Recently, a friend retired at age 64 after a long and successful career in sales. In his first year of retirement, his income dropped from six figures into the mid fives. To avoid idle time, he continues to handle a few accounts and earn some commissions – part of which he socks away in a Roth IRA.
After preparing his 2015 federal 1040 return in Turbo Tax, he said: “Uncle Sam gave me a $200 tax credit that I’ve never seen on my return before. I don’t even know what it is.” I asked him where the credit is shown on the 1040 and he said line 51.
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