Search found 4436 matches

by kaneohe
Thu Dec 07, 2017 9:58 pm
Forum: Investing - Help with Personal Investments
Topic: Which to do - Roth conversion or LTCG?
Replies: 21
Views: 976

Re: Which to do - Roth conversion or LTCG?

I’ve been looking at this, with inherited IRA, it can be stretched. With Roth IRA, my hiers have to withdraw within 5 years. .......................... Why do you think Roth IRAs can't be stretched too? Got a link? Here is the link, note the RMD for Roth is after initial IRA owner’s death. https://...
by kaneohe
Thu Dec 07, 2017 8:29 pm
Forum: Investing - Help with Personal Investments
Topic: Which to do - Roth conversion or LTCG?
Replies: 21
Views: 976

Re: Which to do - Roth conversion or LTCG?

DrGoogle2017 wrote:
Thu Dec 07, 2017 4:41 pm
I’ve been looking at this, with inherited IRA, it can be stretched. With Roth IRA, my hiers have to withdraw within 5 years. ..........................
Why do you think Roth IRAs can't be stretched too? Got a link?
by kaneohe
Wed Dec 06, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Help me calculate Depreciation Recapture & Cap Gains
Replies: 7
Views: 502

Re: Help me calculate Depreciation Recapture & Cap Gains

curmudgeon wrote:
Tue Dec 05, 2017 8:49 pm
I thought depreciation recapture is usually taxed at a special rate (25%). It's not normal cap gains.

..................................................
I thought it was ordinary income rates but capped at 25%.
by kaneohe
Wed Dec 06, 2017 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Help me calculate Depreciation Recapture & Cap Gains
Replies: 7
Views: 502

Re: Help me calculate Depreciation Recapture & Cap Gains

...................................................... If you weren't able to fully deduct your depreciation from income in prior years (passive activity loss limitations), the unused PAL will balance against the depreciation recapture when you sell. not directly though? I thought PAL when sold wen...
by kaneohe
Wed Dec 06, 2017 12:07 pm
Forum: Investing - Help with Personal Investments
Topic: Questions Regarding Back Door Roth IRA With Existing Accounts
Replies: 4
Views: 365

Re: Questinons Regarding Back Door Roth IRA With Exisisting Accounts

I think the answer to all your questions is yes. As you understand, the key is isolating the rollover TIRA in a 401K before yr end of the yr you do the conversion to Roth (and you do need to recharacterize the Roth to TIRA because you will not be eligible to make a direct Roth contribution. It might...
by kaneohe
Wed Dec 06, 2017 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1433

Re: Question about Medicare Part D selection for my Mother in Law

There is some extra information about deductibles on this site https://q1medicare. com /PartD-Medicare-PartD-Overview-by-State.php that I could not find at the Medicare.gov site. (If anyone has found this on Medicare. gov , please tell us where you found it.) ..........................................
by kaneohe
Wed Dec 06, 2017 1:09 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA and High Income & Taxes
Replies: 3
Views: 696

Re: IRMAA and High Income & Taxes

The Wizard wrote:
Tue Dec 05, 2017 8:56 pm
So do you have a question here?
Just answering OP's question (assumption) from a closed thread that had more heat than light.
by kaneohe
Wed Dec 06, 2017 12:50 am
Forum: Personal Finance (Not Investing)
Topic: Question about Medicare Part D selection for my Mother in Law
Replies: 23
Views: 1433

Re: Question about Medicare Part D selection for my Mother in Law

................................... We don’t want mail order because of delays due to lost prescriptions............................ ............................................................................ Don't know about Express Scripts but all the mail order places I've used are extremely fa...
by kaneohe
Tue Dec 05, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA and High Income & Taxes
Replies: 3
Views: 696

IRMAA and High Income & Taxes

by nick2302 » Tue Dec 05, 2017 9:37 am ........................... I am assuming this 7000.00+ dollar medical cost plus all the other medical deductibles that have to met and co=pays are not tax deductible. *********************************************************************************************...
by kaneohe
Tue Dec 05, 2017 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Help me calculate Depreciation Recapture & Cap Gains
Replies: 7
Views: 502

Re: Help me calculate Depreciation Recapture & Cap Gains

Rajsx wrote:
Tue Dec 05, 2017 6:24 pm
..........................................................

$500k (Net Proceeds) - $49500 (Taxes) = $ 455,000 Net after Taxes paid

Where am I going wrong ??
?????????????????
by kaneohe
Sun Dec 03, 2017 11:23 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA - uh oh
Replies: 18
Views: 2254

Re: Backdoor Roth IRA - uh oh

MAGI is the final line of the first page and first line of second page of your 1040. I believe the last line on the first page is the AGI, not a M(odified)AGI. Of course if the AGI is too high, the MAGI will also be too high. And for many people, the AGI and the MAGI are the same number. There are ...
by kaneohe
Sun Dec 03, 2017 10:14 am
Forum: Personal Finance (Not Investing)
Topic: US Tax Law Question- Safe Harbor for Estimated Quarterly Payments
Replies: 9
Views: 950

Re: US Tax Law Question- Safe Harbor for Estimated Quarterly Payments

Agree w/ Epsilon Delta. Basically there are 2 payment timing issues.......the quarterly estimated payment ones and the April 15 filing deadline. The 4868 w/ appropriate payments prevents the penalties that would appear for not meeting the April 15 deadline for final payment. It would also with appro...
by kaneohe
Sat Dec 02, 2017 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: How do QCDs relate to RMDs?
Replies: 22
Views: 1263

Re: How do QCDs relate to RMDs?

Sounds like you are correct about QCDs and IRAs https://www.irahelp.com/slottreport/5-things-you-can-do-ira-you-can%E2%80%99t-401k You can't take QCDs from 401Ks. If you are > 70.5 , sounds like you have to take the RMD before rolling over https://www.irahelp.com/forum-post/19137-401k-ira-rollover-t...
by kaneohe
Sat Dec 02, 2017 10:04 am
Forum: Personal Finance (Not Investing)
Topic: How do QCDs relate to RMDs?
Replies: 22
Views: 1263

Re: How do QCDs relate to RMDs?

My interpretation is that you can do QCDs as part of the RMD or not up to the max limit (100K/yr?) . However if you want to minimize the withdrawal from TIRA to RMD only, then the QCDs must be part of the RMD (the first withdrawals). The words are confusing so some clarification might be helpful. Yo...
by kaneohe
Sat Dec 02, 2017 8:39 am
Forum: Investing - Help with Personal Investments
Topic: How much to convert to Roth without raising tax bracket
Replies: 12
Views: 1534

Re: How much to convert to Roth without raising tax bracket

You didn't say what was unique about your tax situation but possibly a simple tax calculator like HR Block or taxcaster might work.
That would separate the real issue from the software usage/operator input interface which seems to be causing problems.
by kaneohe
Sat Dec 02, 2017 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Any good AMT calculators out there?
Replies: 4
Views: 482

Re: Any good AMT calculators out there?

Thank you! I'd tried taxcaster and couldn't see that it was checking that. Just ran the H&R block one and I think we are ok. :sharebeer For taxcaster , the lower right hand corner of the screen has an upside-down V.............looks like the roof of a house. Click on that when done and an expanded ...
by kaneohe
Sat Dec 02, 2017 12:19 am
Forum: Investing - Help with Personal Investments
Topic: At what spread would you invest in a short term CD vs a High Yield Savings Account?
Replies: 15
Views: 1357

Re: At what spread would you invest in a short term CD vs a High Yield Savings Account?

If you want to have the flexibility of savings, but higher interest rate from CD, Ally has an 11 mo 1.50% no early withdrawal penalty ( there is a 6 day wait period before you can get to your money ). Easy online interface allows you to move between CD and savings when you need the cash. This may b...
by kaneohe
Sat Dec 02, 2017 12:12 am
Forum: Personal Finance (Not Investing)
Topic: Any good AMT calculators out there?
Replies: 4
Views: 482

Re: Any good AMT calculators out there?

Both the Taxcaster and HR Block tax calculators calculate AMT.
by kaneohe
Fri Dec 01, 2017 8:36 am
Forum: Investing - Help with Personal Investments
Topic: Roth conversions prior and after required minimum distributions.
Replies: 9
Views: 806

Re: Roth conversions prior and after required minimum distributions.

How about putting your numbers in a tax calculator or software to verify that you are in the nominal 15% bracket. Also did you account for the fact that after RMDs start, you have to take your RMDs before you withdraw conversion amounts. You cannot convert the RMD so that means even more income to b...
by kaneohe
Thu Nov 30, 2017 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Taxes in Retirement [ways to forecast]
Replies: 26
Views: 2242

Re: Taxes in Retirement [ways to forecast]

.............................................. I've plugged in a few what if scenarios in tax act. Here's what I've got: QualifiedDiv Income /Rental - no depreciation /Roth Conversion/Taxes 80K/30K/0/2,918 80K/30K/50K/17,446 80K/30K/100K/30,778 -sorry about the format, couldn't figure out how to cu...
by kaneohe
Thu Nov 30, 2017 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Taxes in Retirement [ways to forecast]
Replies: 26
Views: 2242

Re: Taxes in Retirement [ways to forecast]

................................................. We're most likely pass on inheritance to our 2 children. So... passing on a Roth is better, yes? Thus the whole conversion idea. If you bequeath a Roth, they pay no taxes......but you will to convert. If you bequeath TIRA/401K, you pay no taxes........
by kaneohe
Thu Nov 30, 2017 10:34 am
Forum: Personal Finance (Not Investing)
Topic: How are SPIA's taxed if taken from taxable or taxed deferred?
Replies: 31
Views: 1708

Re: How are SPIA's taxed if taken from taxable or taxed deferred?

................................................................ If you purchase it with IRA/401k funds, then the original purchase isn't taxable, but each payment you receive is fully taxable. Hope this helps! Just to clarify for my understanding: do you mean , If you purchase w/ IRA/401K funds an...
by kaneohe
Wed Nov 29, 2017 12:31 pm
Forum: Investing - Help with Personal Investments
Topic: avg cost vs Spec ID
Replies: 1
Views: 164

Re: avg cost vs Spec ID

Typically that affects future puchases. However if you have not made any sales, it could affect current holdings. Suppose you held stuff bought at $5/sh and $15/sh. If equal qty, your average is $10/sh. If you sold half , your average cost is still $10/sh for remaining shares. It would be unfair to ...
by kaneohe
Wed Nov 29, 2017 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Taxes in Retirement [ways to forecast]
Replies: 26
Views: 2242

Re: Taxes in Retirement [ways to forecast]

So... where would I enter the amount of a 401K(IRA) to roth conversion in HR block - that looks to be real easy to use. What about tax act - not sure which input box to put the roth conversion amount into to forecast. Thank you you have to improvise. Most of these tax calculators have similar issue...
by kaneohe
Wed Nov 29, 2017 10:01 am
Forum: Personal Consumer Issues
Topic: Car Rental
Replies: 22
Views: 1122

Re: Car Rental

Check Costco Travel online if you're a member.
by kaneohe
Wed Nov 29, 2017 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Taxes in Retirement [ways to forecast]
Replies: 26
Views: 2242

Re: Taxes in Retirement [ways to forecast]

............................................. We've used Taxact calculator, but are not sure if it's accurate. Is there another useful online calculator? ...............................................n? ad2007 search for the HR Block tax calculator and/or Taxcaster. Compare w/ Taxact. I like HRB b...
by kaneohe
Mon Nov 27, 2017 11:04 pm
Forum: Investing - Help with Personal Investments
Topic: Multiple Roth's merged into one
Replies: 10
Views: 848

Re: Multiple Roth's merged into one

................................... I am under the impression each Roth has a 5 year period that has to lapse before any growth $$ can be withdrawn tax free. ........................................................... The table below by kawill of the fairmark.com site summarizes nicely the rules fo...
by kaneohe
Mon Nov 27, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Limiting Income to <$250K for tax purposes
Replies: 20
Views: 2868

Re: Limiting Income to <$250K for tax purposes

................................... I find this statement confusing...........are you including estimated deductions/exemptions in your 281-293K number? If so that would mean that you AGI > 301-313K if using std. ded. and more if you itemize. The 250K/300K limits are based on AGI, not taxable incom...
by kaneohe
Mon Nov 27, 2017 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Limiting Income to <$250K for tax purposes
Replies: 20
Views: 2868

Re: Limiting Income to <$250K for tax purposes

.................................. I calculate my estimated AGI before any NQ deferred comp, including all estimated itemized deductions and exemptions, to be $281K - $293K. I should be safely below the $300K number. .........................................! I find this statement confusing...........
by kaneohe
Sun Nov 26, 2017 8:16 pm
Forum: Investing - Help with Personal Investments
Topic: What 529 plan is recommended for California residents?
Replies: 15
Views: 1192

Re: What 529 plan is recommended for California residents?

http://www.savingforcollege.com/compare_529_plans/index.php?plan_question_ids%5B%5D=479&mode=Compare&plan_type_id=1&page=compare_plan_questions interesting comparison tool.....you can compare various factors including fees/costs The CA plan has some funds w/ quite low fees,even lower than VG http:/...
by kaneohe
Sat Nov 25, 2017 11:31 am
Forum: Investing - Theory, News & General
Topic: HSA: "Pay out of pocket" vs Withdraw math problem
Replies: 48
Views: 3358

Re: HSA: "Pay out of pocket" vs Withdraw math problem

........................................................................................ Phrased a different way, if you could convert your 401k money to a taxable account (for free, paying no tax during conversion), would you? answering this in isolation w/ no HSA connection..................I thi...
by kaneohe
Sat Nov 25, 2017 9:03 am
Forum: Investing - Theory, News & General
Topic: HSA: "Pay out of pocket" vs Withdraw math problem
Replies: 48
Views: 3358

Re: HSA: "Pay out of pocket" vs Withdraw math problem

Spirit Ride..........thanks for your reply. I suppose it's a very individual thing. I wasn't thinking of a lot of things there because they weren't on my list so I kind of forgot about them. I am guessing my non-covered expenses are dental (check ups), Pt D premiums and deductible which totaled perh...
by kaneohe
Sat Nov 25, 2017 12:53 am
Forum: Investing - Theory, News & General
Topic: HSA: "Pay out of pocket" vs Withdraw math problem
Replies: 48
Views: 3358

Re: HSA: "Pay out of pocket" vs Withdraw math problem

................................................... As I pointed out, there is very little chance that someone will need to make non-qualified withdrawals from their HSA accounts. Almost everyone (and their spouse beneficiary) will run out of HSA funds long before they run out of qualified medical ...
by kaneohe
Fri Nov 24, 2017 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Returns - How Long Do you Keep?
Replies: 56
Views: 4509

Re: Tax Returns - How Long Do you Keep?

Another oddball example..........in 1982-86, Fed allowed 2K TIRA contributions/deductions. CA did not allow the deductions if covered by qualified retirement plan. That means that the first 10K of TIRA withdrawals are not taxed by CA if you can demonstrate w/ 1982-86 Fed tax returns that you took th...
by kaneohe
Fri Nov 24, 2017 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Software and handling of Schedule D
Replies: 15
Views: 1283

Re: Tax Software and handling of Schedule D

................................................. Yep, I would be fine with doing it (and I did this last year). I would love to have an officially supported way to do this, but for now, it is a workaround I can live with. I may just do Free Fillable Forms next year. The more I do taxes, the more I...
by kaneohe
Fri Nov 24, 2017 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Software and handling of Schedule D
Replies: 15
Views: 1283

Re: Tax Software and handling of Schedule D

............................................................. I know I can do a dummy entry with a fake “date sold” date with the summarized amounts, .................................................................................. Thanks! This would bother me a little bit but it's not really a fa...
by kaneohe
Fri Nov 24, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Returns - How Long Do you Keep?
Replies: 56
Views: 4509

Re: Tax Returns - How Long Do you Keep?

My goal is to keep my papers down to one file cabinet. It’s getting tight so time to cull it. That was one of my motivations for starting the thread. I simply am struggling to see the need for multiple years of tax returns. Everything is filed with the IRS and beyond in most (if not all cases) 6 ye...
by kaneohe
Wed Nov 22, 2017 9:59 pm
Forum: Investing - Help with Personal Investments
Topic: Retire couple Roth Conversion Help
Replies: 47
Views: 3997

Re: Retire couple Roth Conversion Help

Yes, precisely. It's something you CAN do, but probably shouldn't in your situation. It's a different story for those facing RMDs. Many here advocate taking a distribution in December to finish off their RMD and have all of their taxes withheld at that time, vs. withholding throughout the year. I w...
by kaneohe
Wed Nov 22, 2017 11:42 am
Forum: Investing - Help with Personal Investments
Topic: Retire couple Roth Conversion Help
Replies: 47
Views: 3997

Re: Retire couple Roth Conversion Help

If SS can do it fast enough, you could see how much they can withhold. Have you analyzed whether it is beneficial or not to convert to top of 25% bracket? What would that RMD be taxed at if you didn't convert now? Would a 1 yr delay be a problem while you either set up w/h or pay the equal estimated...
by kaneohe
Wed Nov 22, 2017 11:23 am
Forum: Investing - Help with Personal Investments
Topic: Retire couple Roth Conversion Help
Replies: 47
Views: 3997

Re: Retire couple Roth Conversion Help

I'm assuming I'll have them start paying quarterly taxes in 2018. However, since she worked for 8 months in 2017 (retired August) and had taxes taken out do we need to pay a 4th quarter tax if we do a large conversion right now? Can you even pay just a 4th quarter tax? Possibly.......you can use th...
by kaneohe
Tue Nov 21, 2017 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Discover Card Change in Terms
Replies: 28
Views: 2957

Re: Discover Card Change in Terms

Instead of cancelling, can you switch the card to a Discover It card? I have an older card that gets 5% on rotating categories similar to the Discover It of today. Second this recommendation. Don't know if they still have this offer (pretty sure they do but ask first)..........if you signup for Dis...
by kaneohe
Tue Nov 21, 2017 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Discover Card Change in Terms
Replies: 28
Views: 2957

Re: Discover Card Change in Terms

Instead of cancelling, can you switch the card to a Discover It card? I have an older card that gets 5% on rotating categories similar to the Discover It of today. Second this recommendation. Don't know if they still have this offer (pretty sure they do but ask first)..........if you signup for Dis...
by kaneohe
Mon Nov 20, 2017 1:42 pm
Forum: Investing - Help with Personal Investments
Topic: Retire couple Roth Conversion Help
Replies: 47
Views: 3997

Re: Retire couple Roth Conversion Help

You might want to check your tax calculations w/ a tax calculator like the HR Block one. https://www.hrblock.com/tax-calculator/#/en/te/results I think you might either be overcalculating the tax or using non-standard nomenclature. Usually when someone says convert to the top of the 25% bracket, to...
by kaneohe
Mon Nov 20, 2017 1:12 am
Forum: Investing - Help with Personal Investments
Topic: Retire couple Roth Conversion Help
Replies: 47
Views: 3997

Re: Retire couple Roth Conversion Help

You might want to check your tax calculations w/ a tax calculator like the HR Block one. https://www.hrblock.com/tax-calculator/#/en/te/results I think you might either be overcalculating the tax or using non-standard nomenclature. Usually when someone says convert to the top of the 25% bracket, to ...
by kaneohe
Sat Nov 18, 2017 7:32 pm
Forum: Investing - Help with Personal Investments
Topic: 529 or not 529?
Replies: 21
Views: 1961

Re: 529 or not 529?

Bacchus01 wrote:
Sat Nov 18, 2017 6:54 pm
Is there a state tax benefit in CA?

....................................
no tax benefit for contributing to 529 in CA.
by kaneohe
Sat Nov 18, 2017 6:20 pm
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1340

Re: Timing if Medicare annual physical

The Medicare wellness exam is a JOKE. Nothing like the completeness of the physical my doctor used to perform. Draw a clock, review bloodwork that I've already seen, remember three words, no stethoscope, no EKG, etc. What a waste of time (mine and physician's) and money (taxpayer). That's why I do ...
by kaneohe
Sat Nov 18, 2017 6:15 pm
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1340

Re: Timing if Medicare annual physical

I've found that Medicare sometimes has issues with billing if not exactly 1 year. Easiest example is 2 Pneumonia vaccines. Approved to be given at 65 and then 6 months later. We give Prevnar at 65 and Pneumovax 6 months later. We did this for a while and Medicare wasn't covering the 2nd shot about ...
by kaneohe
Sat Nov 18, 2017 8:46 am
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1340

Re: Timing if Medicare annual physical

mouses wrote:
Sat Nov 18, 2017 12:22 am
When I schedule, the folks at the desk make sure it's far enough out.
That's safe.......you will either be ok if they are right or a bit later each year if they are wrong. However that risks being pushed later and later in the yr as time passes if they are wrong.
by kaneohe
Sat Nov 18, 2017 12:03 am
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1340

Re: Timing if Medicare annual physical

You are wise to find out for yourself because this is the subject of much confusion even among the folks at the check in desk and nurses also. Wouldn't surprise me if doctors were not sure themselves. Actually no one is unsure,just that the answers differ. The link above is a good one. Thea annual m...
by kaneohe
Fri Nov 17, 2017 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block Tax estimator
Replies: 6
Views: 626

Re: H&R Block Tax estimator

............................. The problem was that I was not including qualified dividends as ordinary dividends in H&R Block. So instead of entering (for example) ordinary dividends as $5000 and qualified dividends as $4750, I was entering ordinary as $250 and qualified as $4750. In my defense :( ...