MoneyWise Live | February 1, 2019

What the IRS Won’t Tell You

Show Notes

By now your W2s and 1099s have come in— or at least they should have. It’s time to get serious about sitting down to do your taxes. But do you have all the information you need to get the job done right?  Believe it or not, there are a few things the IRS doesn’t tell you and they could save you a lot of grief. Financial planner and teacher Rob West lets the cat out of the bag on taxes.  There’s a lot of information there at - more than you could read in a year so why does Rob thinks they’re still holding out on something?  Rob goes over these items you might not find on the IRS website:

  • What are some of the “big picture” items that you won’t find on their website?
  • What are the standard deduction limits now? 
  • Does itemizing bring you under scrutiny?
  • So, if you do itemize, how long do you hang onto those receipts?
  • Can using a tax preparation professional save you money you might leave on the table?

We’re joined now by Bob Doll of Nuveen Asset Management where he is a senior portfolio manager and chief equity strategist. Bob manages mutual funds totaling over 2 billion dollars. And Rob … he doesn’t shy away from making economic predictions and he’s got a pretty good track record for being right…  Rob West covers some of these topics with Bob:

  • Recession in 2019?
  • Jobs in 2019
  • Interest rates for 2019
  • Business end of things?
  • Investors are probably on the edge of their seats, so what do you expect the markets will do in 2019?
  • There’s reason to consider adding some foreign stocks to our portfolio?
  • What sectors will be winners and losers in 2019?
  • Federal deficit spending continues?
  • Any economic forecast should take foreign and domestic politics into consideration. What can we expect there?
  • George Washington ran unopposed for his two terms in office. That will not be the case for President Trump in 2020?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at

  • If you had some purchases on your credit card that has a pretty low limit and the negatively affected your credit score even though you paid the statements on time, what happened?
  • If you have a Series E U.S. Savings Bond, is there a website to find out more about this bond?  
  • If you have a 401(k) from a previous employer, is there a reason to roll it over or should you just let it sit where it is?  
  • When filling out your tax forms, do you have to report all your Social Security benefits and Medicare benefits?
  • If you have no debt and about $60,000 in a savings account, what should you do with the money?
  • If you have your investments in Vanguard mutual funds and you husband is interested in investing in gold, should you move some of your investments there?

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