Children of military personnel who died in active duty are facing a surprise tax bill for their annual survivor's benefit thanks to the new tax law. The new law simplified the Kiddie Tax by switching the rate from the parents' rate to trust tax rates. In one case, a 6-year-old owed $7,000 in federal taxes two years after his father, a U.S. Navy senior chief petty officer, died of a heart attack. To read the ...

Navigating the New Social Security Rules Changes to Social Security rules have eliminated the file-and-suspend strategy for younger couples.  However, couples should still coordinate their claiming strategies, and there are various rules about disability benefits and divorced spouses to keep in mind.  PFP/PFS section members can listen to this podcast on the latest Social Security developments by Ted Sarens ...