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IRAs, 1099s, RMDs: Michelle Singletary answered your questions

Our personal finance columnist chatted with readers on their tax concerns, ranging from 1099s to inherited IRAs and estate taxes

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Updated February 3, 2023 at 12:00 p.m. EST|Published January 31, 2023 at 11:10 a.m. EST
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Michelle Singletary has written the Color of Money column for more than 25 years, answering questions around taxes and other personal finance issues. (The Washington Post)

Dreading the April 18 tax deadline and wondering how to expedite your return? Expecting to owe the IRS but don’t have the money to pay your tax bill and wondering what to do? Do you know which tax breaks ended for the 2022 tax year?

If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678)

Washington Post personal finance columnist Michelle Singletary answered your questions Friday, Feb. 3, about the 2023 tax season. She was joined by Eric Bronnenkant, head of tax at Betterment, a digital investment advisory firm. Bronnenkant has also had stints with Ernst & Young and Fidelity Investments.

This week’s live chat is over, but you can read a transcript of the discussion below. Michelle’s next live chat will be on Feb. 13, covering the topic of love and money.

For more personal finance advice, see Michelle Singletary’s Money Milestones, which offers guidance for every stage of life. You can also submit questions for her column by emailing colorofmoney@washpost.com.

Rivan Stinson, an assistant editor on The Post’s audience team, produced this Q&A.

B.O.M. — The best of Michelle Singletary on personal finance

If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678).

Recession-proof your life: The tsunami of economic news in 2022 is leading consumers, investors and would-be homeowners alike to ask whether a recession is inevitable. Whether a recession comes, there are practical steps you can take to help shield yourself from a worst-case scenario.

Credit card debt: It is the worst debt to carry in good times. Here are seven ways to lower your credit card debt in light of the Fed’s signaling additional rate increases in 2023.

Test Yourself: Do you know where you stand financially? Take our quiz and read advice from Michelle.

Money moves: With the stock market losing 21 percent in the first half of 2022, and inflation a worry to consumers, people are desperately seeking a place to park their extra cash. If you have money sitting around earning a little more than 1 percent, if that much, I bonds are an attractive deal.

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