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Sales Samples

Financial Advisor



45 Prospect Ave

Albany, NY 12206


Phone:  800-243-5334

Fax:        800-720-0780




November/December 2020

Tax Tips for Recently Widowed

1. Claim Your Tax Refund
You may be entitled to your deceased spouse’s tax refund.
2. File as Head of Household
If you were able to file as a qualifying widow(er) for two years you’ll have to change your tax filing status in year three. If you are providing support to a child, grandchild, sibling or other relative, you may qualify for head of household status. This is normally preferable to filing as a single taxpayer.
3. Sell Your Home
If you have a highly appreciated marital home, consider selling it within two years. This preserves a much larger $500,000 capital gains exclusion than the $250,000 exclusion available to single filers.
4. Assess Life Insurance Needs
Your life insurance needs may have changed. Meet with your financial professional to review your new situation.
5. Social Security
If you were both taking a Social Security income benefit at the time of your spouse’s passing, you will now only be receiving one of those benefits. However, the new benefit should be the larger of the two. Many people compensate for the loss of one monthly Social Security check by taking out more from retirement accounts. But this could trigger tax on up to 85% of your Social Security benefits. Non-taxable income from Roth IRAs doesn’t count against you when calculating taxes on Social Security benefits.


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