Abby Lubozynski on Tax Planning for Educators

On this episode of The Big Plan on Campus, Thomas shares a conversation with Abby Lubozynski, CPA. Abby serves as a Tax Manager within BerganKDV’s Wealth Management solution and is the primary tax advisor for wealth management clients. Abby talks to Thomas about income tax as it correlates with retirement accounts, Medicare, and social security.

To start their conversation, Abby shares a bit about her educational background and how she attended the University of Minnesota. Abby and Thomas then go on to talk about the many kinds of retirement accounts you may have as an educator and how distributions are taxed as income. Their discussion then transitions to W2s and retirement planning for educators. A lot of educators take on part-time work while they are working or after they are retired. So, Thomas and Abby address the difference between a W2 employee verses a consultant who is considered self-employed and therefore would not receive a W2.

Another big piece of retirement is social security and Medicare. Abby talks about how much of your social security is taxed and the formula that is used to determine what is taxed as income. Then she goes on to address how Medicare determines your premium, adjustments and the impact your taxes have on your potential Medicare premiums. Lastly, Thomas and Abby address qualified charitable distributions (QCDs) and Roth conversions. They talk about how to utilize these tactics for your retirement planning and how they are an essential part of a retirement tax strategy.

On this week’s episode for the financial planning educational opportunity, Thomas talks about the biggest question he gets around Medicare. “I plan to work past age 65, do I need to sign up for Medicare?” Check out this week’s episode to find out!

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