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Re: Inheritance Tax Question

What tax are you talking about? There shouldn't be any.
JW
by JW Nearly Retired
Fri Feb 27, 2015 2:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance Tax Question
Replies: 8
Views: 418

Re: SS survivor question?

I thought the survivor benefit was the larger of the two benefits. Example: H takes SS at 62=$10,468 W takes SS at 62=$22,032 H dies W survivor=$22,032 W dies H survivor=$$22,032 Is that correct? Anyone use http://www.sscalc.net/ They say: H dies W survivor=$22,032 W dies H survivor=$26,572 How can...
by JW Nearly Retired
Fri Feb 20, 2015 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: SS survivor question?
Replies: 14
Views: 886

Re: Social Security statements

Every year I have been receiving statements from Social Security and now I have been able to download them myself. Last April I started with SS and receive 1/2 the amount of what my ex is receiving from SS. When I am 70, I will change over to receiving SS based on my earnings. When I downloaded thi...
by JW Nearly Retired
Fri Feb 20, 2015 9:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security statements
Replies: 52
Views: 3076

Re: Traditional IRA Investment advice

But since this account does not have any non-deductible contributions in it and only my 401k in-service rollover which was all pre-tax do I still need to maintain 8606 forms? I never plan to contribute any non-deductible earnings ever. Thanks Agree, no 8606 forms needed unless/until a non-deductibl...
by JW Nearly Retired
Fri Feb 20, 2015 4:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Traditional IRA Investment advice
Replies: 4
Views: 362

Re: Social Security COLAs

There isn't any way you can miss out on the cola. The reference quantity SSA applies the annual cola to is your PIA (primary insurance amount), aka full retirement age benefit amount. The cola gets applied to recalculate everyone's PIA every year whether or not they have claimed SS benefits. I don'...
by JW Nearly Retired
Fri Feb 20, 2015 2:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security COLAs
Replies: 13
Views: 565

Re: Social Security COLAs

There isn't any way you can miss out on the cola. The reference quantity SSA applies the annual cola to is your PIA (primary insurance amount), aka full retirement age benefit amount. The cola gets applied to recalculate everyone's PIA every year whether or not they have claimed SS benefits. Usually...
by JW Nearly Retired
Fri Feb 20, 2015 1:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security COLAs
Replies: 13
Views: 565

Re: Poll: Largest fraudulent charge to your credit card(s)?

I just remembered another one from a couple of years back and changed my vote from >$100 to >$1000. It was a bogus $2k travel agency charge for plane tickets, along with some other smaller items. Our bank caught some of these but missed the big one that had preceded the others by several days. We fo...
by JW Nearly Retired
Fri Feb 20, 2015 10:53 am
 
Forum: Personal Consumer Issues
Topic: Poll: Largest fraudulent charge to your credit card(s)?
Replies: 49
Views: 2368

Re: Traditional IRA Investment advice

This IRA is not a "non-deductible IRA" as there is no such thing. It's a ordinary traditional IRA that may or may not contain some non-deductible contribution money. Even if the entirety of all contributions have been non-deductible all their subsequent earnings will still be taxed when wi...
by JW Nearly Retired
Thu Feb 19, 2015 12:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Traditional IRA Investment advice
Replies: 4
Views: 362

Re: Vanguard brokerage tax forms changed to late Feb. questi

My Fidelity 1099-B et al is complete. Fido's web site promised it by Feb 14 and I was able to download it the evening of the 13th. Yes, I got from Fidelity a 1099-R and a 1099-DIV in early February, but I cannot find out how much FSGDX paid in foreign taxes in 2014 from the Fidelity web site, but p...
by JW Nearly Retired
Wed Feb 18, 2015 10:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard brokerage tax forms changed to late Feb. question
Replies: 86
Views: 5708

Re: Vanguard brokerage tax forms changed to late Feb. questi

I am not so sure too many other brokereage serivces firms are getting out their 1099s to their clients. The only one I know that is complete is WellsFargo. There are posts by clients of other brokerage services complaining. So Vanguard appears to be the norm and not the exception. My Fidelity 1099-...
by JW Nearly Retired
Wed Feb 18, 2015 10:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard brokerage tax forms changed to late Feb. question
Replies: 86
Views: 5708

Re: 403b and traditional Roth contributions

So, how do we know if it could be deducted? I ran the numbers in turbotax and it appears to increase the tax refund appropriately. Is this accurate? 25% federal tax bracket Income $59K Work 403b contribution for 2014: $7K contribution with $3K match total $10K Can this person also make a $5500 trad...
by JW Nearly Retired
Mon Feb 16, 2015 8:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: 403b and traditional Roth contributions
Replies: 5
Views: 352

Re: Voya 401k down

Any firm worth it's salt would put up a maintenance schedule of planned outages well ahead of time, on the site and by email to users. This was an unplanned outage, and my employer notified us that Voya acknowledged same, and had no ETA to fix the problem. Inspires real confidence that my retiremen...
by JW Nearly Retired
Mon Feb 16, 2015 10:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Voya 401k down
Replies: 16
Views: 1018

Re: Is there any reason to move money from 401k?

So am I missing anything as far as whether I should move my money from my previous employer to this new employer vs move it to a brokerage account? My gross income is in the 200k range if that matters. Your income matters. One good reason to leave it in a 401k is a gross income of $200k is way over...
by JW Nearly Retired
Mon Feb 16, 2015 10:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Is there any reason to move money from 401k?
Replies: 38
Views: 2095

Re: Converting 401k to Roth IRA question

I did not realize my spouse's tax rate would increase due to choosing to file separately. So you are saying (or what I'm understanding from you) that the difference between filing separately as opposed to jointly puts her automatically in a higher tax bracket? Don't know about automatically but if ...
by JW Nearly Retired
Sun Feb 15, 2015 8:53 pm
 
Forum: Investing - Theory, News & General
Topic: Converting 401k to Roth IRA question
Replies: 5
Views: 452

Re: 401k fees. should wife max out 401k?

Maybe I missed something? If we don't know the expense ratios how we can't say if this 401k is worthwhile or not? Are some of you posters thinking this 0.25% fee labeled "general admin charges" somehow includes the underlying mutual fund expense ratios? I never heard of this in a 401k. :sh...
by JW Nearly Retired
Sun Feb 15, 2015 6:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401k fees. should wife max out 401k?
Replies: 21
Views: 1117

Re: Pension Withdrawal Options

Upon retiring, I will have a pension available and the withdrawal options are: * $1107/mo. no survivor benefits * $994/mo. 50% survivor benefits * $904/mo. 100% survivor benefits * $194,763 one time lump sump payment I have thought about taking the lump sum and investing it in a Vanguard Fund. The ...
by JW Nearly Retired
Sun Feb 15, 2015 12:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Pension Withdrawal Options
Replies: 10
Views: 905

Re: Voya 401k down

Probably employer specific. I have Voya as well so I just checked if I have any problem seeing my account. I don't.
JW
by JW Nearly Retired
Sun Feb 15, 2015 11:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Voya 401k down
Replies: 16
Views: 1018

Re: 401k fees. should wife max out 401k?

.25% of the entire balance goes as fees. Every quarter she pays around $400 in fees. By itself 0.25% is not egregious but answering your max out question depends on what other expense ratios are applied to the investments. The 0.25% admin is not the only expense. You need to tell us the expense rat...
by JW Nearly Retired
Sun Feb 15, 2015 10:53 am
 
Forum: Investing - Help with Personal Investments
Topic: 401k fees. should wife max out 401k?
Replies: 21
Views: 1117

Re: Contributing to 403(b) without a match or IRA

My wife who is a teacher in Alabama has a 403b plan at work she can contribute into. It has very few (if any) good low cost options. The school system also does not offer a match. I'm wondering if it wouldn't be better to contribute to an IRA since we can then invest in what we want (low cost mutua...
by JW Nearly Retired
Fri Feb 13, 2015 10:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Contributing to 403(b) without a match or IRA
Replies: 14
Views: 405

Re: Contributing to 403(b) without a match or IRA

My wife who is a teacher in Alabama has a 403b plan at work she can contribute into. It has very few (if any) good low cost options. The school system also does not offer a match. I'm wondering if it wouldn't be better to contribute to an IRA since we can then invest in what we want (low cost mutua...
by JW Nearly Retired
Fri Feb 13, 2015 9:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Contributing to 403(b) without a match or IRA
Replies: 14
Views: 405

Re: Pension with no COLA

This situation is for my father. He will still working full time with the same employer. He is 54 and soon he has to decide if he is going to take the pension at 55 or 62. He is planning to work till 67 at this job. What is his working (federal + state) tax bracket? That percentage is going to be t...
by JW Nearly Retired
Fri Feb 13, 2015 12:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension with no COLA
Replies: 19
Views: 1377

Re: Pension with no COLA

Considering just the factors presented, it appears that taking the pension at 55 makes the most sense. But other factors like taxes, other income, Social Security, extreme longevity, etc, etc - may change the choice. Should this person take the pension at 55 and delay social security to 70? Thank y...
by JW Nearly Retired
Fri Feb 13, 2015 11:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Pension with no COLA
Replies: 19
Views: 1377

Re: 401K Rollover to Non Deductable IRA

OK so basically still contribute to my 401K and do rollovers to my tIRA every year up to the max they allow. Looking at the 401K funds I listed, those Expense Ratios are pretty high correct? We have seen worse but I agree with pretty high. Your ER's at Vanguard will be around 10X lower. IMO, the pe...
by JW Nearly Retired
Thu Feb 12, 2015 3:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401K Rollover to Non Deductable IRA
Replies: 10
Views: 742

Re: 1099 income to tax advantaged account

For increasing my 401k contribution amount that won't affect the amount of taxes I have to pay on the 1099 income only reduce my overall salary correct? Or does it not matter? Money is fungible. You will have more 1099 taxable income dollars but equally less salary income dollars. Your 1040 form ad...
by JW Nearly Retired
Thu Feb 12, 2015 3:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: 1099 income to tax advantaged account
Replies: 14
Views: 650

Re: Backdoor Roth wi pretax dollars

What you are describing isn't a backdoor Roth conversion, it's just a conversion. You will pay tax on $10k. The backdoor Roth is three steps. (1) make a non-deductible contribution to a tIRA. (2) convert the tIRA to a Roth. (3) pay the tax owed, if any, per your form 8606 accounting of your IRA basi...
by JW Nearly Retired
Thu Feb 12, 2015 2:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth wi pretax dollars
Replies: 4
Views: 336

Re: 1099 income to tax advantaged account

I do some consulting on the side for which I get a 1099 for whatever I was paid for the year. I saw somewhere that I could potentially open a solo 401k or a SEP IRA and put the earnings into there to reduce my taxable amount. I also have a 401k from work but I do not currently max it out (only put ...
by JW Nearly Retired
Thu Feb 12, 2015 1:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: 1099 income to tax advantaged account
Replies: 14
Views: 650

Re: Deferred Compensation

Would appreciate some forum advice on how to handle deferral options for deferred compensation. I plan on the deferral to start after retirement when income is lower, but is the recommendation to go with lump sump, or deferral over 5 or 10 years? Those are the only three options. Since the money is...
by JW Nearly Retired
Thu Feb 12, 2015 1:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Deferred Compensation
Replies: 9
Views: 671

Re: How to make this fair: gifting to kids with different me

obgyn65 wrote:To the OP- please give the same amount of money to your children. My parents gave more to my brother because he was less successful financially than me. I no longer talk to him.

Care to explain a little? Is that because he always hits you up for still more $$, or something else?
JW
by JW Nearly Retired
Thu Feb 12, 2015 10:37 am
 
Forum: Personal Finance (Not Investing)
Topic: How to make this fair: gifting to kids with different means
Replies: 108
Views: 8890

Re: First time investor needs help

Well done following through with it!
JW
by JW Nearly Retired
Wed Feb 11, 2015 6:40 pm
 
Forum: Investing - Theory, News & General
Topic: First time investor needs help
Replies: 15
Views: 1168

Re: 401K Rollover to Non Deductable IRA

So just let me tIRA sit and collect interest till I retire would be my only move here? Would it be wise to do yearly rollovers from my 401K into my tIRA or do I just build up my 401k? Yes, I would certainly do the yearly rollovers if the 401k choices are even a little horrible. This way, your VG tI...
by JW Nearly Retired
Wed Feb 11, 2015 6:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401K Rollover to Non Deductable IRA
Replies: 10
Views: 742

Re: 401K Rollover to Non Deductable IRA

2) I currently qualify for and contribute to a Roth IRA. My plan was to contribute annually to both the Roth ($2750) & my tIRA ($2750) but because I realized I can no longer contribute pre-tax dollars to my tIRA that's why I assumed it was a non-deductible IRA now. Is it correct that I can stil...
by JW Nearly Retired
Wed Feb 11, 2015 4:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401K Rollover to Non Deductable IRA
Replies: 10
Views: 742

Re: How to make this fair: gifting to kids with different me

As retired parents we are gifting to kids because we have been savers and have more retirement income than we need. If they can make use of it now It seems silly for us to hang onto to all of it until they inherit. What's the fun in that? Don't know what might be the perfectly "fair" appro...
by JW Nearly Retired
Wed Feb 11, 2015 10:18 am
 
Forum: Personal Finance (Not Investing)
Topic: How to make this fair: gifting to kids with different means
Replies: 108
Views: 8890

Re: Using online tax software

I store nothing important on anybody else's hard drives if I can avoid it. Massive amounts of stuff gets stolen, or just lost.
JW
by JW Nearly Retired
Wed Feb 11, 2015 9:24 am
 
Forum: Personal Consumer Issues
Topic: Using online tax software
Replies: 14
Views: 1003

Re: Attempting to increase retirement contributions by 5%.

OP, Your retirement contributions are $894/month post-tax and only $244 tax deferred. Do you have a strong reason for that? One like you are in the 15% bracket now and will have a substantial pension, so the first dollar of tax deferred withdrawals will be highly taxed. Also, is your 401k match real...
by JW Nearly Retired
Wed Feb 11, 2015 8:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Attempting to increase retirement contributions by 5%.
Replies: 25
Views: 1924

Re: 401K Rollover to Non Deductable IRA

Maybe or maybe not a bad move. If your 401k expenses are indeed "horrible" this may be the best thing to do. One correction, your tIRA isn't a "non-deductible one" since there isn't any such a thing. It's just a tIRA that may or may not have some non-deductible contribution basis...
by JW Nearly Retired
Tue Feb 10, 2015 8:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401K Rollover to Non Deductable IRA
Replies: 10
Views: 742

Re: How tax rate is determined in retirement?

Not sure exactly what some posters here have in mind, but you can't Roth convert any of your RMD. Only extra amounts taken out in excess of the RMD amount can be converted.
JW
by JW Nearly Retired
Tue Feb 10, 2015 3:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: How tax rate is determined in retirement?
Replies: 31
Views: 2654

Re: Inherited 403b Roth taxable?

Guessing probably it's because of the employer match. The employer match in a Roth 401k/403b account is pre-tax.
http://www.irs.gov/Retirement-Plans/Ret ... ccounts#10
JW
by JW Nearly Retired
Tue Feb 10, 2015 9:47 am
 
Forum: Personal Finance (Not Investing)
Topic: Inherited 403b Roth taxable?
Replies: 5
Views: 300

Re: 401K Investment Help

Don't pay high ERs when your have a low ER choice. Suggest for 401k: 90% SPTN TOT MKT IDX ADV (FSTVX) 0.07% Short term trading fees of .5% (you won't be doing short term trading) 10% FID INTERMED BOND (FTHRX) 0.45% No additional fees apply. Total market is all the US equities you need. You can put l...
by JW Nearly Retired
Mon Feb 09, 2015 8:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401K Investment Help
Replies: 1
Views: 118

Re: Adding a joint bank account owner. Is it considered a g

Why do you want to do this? Maybe there is a safer way to accomplish what your mission is?
JW
by JW Nearly Retired
Mon Feb 09, 2015 11:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Adding a joint bank account owner. Is it considered a gift?
Replies: 11
Views: 940

Re: Where best to withdraw funds from

JW: I'm married filing jointly. The top of 15% for married filing jointly is approx $74,000. And, yes, I will get SS in addition to my pension. OK, so I think that means you are headed for the 28% bracket when RMDs kick in. If you have a taxable income of $74k on just the pension, guessing that mea...
by JW Nearly Retired
Mon Feb 09, 2015 10:25 am
 
Forum: Investing - Help with Personal Investments
Topic: Where best to withdraw funds from
Replies: 16
Views: 1039

Re: Capital Gains help

Did not step up to it. But it was a gift and just trying to make the most reasonable decisions going forward. Did not realize that about inheritance. But would want the Roth IRA to be an inheritance primarily if possible correct? Maybe you mean it was a gift of cash and you invested it, but If this...
by JW Nearly Retired
Sun Feb 08, 2015 11:25 pm
 
Forum: Investing - Theory, News & General
Topic: Capital Gains help
Replies: 25
Views: 1476

Re: Where best to withdraw funds from

I am 58 years old and the 457b account is mid six figures. I don't have to worry about taking RMDs for a while. If I take money out of the 457b account it is going to bump me up into the next tax bracket, being that I'm at the top of the 15% bracket from receiving my pension, and withdrawals from t...
by JW Nearly Retired
Sun Feb 08, 2015 8:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Where best to withdraw funds from
Replies: 16
Views: 1039

Re: Looking for portfolio advice

The SIMPLE IRA and the rollover IRA are both traditional IRAs for computing taxation on any conversions to a Roth. Do you really make too much for direct Roth contributions? ($183-$193k MAGI phaseout)
JW
by JW Nearly Retired
Sun Feb 08, 2015 8:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Looking for portfolio advice
Replies: 3
Views: 268

Re: Where best to withdraw funds from

How old are you? i.e., it might help us to know how close you are to being forced to take RMDs from the 457b. Also, how large is the 457. Is the RMD going to bump you into a still higher tax bracket?
JW
by JW Nearly Retired
Sun Feb 08, 2015 4:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Where best to withdraw funds from
Replies: 16
Views: 1039

Re: Take union pension now & invest, or wait for higher payo

Short, simple version: Question: My wife is vested in a pension fund. She can't ever take a lump sum distribution, but she could start taking monthly distributions now at a lower rate (at her current age 57), or wait until age 65 for a higher monthly payout. Would it make sense to take monthly dist...
by JW Nearly Retired
Sun Feb 08, 2015 11:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Take union pension now & invest, or wait for higher payout?
Replies: 14
Views: 1039

Re: This CPA is advocating snail-mail over e-file for taxes

Yes, but note that someone who gets hold of your entire tax return may be able to do even more damage than just filing a bogus tax return, since your tax return contains so much additional information. An efile may have not only your name and SSN, but also bank account numbers (if you are doing dir...
by JW Nearly Retired
Sun Feb 08, 2015 11:00 am
 
Forum: Personal Finance (Not Investing)
Topic: This CPA is advocating snail-mail over e-file for taxes
Replies: 55
Views: 3951

Re: Cost basis with no records?

The problem is that I have no record and the online broker has no record of the date I bought the first two stocks or the cost. I only have a rough idea because I know how much I spent and about when I bought them and can back-calculate. All I can see is that you make your best estimate when you ha...
by JW Nearly Retired
Sun Feb 08, 2015 8:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Cost basis with no records?
Replies: 13
Views: 1200

Re: Lending money to family - I can't say no

My husband and I have been "lending" money to my mother-in-law over the last few years, probably around $15,000 total in the last 4 years. We have never been paid back, and we know that we probably never will be. We make enough money (high salary though low net worth) and can technically ...
by JW Nearly Retired
Sat Feb 07, 2015 4:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Lending money to family - I can't say no
Replies: 82
Views: 5717

Re: Do you or your advisor de-alpha portfolio by 3% annually

Alas, as is too often the case, my recollection was imperfect and way I told the story sound better than it was, but nevertheless: Brokers Lure Soldiers Out Of Low-Fee Federal Retirement Plan Thanks. The story may not be as quite good as your recollection but it gets the point across pretty well. JW
by JW Nearly Retired
Sat Feb 07, 2015 12:59 pm
 
Forum: Investing - Theory, News & General
Topic: Do you or your advisor de-alpha portfolio by 3% annually?
Replies: 14
Views: 1227

Re: Surviving the Tax Bite of RMD Withdrawals in Retirement

I don't see the RMDs themselves as a major tax problem. If you are in a 25% tax bracket, the IRS owns 25% of your IRA, and will take that 25% somehow. If you have a $1.2M traditional IRA, you own $900K of it tax-free. If the RMDs are more than you need, you can move the money to your taxable accoun...
by JW Nearly Retired
Sat Feb 07, 2015 12:03 pm
 
Forum: Investing - Theory, News & General
Topic: Surviving the Tax Bite of RMD Withdrawals in Retirement
Replies: 79
Views: 7149
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