THE OBBBA CREATED A NEW tax deduction for “qualified passenger vehicle loan interest” effective 2025 through 2028. 
It comes with a lot of rules and nuances, so I wanted to cover this topic a bit more in depth in case you are planning to acquire a vehicle soon.
So, what is “qualified passenger vehicle loan interest”?
It means any interest that was paid during the taxable year (e.g 2025) on a loan started after Dec.

I recently came across the tax estimation tools page on the Bogleheads Wiki. I found the information and links useful and think it is likely that other HumbleDollar readers will also.
It was interesting to me to learn to that the AARP free tax calculator that I often use appears to be a licensed version of the current Dinkytown program referenced in the Wiki article with the Dinkytown version being updated more frequently and thus the Boglehead’s recommend over the licensed versions.

The IRS recently released the new 2026 W-2 form.
Just as I predicted in the “OBBBA Tax Breakdown“, the IRS included new boxes for line 12 of the W-2:
TA – Employer contributions to your Trump account.
TP – Total amount of qualified tips. Use this amount in determining the
deduction for qualified tips on Sch. 1-A (Form 1040).
TT – Total amount of qualified overtime compensation. Use this amount
in determining the deduction for qualified overtime compensation on
Sch.

I recently read that something in the secure 2.0 act allows taxes paid on annuity
income from a qualified, annuitized annuity will count toward a rmd from
a separate ira account. Is this accurate?

Suzie and I recently spent a few days in London, while there we grabbed the opportunity to visit a few great museums. We thoroughly enjoyed hours wandering the halls and displays of the Natural History Museum and the equally impressive Science Museum. Though I suspect it should have been obvious, I’ve only just discovered that both these world class institutions are funded by public tax receipts. In my mind, that’s a wonderful illustration of the tangible benefits of paying income tax.

I am 65. I plan to execute ROTH conversions over the next 10 years before I hit  RMDs. Obviously, handling the taxes at the conversion is front and center, pay with cash on hand or take out from the conversion. I understand there is an option to ROTH convert into Fixed Annuities, where the bonus (15-18%) may cover the entire tax burden. The one I have looked at is a 5-year contract, then you can take the money and put it back into the market.

I thank everyone in advance for any assistance and advice you can provide regarding my Roth conversion scenario. I am currently 56 with a potential retirement age of 58 (approx. 2 yrs). My wife is younger and will continue working for another 8 years following my retirement. I plan on deferring Social Security as long as possible, age 70.  I have $850,000 in a regular IRA and an additional $600,000 in a company sponsored 401K.  My wife and I file jointly and are currently in the 24% tax bracket ($206,700- $394,600).

The recently enacted One Big Beautiful Bill Act included a number of tax provisions of interest to HumbleDollar readers. Given the emphasis on retirement planning on HumbleDollar, the new bonus Deduction for Seniors has potential to provide a significant tax savings for seniors.
This has been discussed in previous posts over the last few weeks, but the details are worth a quick review.  Taxpayers who reach 65 by the last day of the tax year, starting in 2025,

I still help prepare tax returns for pay. As such I am required, among other things, to annually renew my preparer pin number.
I recently received the  following from the IRS in a email –
We have updated the Tax Professional PTIN System sign-in process for tax return preparers who have a Social Security number (SSN). You will now sign in using ID.me, a technology provider that conducts identity verification and credential management for access to IRS online services. 

On July 4th, the president signed a significant new tax and spending bill into law. The text of the bill runs to almost 900 pages and affects nearly every corner of the tax code, including personal, business and estate tax rules.
Below I summarize the provisions I see as most relevant to financial planning. It’s important to note that many of the provisions are retroactive to the beginning of 2025.
The formal name of the law is the “One Big Beautiful Bill Act,” and it is,

The Washington Post has an article on yet another effort to cut taxes for the wealthy. This time it is stepping up the cost basis for capital gains to account for inflation. You’d think they’d at least wait for the dust to settle from the recent give away.
I don’t know whether the article is behind the pay wall, it’s not giving me an option to share it so I did a straight copy.

John Yeigh posted excellent information yesterday entitled Roth Conversion Opportunities Extended
Despite my feeling that I am fairly well conversed in this matter I still read everything I can, assuming correctly, that I don’t know everything. When reading the article below:
https://humbledollar.com/2023/01/securing-lower-taxes/
This line struck me:
Take earlier IRA distributions and invest that money in a taxable account. Subsequent gains would be taxed at lower capital gains tax rates. If held until death, the investments could receive a step-up in basis and pass income-tax-free to heirs.

The new U.S. tax legislation extends today’s relatively low tax-rates that were implemented in 2017. While this tax legislation includes some new nuances that may impact retirees, the main tax-rate impact for Roth conversions has been extended for 2026 and beyond. Here are four reminders of the benefits and challenges with Roth conversions. “Roth on.”
Who should Roth:
https://humbledollar.com/2020/05/to-roth-or-not/
How Roth conversions can impact Medicare premiums:
https://humbledollar.com/2023/04/that-28000000-tax/
Rothing can lower future taxes especially when considering the widow’s tax after the first spouse passes and estate tax impacts:
https://humbledollar.com/2023/01/securing-lower-taxes/
Rothing may not gain ground on future RMD tax obligations due to growth in tax deferred accounts:
https://www.theretirementmanifesto.com/my-biggest-surprise-in-retirement/

Like most Americans I pay taxes, income taxes both federal and state, sales taxes, property taxes and for fifty years, payroll taxes and I’m still, at age 81, paying income, sales and property taxes – plus assorted other miner taxes and fees on goods and services.
Like any normal person, I think it would be nice not to pay taxes and keep all my money. But unlike too many of the uninformed people ranting on social media these days,

Perhaps what we should be debating is which is the most important line on the tax return. I can tell you that most would say line 34, “this is the amount you overpaid, or line 37, “this is the amount you owe. I contend line 24 matters most, “this is your total tax”. Rarely, and I mean well under 1% of the time, did a client ask me how much tax they paid. As a matter of fact,