Easy Seniors Club
  • Home
  • Expert Advice
  • Saving and Spending
  • Taxes
  • Family Finance
  • Real Estate
  • Employment
  • Business
  • Banking
  • Health
  • Technology
Home›Taxes›Top 7 Often-Overlooked Tax Deductions for Retirees

Top 7 Often-Overlooked Tax Deductions for Retirees

By Our Editorial Team  |  Published October 25, 2022

Expert Verified

Our editorial team verifies all financial and lifestyle information for accuracy and relevance to senior living.

tax deductions
Photo by emilie zhang from Shutterstock

6. Avoid the Pension Payout Trap

There’s a menacing exception to the rule that it is your responsibility whether IRS holds its taxes from IRAs, annuities, pensions, and other retirement plans. If you get a rollover distribution or a lump-sum payment from a company plan, you may slip into a pension-payout trap.

As previously stated, if you take such a distribution, the plan’s custodian will withhold a flat 20% for the IRS. Even if you complete the rollover within the period of 60 days required by law, the IRS will still withhold the 20% until you file a tax return and claim a refund.

Luckily, there is a simple solution to avoid this from happening. You just have to ask your employer to transfer the funds directly to a rollover IRA. This strategy works as a tax deduction: as long as the check is made out to your IRA rather than to you personally, there will be no withholding.

Pages: 1 2 3 4 5 6 7 8

11 responses to “Top 7 Often-Overlooked Tax Deductions for Retirees”

  1. Charlene W Coleman says:
    January 6, 2023 at 2:29 pm

    False pretense.

    Reply
  2. Dee says:
    February 16, 2023 at 12:47 pm

    Where in Cleveland Ohio can I get a reasonable deal on an older SUV?

    Reply
  3. Joseph McMillan says:
    February 16, 2023 at 7:50 pm

    What type of exercise do you recommend.

    Reply
  4. Kathy Weber says:
    February 17, 2023 at 3:35 pm

    Hello,
    I am retired. I am helping my disabled son I have a driver license but I have no car because cannot afford a car. My only income is Social Security and $300 for food stamps. For my son and myself. Housing is my biggest issue we live in a unit with a attached garage, It was a dog house. I need to know how I can save money make money.

    Reply
    • janice williams says:
      June 28, 2023 at 11:36 pm

      Kathy can you be a caregiver for seniors? there is a huge need out there for honest and compassionate people to help seniors in their homes. some CNA courses are consolidated and affordable you might not even need one for domestic chores maybe work 4 hours per day so you don’t get worn out?

      Reply
      • JCAT says:
        February 13, 2024 at 6:00 pm

        IN CALIFORNIA THEY PAY PARENTS TO BE THE CAREGIVER!

        Reply
  5. Charles Singleton says:
    February 17, 2023 at 10:49 pm

    That’s me

    Reply
  6. William Russell says:
    June 22, 2023 at 9:52 pm

    You should have the story on one page not 15000!!!!

    Reply
  7. William L Milam says:
    November 14, 2023 at 11:13 pm

    I am now 65 and the government has done so much wrong i can not even begin to think about retirement. This is so sad. Looked forward to the day with pride my whole life. Began working in the fields with my dad when I was a kid. First real job 15. Been working my ass off for 50 years. The politicians don’t care. They have it made by taking our money.

    Reply
    • Peggy says:
      February 13, 2024 at 4:29 pm

      I am truly sorry William & I get it. I’m a retired school bus drover. Retired only because I had literally broke my back, I didn’t make it retirement age. I have a son that’s on the autistic spectrum whose father he never met. He was a Vietnam vet, who came home physically, not mentally. He was hit & killed by kids drag racing.
      This government never gave him or his son the SS or VA benefits they were entitled to. Worked my fingers to the bone. I finally won the SS benefits where 3 lawyers couldn’t (my son was just a number), VA I’m still working on. I just don’t have another 32 years to fight. That’s how long it took to win. Absolutely ridiculous. But let an illegal come in & they get free everything & yet my son lost his dad in a war we had no business in. Go figure, right! I get it. You take care. God gives what we need. Been there, he does come through.

      Reply
  8. Dennis Jones says:
    February 18, 2024 at 12:13 am

    i am retired and receive ss but what i want to know can i file on my interest i have gained thanks

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Most Popular

  • Aldi Store
    15 Aldi Shopping Tips From Super Savers That You Have to Try January 22, 2021
  • florida
    Planning to Retire in Florida? Here Are 10 Places to Avoid! March 3, 2023
  • COLA increase in 2024
    COLA Increase in 2026: Changes for Social Security Recipients November 21, 2025

Top Picks

  • An elegant watercolor and ink sketch of fresh turmeric root, ginger, and a glass of water on a sunlit table.
    Before You Take Ibuprofen, Try These 3 Natural Pain Relievers July 25, 2026
  • An older man looking thoughtfully out his kitchen window during a quiet, golden morning, holding a warm ceramic mug.
    Why Most Heart Attacks Happen Between 6 AM and Noon July 25, 2026
  • An older woman looks thoughtfully in her bathroom mirror, gently touching her neck under warm, natural morning light.
    5 Weird Physical Signs Your Body Is Becoming Resistant to Insulin July 25, 2026

Quick Links

  • Expert Advice
  • Saving and Spending
  • Taxes
  • Family Finance
  • Real Estate

Newsletter

Get the latest posts delivered to your inbox.

Related Articles

Data Analysis

The 6 Dangers of Data Analysis and How to Avoid Them

We’ve recently written an article about how important data analysis is to a real estate…

Read More →
tax records

How Long Do I Need to Keep My Tax Records?

Some people may have to keep their tax records indefinitely! There are some tax records…

Read More →
Taxes in 2021

Do You Have to Worry About Biden’s Taxes? Only These 9 Groups Should!

It should come as no surprise that higher taxes are incoming- and if it does…

Read More →
retirement roth

How These 7 Types of Retirement Income Are Taxed

#6 Life Insurance Proceeds Generally speaking, even before you reach retirement age, you should look…

Read More →
An older couple sitting at a wooden kitchen table, looking over a map and planning their retirement finances in warm morning light.

The Retirement Towns With the Lowest Combined Tax Burden in 2026 – Full List

Discover the U.S. retirement towns with the lowest combined tax burdens in 2026, featuring up-to-date…

Read More →
inflation

2023 Taxes and Inflation: 5 Things To Know

5. How to prepare for taxes in 2023 Who doesn’t want to be prepared and…

Read More →
Trump, Trump's inauguration tariff 401(K)

5 Ways Trump Presidency Could Change Retirement in America

The hidden cost of tax-free Social Security benefits Everybody is excited about the tax elimination…

Read More →
retired woman taxes

11 Little-Known LEGAL Ways to Reduce Your Taxes

Taxes might be an inevitable part of life, but still, the majority of people wouldn’t…

Read More →
A sunlit desk with a calculator and blurred papers, symbolizing a senior planning their family's finances.

Will My Social Security be Taxed? A State-by-State Guide

Frequently Asked Questions About Taxes for Seniors Navigating retirement taxes can bring up many questions.…

Read More →

Stay Informed & Empowered

Get our weekly digest of financial tips, retirement updates, and expert advice for seniors delivered directly to your inbox.

Easy Seniors Club

At Easy Seniors Club, life starts at retirement!

Inedit Agency S.R.L.
Bucharest, Romania

contact@easyseniorsclub.com

Explore

  • Subscribe
  • Unsubscribe
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Banking
  • Business
  • Employment
  • Expert Advice
  • Family Finance
  • Health
  • Real Estate
  • Saving and Spending
  • Taxes
  • Technology

© 2026 Easy Seniors Club. All rights reserved.