risk due to pre-existing…
More than half of older taxpayers (57%) are worried they’ll have to pay more taxes this year because of the 5.9% Social Security cost-of-living adjustment in 2022, according to a January survey by The Senior Citizens League, a nonpartisan seniors group.
Taxes for the over-65 set can feel more complicated for a variety of reasons: There are often multiple streams of income, some retirees still work part time, and people may be managing required minimum distributions from retirement accounts.
“It can happen that people have more income in their later life than they did when they were working,” says Barbara O’Neill, a certified financial planner in Ocala, Florida, and the author of “Flipping a Switch : Your Guide to Happiness and Financial Security in Later Life.”
For older adults, here are some items to keep in mind this tax season:
1. MEDICARE THRESHOLDS MATTER
Your income can affect your Medicare Part B and Part D premiums in the future because of the income-related monthly adjustment amount, or IRMAA. Medicare premiums are based on your tax return from two years prior, and you may have to pay more if your income exceeds certain thresholds.
These IRMAA surcharges can be difficult to manage “because they operate as a cliff, not a phase-in,” says Edward Jastrem, a certified financial planner in Westwood, Massachusetts. “For example, if you are $1 over an income tier, you are subject to the full surcharge.”
In 2023, people filing individually with a modified adjusted gross income of more than $97,000 in 2021 — or jointly with more than $194,000 — will pay higher monthly amounts for Medicare. “Tax bracket management becomes crucial in later life,” O’Neill says.
2. REQUIRED DISTRIBUTIONS CAN GO TO CHARITY
At age 73, you are required by the IRS to start taking required minimum distributions from tax-deferred retirement accounts. But once you hit age 70 1/2, you can have some or all of your required minimum distributions sent directly to a charity of your choice. This move will still count as a required minimum distribution, but the amount isn’t added to your taxable income.
“If you take a regular RMD from your IRA, it gets added to your adjusted gross income for tax purposes,” says Ian Weinberg, a certified financial planner in Woodbury, New York. “It usually throws you into a higher bracket.”
Sending money directly to charity is called a qualified charitable distribution, and you can do this with up to $100,000 of your annual required minimum distributions.
3. SIDE BUSINESSES CHANGE THE TAX APPROACH
About 1 in 4 adults 50 and older say they’re doing gig work or freelancing, according to a January survey from AARP.
If you’re doing gig work, that counts as business income — which means you can deduct business expenses. This includes health insurance premiums if you’re paying for your own insurance. “Self-employed older adults on Medicare can deduct Medicare premiums for themselves and their spouses against business income,” O’Neill says.
Other deductible expenses may include business supplies, home office costs and advertising expenses, which may include costs to run a website.
4. SOCIAL SECURITY MAY BE TAXABLE
Many people don’t realize that Social Security benefits are taxable if your income meets certain thresholds. “That takes people by surprise,” says Nadine Burns, a certified financial planner in Ann Arbor, Michigan.
The taxable portion of your Social Security benefits is based on your combined income, which is the total of your adjusted gross income, nontaxable interest and half of your Social Security benefits. If you’re filing taxes as an individual and your combined income is over $25,000 — or over $32,000 if you’re filing a joint return — you may pay income tax on up to 50% to 85% of your benefits.
5. STATE TAX BREAKS MAY BE AVAILABLE
Your state may offer tax deductions or credits for retirees, so do some research. In South Carolina, for instance, all military retirement pay and Social Security income is exempt from state taxes, says Stephen Maggard, a certified financial planner in Columbia, South Carolina. Plus, he says, there’s a separate deduction for those over age 65.
In Ohio, retirees may be eligible for credits based on retirement income or their age — there’s a senior citizen credit for taxpayers who were 65 or older during the tax year. Colorado offers an income tax credit of up to $1,000 to residents 65 and up if they meet income requirements. Check with your state tax department to see what’s possible.
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This article was provided to The Associated Press by the personal finance website NerdWallet. The content is for educational and informational purposes and does not constitute investment advice. Kate Ashford is a writer at NerdWallet. Email: kashford@nerdwallet.com. Twitter: @kateashford.
The survey by The Senior Citizens League was conducted in early fall of 2022 and had 1,429 participants, 97% of whom said they were collecting Social Security benefits.
The survey from AARP sampled 2,000 respondents ages 40-plus in the labor force, including oversamples of 1,079 Black workers, 1,103 Hispanic workers, 693 Asian American/Pacific Islander workers and 644 LGBTQ workers. The data was weighted to be nationally representative. The survey was fielded online from Sept. 15 to Oct. 12, 2022, in all 50 states and the District of Columbia.
The Health Department today released its Annual Summary of Vital Statistics covering the year 2020, when the COVID-19 pandemic wrought a terrible toll from Harlem to Hollis. The pandemic, along with other events like the overdose crisis, are contributing to shorter lives in New York City. “The pain and trauma experienced by our city is still very…
Having healthy teeth and gums is a key component of overall physical health. Taking the time to care for your dental routine now will save you plenty of discomfort down the line. Whether you’re someone who has never been good about oral hygiene or just want some refreshers on best practices, this blog post is…
Carver Federal Savings Bank joined U.S. Senator Kirsten Gillibrand at a press conference at Settepani Bakery, a minority woman-owned business in Harlem, NY. She announce her support for $341 million in increased funding for Community Development Financial Institutions (CDFIs), $56 million for the Small Business Administration’s (SBA) microloan program, and $10 million for SBA’s Growth…
LOS ANGELES (AP) — “Gangsta’s Paradise” rapper Coolio suffered an accidental death from the effects of fentanyl, heroin and methamphetamine last year, the Los Angeles County coroner’s office reported Thursday.
The county agency also cited cardiomyopathy, a disease that makes it more difficult for the heart to pump blood to the body, as a “significant condition.” Investigators also determined Coolio’s severe asthma and cigarette smoking played a role in his death.
Coolio’s former longtime manager Jarez Posey also confirmed the cause of death Thursday.
Coolio won a Grammy for best solo rap performance for “Gangsta’s Paradise,” the 1995 hit from the soundtrack of the Michelle Pfeiffer film “Dangerous Minds” that sampled Stevie Wonder’s 1976 song “Pastime Paradise.”
Coolio was born in Monessen, Pennsylvania, and later moved to Compton, California.
He started rapping at 15 and knew by 18 it was what he wanted to do with his life, he said in interviews. Coolio attended community college before devoting himself full-time to the hip-hop scene.
His career album sales totaled 4.8 million, with 978 million on-demand streams of his songs, according to Luminate. He was nominated for six Grammys.
With his distinctive persona, he became a cultural staple, acting occasionally, providing a voice for an animated show and providing the theme music for a Nickelodeon sitcom.
Coolio’s estate plans to release a studio album later this year that he had been working on in the days before he died.
