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Re: Roth IRA for 2013 - taxes already filed

Hmm, I don't think you can open any IRA for 2013 after you have filed for 2013.
by steve.s
Fri Apr 04, 2014 9:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for 2013 - taxes already filed
Replies: 11
Views: 928

Re: Max TSP or Diversify Elsewhere?

Barry, I would keep increasing the TSP until you max out as this reduces your AGI and taxes. IMHO the L funds allocate too much in the F fund - I would "roll my own" L fund but only use the G fund for the bond allocation. Once you reach the TSP max, then add the backdoor Roth for more inte...
by steve.s
Thu Mar 20, 2014 11:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Max TSP or Diversify Elsewhere?
Replies: 15
Views: 1394

Re: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT

I mailed my check on 3/10 and haven't heard anything yet. Is the Treasurer still away on vacation/trip? Thanks Steve
by steve.s
Thu Mar 20, 2014 10:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT
Replies: 84
Views: 10938

Re: AA Utilizing Both TSP + Vanguard - Near Retirement

Debrajo, As a retired CSRS-er, here are a couple thoughts: I believe you can contribute more to your TSP if you can afford it. The 2014 limits are: Basic $17500 Catchup $5500 Total $23000 Keep in mind that you can contribute part/all of your TSP to a Roth TSP - you lose the deduction but gain TAX-FR...
by steve.s
Sun Mar 09, 2014 5:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: AA Utilizing Both TSP + Vanguard - Near Retirement
Replies: 25
Views: 1358

Re: Help Rebalancing 401k w/ Index Funds

Note that the TRP Spectrum Income Fund is a fund of funds - which means you get hit with two levels of expenses, the first for Spectrum Income, the second for the funds it holds (Yikes!). Been there, done that, got the t-shirt :oops:
by steve.s
Fri Feb 14, 2014 9:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help Rebalancing 401k w/ Index Funds
Replies: 7
Views: 587

Re: Annual gifting to children

As a recipient of similar parental gifts, your kids will greatly appreciate your thoughtfulness (I know I sure do!). A few things to consider: 1. Are your IRAs your only source of income? 2. Do you both have IRAs or is this to be from one earner's IRA 3. Do you have taxable resources that you could ...
by steve.s
Wed Jan 29, 2014 1:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Annual gifting to children
Replies: 30
Views: 2903

Re: Inheritance, Cap Gains Tax question

None of this is germane to my initial question of if/how to handle the capital loss associated with the sale of the house. The house was owned by the estate and sold by the estate. The sale should be reported by the accountant for the estate on the estate income tax return Form 1041. Since a benefi...
by steve.s
Wed Jan 29, 2014 12:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: Inheritance, Cap Gains Tax question

So livesoft's question and the OP's response spurred a question of my own. Are executors allowed to allocate/distribute capital gains to take advantage of certain beneficiaries' lower tax rates? In other words lets say after liquidation of certain stock the estate is worth 100k, 10k of which is capi...
by steve.s
Wed Jan 29, 2014 12:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: Inheritance, Cap Gains Tax question

The stocks were distributed in increments over several years (the probate lawyer's approach), ... So has the estate been in existence from 2008-2013? Was the probate lawyer filing tax returns for the the estate all those years? Were the heirs getting K-1s for all the dividends paid by the unsold st...
by steve.s
Mon Jan 27, 2014 11:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: Inheritance, Cap Gains Tax question

IMHO, the probate lawyer and his staff are saints and earned every penny working this estate. Perhaps so, but do you know how much the estate was charged every year? What if it was 5% per year? How much were those folks paid? If they had sold all stocks and given them to heirs in 2009 and you inves...
by steve.s
Mon Jan 27, 2014 11:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: Inheritance, Cap Gains Tax question

My understanding is that your main home gets no cap gains or losses, but your second home is fair game. I think calling the IRS is free and a lot safer than asking the folks here. I believe that you get an exemption on the first chunk (250K for a single/500K for married couple) of gain on your prim...
by steve.s
Sun Jan 26, 2014 5:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: Inheritance, Cap Gains Tax question

I'm curious -- why did the probate lawyer hold onto a portion of the stocks for such a long time? Five years seems unreasonable. Was there a financial incentive for him/her to drag the process out? The stocks were the only liquid asset and were retained to pay the expenses (property taxes, estate a...
by steve.s
Sun Jan 26, 2014 5:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: Inheritance, Cap Gains Tax question

The stocks were distributed in increments over several years (the probate lawyer's approach), ... So has the estate been in existence from 2008-2013? Was the probate lawyer filing tax returns for the the estate all those years? Were the heirs getting K-1s for all the dividends paid by the unsold st...
by steve.s
Sun Jan 26, 2014 5:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: Inheritance, Cap Gains Tax question

No, the house was occupied by my wife's sibling (who had never lived anywhere else) at no rent. He paid all the expenses for maintenance. Are you saying that my BIL can't take his share of the loss but we could?
by steve.s
Sat Jan 25, 2014 11:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Inheritance, Cap Gains Tax question

I think I know the answer to this but would appreciate a confirmation. Mother-in-law passed away in 2008 leaving an estate that consisted of her house and an investment account with multiple stocks and money market. The house was appraised for the estate and the stock value/prices are known. The est...
by steve.s
Sat Jan 25, 2014 11:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inheritance, Cap Gains Tax question
Replies: 20
Views: 1373

Re: BOGLEHEADS 12 VIDEOS

Thanks for these videos! Was Gus Sauter's presentation recorded, and if so, will it be posted?

Steve
by steve.s
Fri Dec 20, 2013 6:29 pm
 
Forum: Investing - Theory, News & General
Topic: BOGLEHEADS 12 VIDEOS
Replies: 60
Views: 7420

Re: IRA Contribution or Roth Conversion

Let me report back for the benefit of the lurkers. I ran the numbers through TurboTax2012 using the 2013 earnings and pensions, and using 2012's numbers + 2% for investment income (dividends, interest, cap gains). The resulting AGI ends up below the cut-off for a deductible IRA or the Roth! A direct...
by steve.s
Mon Oct 28, 2013 10:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA Contribution or Roth Conversion
Replies: 20
Views: 821

Re: A login button on home page?

Ahhh. Ok, thanks for the clarification.
by steve.s
Mon Oct 28, 2013 10:17 pm
 
Forum: Forum Issues and Administration
Topic: A login button on home page?
Replies: 7
Views: 917

Re: IRA Contribution or Roth Conversion

Bob, I hadn't thought of that option because we couldn't in 2012 - MAGI was $190K. This year the MAGI down to ~$164K (using 2012 dividend and cap gain numbers), so it appears we might be able to go straight to the Roth. Thanks for pointing out an option I hadn't considered. :oops: Since I have the e...
by steve.s
Mon Oct 28, 2013 12:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA Contribution or Roth Conversion
Replies: 20
Views: 821

Re: A login button on home page?

A follow-up question related to the login link on the wiki homepage.
When I tried to login there, it did not recognize my forum id.
Do I need a separate wiki id?

Steve
by steve.s
Mon Oct 28, 2013 12:31 pm
 
Forum: Forum Issues and Administration
Topic: A login button on home page?
Replies: 7
Views: 917

Re: IRA Contribution or Roth Conversion

All, Thanks! I really appreciate all the inputs from the group. I'll take a while to read and digest all the good info presented. In response to a number of clarifications requested: State of residence is MD State and county tax rate is 8.4% Federal bracket before any conversion (based on $164K MAGI...
by steve.s
Mon Oct 28, 2013 12:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA Contribution or Roth Conversion
Replies: 20
Views: 821

Re: IRA Contribution or Roth Conversion

BL, I believe you have the Roth contribution limits correct. Our MAGI will exceed $175K this year and next with the earned income, so a direct Roth contribution isn't allowed. The size of our current traditional and rollover IRAs complicate the "backdoor" Roth approach, hence the thinking ...
by steve.s
Sun Oct 27, 2013 9:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA Contribution or Roth Conversion
Replies: 20
Views: 821

IRA Contribution or Roth Conversion

I have a decision to make. I am retired Fed (age 63) with a good pension with an inflation adjusted COLA (altho this year's COLA is only 1.5%), no Social Security, and a traditional IRA of ~$110K and a rollover IRA of ~$500K. My spouse is also a retired Fed (age 62) with the same pension arrangement...
by steve.s
Sun Oct 27, 2013 8:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA Contribution or Roth Conversion
Replies: 20
Views: 821

Re: Traditional IRA question

Brian, If I understand the "rules of aggregation" for a Roth conversion, the entire TIRA (non-deductible, deductible, rollover) is taken as a single lump sum and the relative percentages each represent are applied to the amount converted. If I wanted to convert the entire non-deductible am...
by steve.s
Tue Jun 04, 2013 4:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Traditional IRA question
Replies: 8
Views: 605

Re: Traditional IRA question

AlanS. True. And it would have been way simpler if I had done the Roth conversion before I rolled my 401k into a rollover IRA. It doesn't make financial sense to convert now. I'll probably put the non-deductible money on one category, the deductible money in another, and diversify the rollover. That...
by steve.s
Tue Jun 04, 2013 2:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Traditional IRA question
Replies: 8
Views: 605

Re: bonds for a taxable retirement account

Um, my MD marginal rate is 8.2% (5% base plus 3.2% county), so be mindful of even higher state tax rates.
by steve.s
Mon Jun 03, 2013 11:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: bonds for a taxable retirement account
Replies: 6
Views: 984

Re: Traditional IRA question

All,

Thanks, especially for the link to the other discussion - I'm learning (quickly) how to search these forums for nuggets like that.

Steve
by steve.s
Mon Jun 03, 2013 10:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: Traditional IRA question
Replies: 8
Views: 605

Re: Newbie 401K Advice Needed

20Dukes11, I'm not sure I'd reduce my 401k contribution just because of non-optimal options. Most 401k's have a few clunkers and you just avoid them. Keep in mind that the 401k contribution is deductible and reduces your current taxable income, while the Roth IRA is not deductible and does not reduc...
by steve.s
Mon Jun 03, 2013 9:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Newbie 401K Advice Needed
Replies: 43
Views: 3195

Traditional IRA question

All, Sorry for a newbie question, but here goes. Over the years I have contributed to a variety of traditional IRA types - deductible and nondeductible (I'm not counting the rollover from my 401K). I was a good taxpayer and kept the nondeductible money separate from the deductible and filed the requ...
by steve.s
Mon Jun 03, 2013 9:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Traditional IRA question
Replies: 8
Views: 605

Re: Do I need to file Form 5498 for 2012 (just got it...)?

Hopefully it states clearly on the form that it doesn't need to be filed.
Mine from another fund house makes that obvious.
by steve.s
Wed May 15, 2013 10:04 pm
 
Forum: Investing - Theory, News & General
Topic: Do I need to file Form 5498 for 2012 (just got it...)?
Replies: 7
Views: 502

Re: BOGLEHEADS 12 ANNOUNCEMENT

Any spots available?

Are books available for purchase onsite or do we need to purchase elsewhere and bring along?

Thanks

Steve
by steve.s
Wed May 15, 2013 9:07 pm
 
Forum: Investing - Theory, News & General
Topic: BOGLEHEADS 12 ANNOUNCEMENT
Replies: 92
Views: 20789

Re: Suggestions for the Wiki

That is how I thought (and expected) the rollover TSP to be treated.
Yes, I have a stack of 8606s. Thanks!
by steve.s
Wed Apr 10, 2013 10:33 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: Suggestions for the Wiki
Replies: 245
Views: 65458

Re: Suggestions for the Wiki

I understand (and have) rolled my TSP to a Rollover IRA. My question relates to the Roth Conversion (I haven't read the article yet will, but will when I complete this reply). I want to do some advance planning for a Roth Conversion, so as to not cross into the next higher tax bracket among other th...
by steve.s
Tue Apr 09, 2013 10:11 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: Suggestions for the Wiki
Replies: 245
Views: 65458

Re: Suggestions for the Wiki

I am new and not finding any discussion on the relationship of a Rollover IRA (from the USG TSP) to the Traditional to Roth IRA conversion process.
Any pointers, or if needed, additions to the Roth conversion wiki, would be appreciated. Thanks!
by steve.s
Thu Apr 04, 2013 4:54 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: Suggestions for the Wiki
Replies: 245
Views: 65458

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