Search found 850 matches
- Sat Mar 16, 2024 5:38 pm
- Forum: Personal Finance (Not Investing)
- Topic: “Bellys” on sewer scope for new house
- Replies: 41
- Views: 2336
Re: “Bellys” on sewer scope for new house
It depends how your contract is worded. Was it contingent on passing all inspections, including this one? If yes, you should have money put aside for repairs. In general bellies can be a hassle but not serious. Solids could settle there and cause a blockage. Roto-rooter is a short term fix and re-doing the lines with proper slope is the long term repair. The one under the house may be more expensive to repair due to poor access. The one outside may be related to tree roots so consider taking measures to prevent a recurrence. Costs for a repair vary widely with location and you should try to get some ballpark estimates. Can you get more comments from a sewer guy whom you or the realtor trust? A very small belly with 0.5 inch standing water a...
- Sat Mar 16, 2024 5:10 pm
- Forum: Personal Finance (Not Investing)
- Topic: tax brackets etc assuming TCJA sunset no new laws
- Replies: 24
- Views: 2390
tax brackets etc assuming TCJA sunset no new laws
I need to pick something for planning. I am assuming no new laws, so TCJA provisions expire as the act states. A few questions about what that would mean. 1. TCJA provisions remain valid for TY 2024 and TY 2025, and the previous code reverts for TX 2026? 2. Will the income levels for each breakpoint revert to 2017 levels or will they be adjusted? These are comments rather than questions: 3. A different act created NIIT so that will remain. 4. The SALT caps will go away. 5. IRMAA should continue to be adjusted for inflation. I know my crystal ball won't be perfect, but am primarily looking for a scenario for planning Roth conversions and other distributions. Those can be adjusted as the future tax code becomes clearer. Responses are very. we...
- Sat Mar 09, 2024 12:22 pm
- Forum: Investing - Theory, News & General
- Topic: Inherited IRA optimal investment
- Replies: 12
- Views: 1174
Re: Inherited IRA optimal investment
It depends very much on your tax situation and your overall portfolio asset amounts and account types. I don't want to potentially see much growth in an inherited IRA because of the short time frame in which the account must be liquidated. So mine is used for fixed income space (bond funds and MM.)
I'm not opposed to asset growth, but it would better to have that occur in either (best) a Roth account or (second best) a taxable account.
I'm not opposed to asset growth, but it would better to have that occur in either (best) a Roth account or (second best) a taxable account.
- Sat Mar 09, 2024 12:06 pm
- Forum: Personal Finance (Not Investing)
- Topic: What would you have done differently if you could go back and restart your financial journey?
- Replies: 68
- Views: 5594
Re: What would you have done differently if you could go back and restart your financial journey?
I should have spent more time studying investing and then put my learnings into practice. I always maxed out my retirement plan mainly a 401(k) cuz that's all I had. However I was unhappy I no longer had a guaranteed pension and uneasy about the 401(k), believing the stock market to be a crap shoot similar to individual stocks. Also should have both lobbied to get low-cost index funds into the employer plan (which offered high-cost actively managed funds for years) and also invested more of my after-tax earnings. I did a bit of stock-picking, mainly as a hedge to single-company risk of my employer, without thinking about sector risk and that way future trends don't necessarily guarantee equity returns of "leading" corporations. Gi...
- Fri Mar 08, 2024 8:25 pm
- Forum: Personal Finance (Not Investing)
- Topic: The Final, Definitive Thread on Bank Bonuses
- Replies: 116
- Views: 16000
Re: The Final, Definitive Thread on Bank Bonuses
Curious if there are sometimes hefty fees to close an account which paid a bonus.
- Fri Mar 01, 2024 2:07 pm
- Forum: Personal Finance (Not Investing)
- Topic: SS benefit, divorced couple with minor child
- Replies: 4
- Views: 596
Re: SS benefit, divorced couple with minor child
I appreciate the post, Mike. Saves us time barking up the wrong tree.
- Fri Mar 01, 2024 2:03 pm
- Forum: Personal Finance (Not Investing)
- Topic: small TT errors in capital loss carryover
- Replies: 6
- Views: 989
Re: small TT errors in capital loss carryover
Sorry, operator error. I wasn't paying enough attention to the separate screens in the step-by-step interview questions. It presents the "normal" and AMT carryforward amounts separately. They were slightly different, and correctly loaded from the prior return file.
- Fri Mar 01, 2024 11:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Is there a way to avoid tIRA interest during backdoor roth, should I care?
- Replies: 6
- Views: 668
Re: Is there a way to avoid tIRA interest during backdoor roth, should I care?
I certainly never cared about the few bucks.
It would be risky to be so close to a tax cliff. Granted the Medicare premium cliff is maybe a 5-foot cliff, not 1000 feet, but falling off it can hurt a bit.
It would be risky to be so close to a tax cliff. Granted the Medicare premium cliff is maybe a 5-foot cliff, not 1000 feet, but falling off it can hurt a bit.
- Fri Mar 01, 2024 11:23 am
- Forum: Personal Finance (Not Investing)
- Topic: Estate Income Tax question (1041)
- Replies: 5
- Views: 849
Re: Estate Income Tax question (1041)
CPA definitely confirmed. Too bad, a passed-down tax deduction would have helped.
- Fri Mar 01, 2024 11:20 am
- Forum: Personal Finance (Not Investing)
- Topic: small TT errors in capital loss carryover
- Replies: 6
- Views: 989
Re: small TT errors in capital loss carryover
Thanks, HomeStretch. Any other data from prior year return which is critical?
- Fri Mar 01, 2024 11:17 am
- Forum: Personal Finance (Not Investing)
- Topic: SS benefit, divorced couple with minor child
- Replies: 4
- Views: 596
SS benefit, divorced couple with minor child
Trying to help a family member. Father almost at FRA, significant benefit. Mother late 40's, supporting 12-year old child, low earnings record. I recently learned she could get full (unreduced) spousal benefits until child turns 16, I think? Not sure if this applies with the divorces or not.
If the above is true, would be benefit expire when the child turns 16. Then the mother would reapply for spousal benefit when turning 62 (or later)?
Would the father get any additional benefit for paying child support?
It's difficult to find an answer to this situation online so looking for help. Thanks in advance.
If the above is true, would be benefit expire when the child turns 16. Then the mother would reapply for spousal benefit when turning 62 (or later)?
Would the father get any additional benefit for paying child support?
It's difficult to find an answer to this situation online so looking for help. Thanks in advance.
- Fri Mar 01, 2024 2:02 am
- Forum: Personal Finance (Not Investing)
- Topic: small TT errors in capital loss carryover
- Replies: 6
- Views: 989
small TT errors in capital loss carryover
This year I noticed small errors in the capital loss carryover from last year. Both returns were/are done in TurboTax. ST loss about $20 too low and LT loss about $100 too high. Has anyone experienced this sort of thing before? In the 2022 files, I had a WIP return saved, and also another return which is an strategy study for 2023. (Like many, I find using last year's tax software to be a useful tool for that, barring any major change to the tax code.) I checked, and the carryovers for those "returns" in 2022 format were very different than those in the filed 2022 return. It makes me uneasy if TurboTax may not accurately load data from the prior year tax return file. However, the software specifically asks us if the loaded carryov...
- Thu Feb 29, 2024 1:01 am
- Forum: Personal Investments
- Topic: Portfolio Visualizer and Bonds
- Replies: 2
- Views: 543
Re: Portfolio Visualizer and Bonds
One can certainly buy 10-year treasuries. But I guess you are saying is the bonds you can buy are not what PV will model. Another day, another learning.
It would seem it models the return of new offering interest rates averaged over one's time period. A ladder as fine as possible.
It would seem it models the return of new offering interest rates averaged over one's time period. A ladder as fine as possible.
- Wed Feb 28, 2024 1:47 pm
- Forum: Personal Investments
- Topic: Portfolio Visualizer and Bonds
- Replies: 2
- Views: 543
Portfolio Visualizer and Bonds
I am trying to get my head around how bond asset class returns are modeled. Looking at the data source for treasuries, I see it is the FRED interest rate charts. If, for example you select "10 year treasuries" and rebalance annually, will the interest rate be updated whenever the published rate changes? Wrt to rebalancing these bonds annually, will it model a sell and buy, reflecting the price change due to the interest rate changes? Or does it assume the interest rate for all of one's holdings just magically moves up and down with the published rate? Or is there something in the software to approximate a bond ladder? As I understand it, FRED publishes interest rate for new issues but changes in value take place in the secondary m...
- Wed Feb 28, 2024 12:01 pm
- Forum: Personal Finance (Not Investing)
- Topic: Estate Income Tax question (1041)
- Replies: 5
- Views: 849
Re: Estate Income Tax question (1041)
I have come to the conclusion that state inheritance tax payments are NOT deductible on form 1041. Just checking whether y'all agree or disagree.
- Fri Feb 23, 2024 11:57 am
- Forum: Investing - Theory, News & General
- Topic: Can you do better than BND?
- Replies: 278
- Views: 35024
Re: Can you do better than BND?
Some things of interest here. I'll throw in my 3 cents, somewhat related to this thread. 1. It's been show that equities/treasuries rebalanced in some studies seems to perform better that equities/total bond. 2. Small value equities + LTT is an especially powerful combination for long term growth. There have been threads on this 3. This point is really a question. Some of us need to hold some of our bonds in taxable, which raises the question of what duration in munis is best. Most of the easily available tools don't consider the lower taxes on muni returns, so they appear inferior. Any suggestions how to deal with this? My gut tells me since many munis are callable, one may want the muni duration to be lower than full taxable bonds in one'...
- Tue Feb 20, 2024 1:15 am
- Forum: Personal Finance (Not Investing)
- Topic: reporting of treasury interest and tax software
- Replies: 6
- Views: 823
Re: reporting of treasury interest and tax software
Thanks. Dumb me, I didn't notice that all 1099-INT forms have a box for US Savings Bond Interest and Treasury Obligations!
- Tue Feb 20, 2024 12:49 am
- Forum: Personal Finance (Not Investing)
- Topic: reporting of treasury interest and tax software
- Replies: 6
- Views: 823
reporting of treasury interest and tax software
I recently discovered that Vanguard reports interest on treasury bills/bonds/notes on a 1099-INT rather than a 1099-DIV. Normally for a mutual fund which holds treasuries, there is a TT interview question which allows one to tell the software how much of the dividends is treasury interest. This would not be taxable by a state so is disregarded by the state income tax software. Is there something similar when entering treasury interest from a 1099-INT? Also, I gather I should not subtract out the treasury interest from the total dividends on a 1099-DIV, since it was never reported on as a dividend on form to begin with? Actually I am not sure if all brokerage houses report treasury security earnings in the same manner so comments on that are...
- Fri Jan 19, 2024 1:53 am
- Forum: Personal Finance (Not Investing)
- Topic: Inheritance Tax Preparer
- Replies: 15
- Views: 2475
Re: Inheritance Tax Preparer
I wish I could find someone who would file three tax returns involving financial assets for close to $500! You're right though that the Inheritance Tax on these fees may not be a terrible burden. Highest priority should be paying any tax on the decedent's net worth ASAP: best by 3 months, 2nd best by 9 months.
- Thu Jan 18, 2024 4:09 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inheritance Tax Preparer
- Replies: 15
- Views: 2475
Re: Inheritance Tax Preparer
I believe one can make a second estimated payment to minimize risk of interest due for option B.SpideyIndexer wrote: ↑Wed Jan 17, 2024 11:21 pm It is confusing exactly WHEN to file this Inheritance tax. It based levied on assets of the decedent on date of death. However there are many deductions which are incurred by the estate after death including fees for funeral, probate, attorneys, accounting, tax preparation etc. It seems many of these deductions will not be known until probate is closed. Though there are fees and interest charged if the return is not filed within 9 months of death. So does one make a choice of to either
A. File within 9 months and possibly miss deductions
OR
B. File later and pay interest and fees ?
- Thu Jan 18, 2024 4:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inheritance Tax Preparer
- Replies: 15
- Views: 2475
Re: Inheritance Tax Preparer
Wow, letting individuals see other people's returns! So much for privacy. Anyway what I am trying to understand is the deductions for funeral expenses and also for administrative costs. The latter is pretty wide. Here is a past from the "Instructions for REV-1511 Schedule H, Funeral Expenses & Administrative Cost": You may deduct, in reasonable amounts, fees for services rendered to the estate which will be paid. Administration expenses include but are not limited to: costs of letters testamentary or of administration, accounting fees, tax return preparation fees, estate notices, inventory, fees of appraisers, witnesses, short certificates, affidavits, fees for account and adjudication, public liability insurance premiums, sto...
- Wed Jan 17, 2024 11:21 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inheritance Tax Preparer
- Replies: 15
- Views: 2475
Re: Inheritance Tax Preparer
It is confusing exactly WHEN to file this Inheritance tax. It based levied on assets of the decedent on date of death. However there are many deductions which are incurred by the estate after death including fees for funeral, probate, attorneys, accounting, tax preparation etc. It seems many of these deductions will not be known until probate is closed. Though there are fees and interest charged if the return is not filed within 9 months of death. So does one make a choice of to either
A. File within 9 months and possibly miss deductions
OR
B. File later and pay interest and fees ?
A. File within 9 months and possibly miss deductions
OR
B. File later and pay interest and fees ?
- Tue Jan 09, 2024 8:30 pm
- Forum: Investing - Theory, News & General
- Topic: Dimensional v Avantis
- Replies: 50
- Views: 11100
Re: Dimensional v Avantis
quote]White Coat Investor wrote: ↑Thu Aug 17, 2023 7:03 pm Thanks for the thread everybody. Here are some interesting one year returns for small value ETFs: ETF 1- year Returns VBR 8.54% VIOV 6.08% VTWV 4.29% IJS 6.10% IWN 3.71% SVAL 1.82% SLYV 6.16% RZV 12.35% DFSV 13.04% AVUV 13.45% Kind of reads like an AVUV advertisement doesn't it? Looks like small deep value was the 1 yr. winner. When small and value outperform, efts that load up heavily on them also outperform which is apparent looking at these results. What is actually happening is that the winners making up lost ground prior to 1 year ago when both small and value underperformed massively relative to LCG and TSI (beta) for more than a decade and a half. When small and value underp...
- Tue Dec 26, 2023 9:53 pm
- Forum: Personal Finance (Not Investing)
- Topic: inherited 403(b) rollover into Roth
- Replies: 8
- Views: 1016
Re: inherited 403(b) rollover into Roth
So an inherited Roth is subject to RMDs and must be emptied within 10 years. Kicking around a few options, inherited Roth vs inherited tIRA. My situation is that I have sufficient tax deferred assets to fund Roth conversions for several years. So my options are 1. Roll over the 403b into an inherited tIRA. Make a larger Roth conversion in 2024 from my tax deferred account. Or 2. Roll over the 403b into an inherited Roth. Make a smaller Roth conversion in 2024 from my tax deferred account. I assume the size of the Roth conversions in 2024 limited by tax bracket and IRMAA considerations, so taxable conversions from both the 403b and from my tax deferred account must be limited to a certain amount. It's probably a wash. Option 2 is more flexib...
- Mon Dec 25, 2023 4:01 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inherited IRA and Roth IRA RMD
- Replies: 12
- Views: 1781
Re: Inherited IRA and Roth IRA RMD
I had to think about what this means to the OP and others. If one assume zero interest and only takes the RMD in year 1-9, the RMD will remain constant over the 10-year period. And one will need to take a much larger distribution in year 10 in order to empty the inherited IRA as required.
Even more so assuming a reasonable annual return.
Others have mentioned this. It behooves one to do tax planning on taking distributions from inherited IRAs.
Even more so assuming a reasonable annual return.
Others have mentioned this. It behooves one to do tax planning on taking distributions from inherited IRAs.
- Mon Dec 25, 2023 3:27 pm
- Forum: Personal Finance (Not Investing)
- Topic: Bank not allowing rollover of inherited IRA CD
- Replies: 9
- Views: 1557
Re: Bank not allowing rollover of inherited IRA CD
Citizens has split the IRA CDs into separate savings accounts for each beneficiary, without any instructions or elections from the beneficiaries. Citizens stated that the accounts are subject to the 10-year rule so likely they are considered to be inherited IRAs, though they haven't made that clear.
They will allow those assets to be transferred into inherited IRAs at outside institutions. This process is ongoing.
Likely all's well that ends well.
Speaking of banks, have others experienced issues with banks not wanting to Date of Death balance statements for all decedent accounts? In progress at Citizens while Wells Fargo will not do it after asking multiple divisions.
They will allow those assets to be transferred into inherited IRAs at outside institutions. This process is ongoing.
Likely all's well that ends well.
Speaking of banks, have others experienced issues with banks not wanting to Date of Death balance statements for all decedent accounts? In progress at Citizens while Wells Fargo will not do it after asking multiple divisions.
- Sat Dec 16, 2023 6:48 pm
- Forum: Personal Finance (Not Investing)
- Topic: Bank not allowing rollover of inherited IRA CD
- Replies: 9
- Views: 1557
Re: Bank not allowing rollover of inherited IRA CD
Alan S. as always, thanks. I will speak with the bank's IRA CD group. I wouldn't be surprised if the bank does not want to break the CDs as their interest rates are abysmally low. But the other beneficiaries also want to transfer funds to inherited IRAs. Perhaps all of us can act in tandem and/or submit letters of instruction.
Can any other bogleheads out there run into similar situations offer suggestions on how to move forward?
Also, I'd like to become better educated about the distinctions between the terms transfer and rollover, both direct and indirect.
Can any other bogleheads out there run into similar situations offer suggestions on how to move forward?
Also, I'd like to become better educated about the distinctions between the terms transfer and rollover, both direct and indirect.
- Sat Dec 16, 2023 2:52 pm
- Forum: Personal Finance (Not Investing)
- Topic: Bank not allowing rollover of inherited IRA CD
- Replies: 9
- Views: 1557
Bank not allowing rollover of inherited IRA CD
I am inheriting a share of an IRA CD and was planning to roll it over to an inherited IRA. I just received the paperwork and see that a non-spouse beneficiary is not permitted to roll over or transfer to their own IRA. Is this legal? The bank is Citizens.
Seems my only options are total distribution "this year" (I assume that means the date I sign?) or payments over 10 years. Nowhere on the form are the words "inherited IRA."
Seems my only options are total distribution "this year" (I assume that means the date I sign?) or payments over 10 years. Nowhere on the form are the words "inherited IRA."
- Tue Dec 12, 2023 11:14 am
- Forum: Personal Finance (Not Investing)
- Topic: bank won't correctly write check to decedent estate
- Replies: 13
- Views: 1848
Re: bank won't correctly write check to decedent estate
Wow, that is clear as mud! Toddthebod, could you list the thread from which your quotes came?
- Mon Dec 11, 2023 4:51 pm
- Forum: Personal Finance (Not Investing)
- Topic: bank won't correctly write check to decedent estate
- Replies: 13
- Views: 1848
Re: bank won't correctly write check to decedent estate
I had hoped that a wire transfer would bypass the issue. However I was told a wire transfer has the same payee information as does a check, so likely the estate bank would also decline the wire transfer.
- Mon Dec 11, 2023 4:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: bank won't correctly write check to decedent estate
- Replies: 13
- Views: 1848
Re: bank won't correctly write check to decedent estate
After about an hour on the phone, Wells Fargo is making a one-time exception in this case.
Hoping this information will help someone else dealing with them.
Hoping this information will help someone else dealing with them.
- Mon Dec 11, 2023 4:28 pm
- Forum: Personal Finance (Not Investing)
- Topic: bank won't correctly write check to decedent estate
- Replies: 13
- Views: 1848
bank won't correctly write check to decedent estate
This seems crazy. A large bank, Wells Fargo, won't correctly make out a check for the assets of a decedent to the "Estate of Mary Jones." Instead they want to make it out to "Sam and Ann Jones, personal representatives for the Estate of Mary Jones." Sam and Mary Jones are the co-executors. The bank at which the estate account is held will not accept a check written in that manner.
Neither I nor the bank at which the estate account held has ever heard of checks to decedent estates written that way and it smells wrong. Well Fargo insists that is what their legal department insists. Has anyone heard of this?
What is my recourse?
Neither I nor the bank at which the estate account held has ever heard of checks to decedent estates written that way and it smells wrong. Well Fargo insists that is what their legal department insists. Has anyone heard of this?
What is my recourse?
- Sun Dec 10, 2023 4:18 pm
- Forum: Personal Investments
- Topic: IRA to annuity from external provider?
- Replies: 8
- Views: 860
Re: IRA to annuity from external provider?
Has anyone inherited such an IRA and roll over the funds into an inherited tIRA or inherited Roth IRA? How easily did it go, and any advice?
- Sun Dec 10, 2023 11:42 am
- Forum: Investing - Theory, News & General
- Topic: Vanguard's Estimated YE Distribution Schedule
- Replies: 19
- Views: 2826
Re: Vanguard's Estimated YE Distribution Schedule
It's been live for about 36 hours.
- Sun Dec 10, 2023 11:09 am
- Forum: Personal Finance (Not Investing)
- Topic: Any advantages of maintaining a qualified retirement plan vs. rollover IRA?
- Replies: 10
- Views: 1161
Re: Any advantages of maintaining a qualified retirement plan vs. rollover IRA?
There are differences for heirs of qualified plans vs IRAs. Qual plans can be rolled over (i.e. converted) into a heir's inherited Roth while traditional IRAs cannot. So a qual plan might be beneficial to heirs in low tax brackets (which makes the conversion more attractive.)
If not cashed out, a benefactor's tIRA would need to be rolled over into an inherited IRA by the heir and subject to the 10 year rule.
As mentioned, even a "good" 401(k) can be changed by the former employer, which I see as the biggest risk. Typically there would be some advance notice so one could defer the decision about rolling over the assets into a tIRA.
If not cashed out, a benefactor's tIRA would need to be rolled over into an inherited IRA by the heir and subject to the 10 year rule.
As mentioned, even a "good" 401(k) can be changed by the former employer, which I see as the biggest risk. Typically there would be some advance notice so one could defer the decision about rolling over the assets into a tIRA.
- Fri Dec 08, 2023 5:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: inherited 403(b) rollover into Roth
- Replies: 8
- Views: 1016
inherited 403(b) rollover into Roth
Can a 403(b) inherited by a non-spouse be rolled over into a Roth?
If allowed, I understand that it would be a taxable event. Also my understanding is that an IRA inherited by a non-spouse cannot be rolled over into a Roth, but am unclear about a 403(b).
If allowed, I understand that it would be a taxable event. Also my understanding is that an IRA inherited by a non-spouse cannot be rolled over into a Roth, but am unclear about a 403(b).
- Fri Dec 08, 2023 1:07 pm
- Forum: Investing - Theory, News & General
- Topic: Vanguard's Estimated YE Distribution Schedule
- Replies: 19
- Views: 2826
Re: Vanguard's Estimated YE Distribution Schedule
There is some text on their website for "2023 final year-end estimated distributions" that will probably become a link but is not yet a active. They say it will be "Estimated on December 8."
Here is a link to their Tax Calendar page: https://advisors.vanguard.com/tax-cente ... rrent-year
Here is a link to their Tax Calendar page: https://advisors.vanguard.com/tax-cente ... rrent-year
- Thu Nov 16, 2023 12:26 am
- Forum: Investing - Theory, News & General
- Topic: What is your Stocks/Bonds % for Short-Medium-Long Term Investments?
- Replies: 6
- Views: 1401
Re: What is your Stocks/Bonds % for Short-Medium-Long Term Investments?
I think this is smart question to ask if for example the subject was how to invest a 529 depending on the remaining time to college expenses.
OTOH one could be just as aggressive with the 529 as with one's retirement savings (for example 60/40) and if the market crashes, dip into other funds to make up the balance. Another one of those investment psychology things.
IMO many of the 529 glide paths seem fairly optimistic about growth in the early years. So I rolled my own and revisit it a couple times a year.
OTOH one could be just as aggressive with the 529 as with one's retirement savings (for example 60/40) and if the market crashes, dip into other funds to make up the balance. Another one of those investment psychology things.
IMO many of the 529 glide paths seem fairly optimistic about growth in the early years. So I rolled my own and revisit it a couple times a year.
- Wed Nov 15, 2023 2:44 pm
- Forum: Personal Finance (Not Investing)
- Topic: IRS Delays New Guidelines for Inherited IRAs [including July 2023 further extension]
- Replies: 65
- Views: 11409
Re: IRS Delays New Guidelines for Inherited IRAs [including July 2023 further extension]
Thanks. Would this RMD deadline extension apply to a 403(b), which would be rolled over into an Inherited IRA, as well as an IRA?
If I am a glutton for punishment, where in the Secure Act is this provision?
If I am a glutton for punishment, where in the Secure Act is this provision?
- Tue Nov 14, 2023 11:53 pm
- Forum: Personal Finance (Not Investing)
- Topic: IRS Delays New Guidelines for Inherited IRAs [including July 2023 further extension]
- Replies: 65
- Views: 11409
Re: IRS Delays New Guidelines for Inherited IRAs [including July 2023 further extension]
I suspect this ruling not apply to RMDs in the year of death missed by the decedent (which become the responsibility of the beneficiaries.) Yes or no?
- Fri Nov 10, 2023 12:56 pm
- Forum: Personal Consumer Issues
- Topic: Above Range Microwave Install-Need Expert Advice
- Replies: 26
- Views: 3309
Re: Above Range Microwave Install-Need Expert Advice
Is the range electric or gas? Codes and safety issues are different. There are big tradeoffs involved. You probably know by now that the microwave is not very good vent. Manufacturer's CFM specs are generally the performance of the fan in free air. The ducting inside the microwave is non-ideal with lots of resistance to the airflow, so real performance is much worse. Range hoods don't have issues this severe so their CFM spec is closer to real performance. Try to resist the urge to pull down on the handle of a microwave oven mounted high up when opening the door. This stresses the hinges in the vertically, so over time the door may not close correctly. Microwaves have a safety feature whereby if the multiple door sensors indicate it is not ...
- Wed Oct 25, 2023 10:09 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inherited IRA and missed RMD by the deceased
- Replies: 10
- Views: 2224
Re: Inherited IRA and missed RMD by the deceased
My wife's father passed away on Dec 19, 2022. She and her siblings inherited a traditional IRA form him - an equal share for each sibling. Her father did not take his 2022 RMD from his traditional IRA prior to death, nor did the estate take an RMD before Dec 31. The beneficiary IRA was set up/assets transferred a couple weeks ago - after the start of the new year - and thats when she found out the RMD in 2022 was not taken. So, the question is should she take the RMD (for her share) for 2022 now and request a penalty waiver for the failure to take the RMD in 2022 per the guidance in the link below? http://www.bairdfinancialadvisor.com/thedavisschafflergroup/mediahandler/media/238751/Missed_RMD.pdf I'm sure this isn't a unique situation. An...
- Sat Oct 21, 2023 1:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: Executor experience (PNC/Fido/Pa/iBonds)
- Replies: 18
- Views: 2427
Re: Executor experience (PNC/Fido/Pa/iBonds)
Is there any convenient way to pay PA inheritance tax from out of state?
It may vary according to county. Payment is collected by the counter Register of Wills who forwards it to the state Department of Revenue.
It may vary according to county. Payment is collected by the counter Register of Wills who forwards it to the state Department of Revenue.
- Sat Oct 21, 2023 1:08 pm
- Forum: Personal Finance (Not Investing)
- Topic: Executor experience (PNC/Fido/Pa/iBonds)
- Replies: 18
- Views: 2427
Re: Executor experience (PNC/Fido/Pa/iBonds)
Is there any convenient way to pay PA inheritance tax from out of state?
It may vary according to county. Payment is collected by the counter Register of Wills who forwards it to the state Department of Revenue.
It may vary according to county. Payment is collected by the counter Register of Wills who forwards it to the state Department of Revenue.
- Tue Oct 17, 2023 1:11 am
- Forum: Personal Finance (Not Investing)
- Topic: Inherited IRA and missed RMD by the deceased
- Replies: 10
- Views: 2224
Re: Inherited IRA and missed RMD by the deceased
The issuer (Great-West) says the annuity I inherited is qualified. Does that mean it must be an IRA annuity?
- Mon Oct 16, 2023 6:56 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inherited IRA and missed RMD by the deceased
- Replies: 10
- Views: 2224
Re: Inherited IRA and missed RMD by the deceased
Does this law also apply to RMDs from annuities, or only to IRAs?
In this case the RMD would have been made via direct deposit and the transaction could not be completed into the locked account.
In this case the RMD would have been made via direct deposit and the transaction could not be completed into the locked account.
- Sun Oct 15, 2023 2:03 am
- Forum: Personal Finance (Not Investing)
- Topic: inherited IRA CDs
- Replies: 7
- Views: 1156
inherited IRA CDs
I inherited 2 small IRAs last month, a total of about $8K. I performed a backdoor Roth conversion earlier this year, and the additional amount going into a tIRA in my name this year would not be welcome. The estate cannot be settled until early 2024. Is there any issue if the IRA CDs don't get rolled over until January 2024?
There's another wrinkle in that I will need to determine the cost basis of these IRA CD. Probably the bank has this on record. Likely the cost basis is very low (deductible contributions and little growth.)
There's another wrinkle in that I will need to determine the cost basis of these IRA CD. Probably the bank has this on record. Likely the cost basis is very low (deductible contributions and little growth.)
- Tue Oct 03, 2023 1:47 am
- Forum: Personal Finance (Not Investing)
- Topic: Inheritance Tax Preparer
- Replies: 15
- Views: 2475
Inheritance Tax Preparer
Any advice on whom to use to prepare a return for PA Inheritance tax: an attorney or an accountant. They seem about equally knowledgeable. It seems the accountant has filed more of these returns and he is familiar with the assets involved in this case. Fees? I have heard that attorneys more frequently file these returns but not sure why that is the case.
- Fri Sep 08, 2023 3:05 pm
- Forum: Personal Investments
- Topic: is Vanguard Flagship service better? (I sure hope so)
- Replies: 34
- Views: 4689
Re: is Vanguard Flagship service better? (I sure hope so)
The Vanguard transfer team says NOT to do this as it is slower to transfer money market funds from outside financial institutions Those MUST be liquidated into "real cash" before transferring so it's slow and complicated. Mutual funds and ETFs do not require this step.bernoulli wrote: ↑ I just did this, exchanging all TRP funds into their cash reserve fund, and once those transactions settle, I will just move the cash reserve fund to Vanguard. I will deal with the medallion signature when it comes up
Agree that Medallion Signature is a hassle. Fidelity can do it, but perhaps will not if the transaction is moving a fund to Vanguard.
- Thu Sep 07, 2023 1:32 pm
- Forum: Personal Investments
- Topic: transfer from T Rowe Price
- Replies: 17
- Views: 1999
Re: transfer from T Rowe Price
Roughly what does VG charge to sell a TRP fund? I don't see any way to find the answer on their website. Oddly enough, I just discovered it is MORE complicated and slower to transfer a TRP Money Market Fund than a typical TRP Mutual Fund because the MMF must be liquidated. Seems totally crazy to me but the transfer specialist insisted. I have several TRP funds that I plan to liquidate and reinvest the proceeds so am trying to understand the choreography. (I want to eliminate the large annual taxable distributions.) I suppose I could consolidate into a single TRP fund first, then transfer. When I had VG pull funds from TRP, VG told me TRP required a paper form with signature and current statement which I mailed directly to TRP. I was also t...