Search found 3532 matches

by kaneohe
Sun May 01, 2016 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: Tax loss harvesting question
Replies: 1
Views: 266

Re: Tax loss harvesting question

https://ttlc.intuit.com/questions/2566411-do-i-have-to-use-a-capital-loss-carryforward-even-if-i-have-no-taxable-income My understanding is that you don't get to pick and choose when to use a capital loss (carryover). You have to use it each year so in 4+ yrs (or sooner) it should have been used up...
by kaneohe
Sat Apr 30, 2016 9:31 am
Forum: Investing - Theory, News & General
Topic: Foreign Tax Credit, Form 1116, Double Taxation
Replies: 16
Views: 1138

Re: Foreign Tax Credit, Form 1116, Double Taxation

Your example, like the sometimes confusion about how LTCG/QDIV is taxed, illustrates the difficulty of making a few words describe a mathematical formula. IRS did not say "prevent" double taxation as you said; they said "relieve" per your quote; perhaps they should have said &quo...
by kaneohe
Sat Apr 30, 2016 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Old 8606 Form - Incorrectly Chose Distribution/Conversion
Replies: 3
Views: 308

Re: Old 8606 Form - Incorrectly Chose Distribution/Conversion

I don't know if you really have to since the bottom line (remaining basis) is the same but I would think that it can't hurt (and might help) since IRS designed all those lines, presumably for some purpose. Also since it's only a few lines and you need to send in a 2015 one also, why not kill 2 birds...
by kaneohe
Sat Apr 30, 2016 8:46 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Customer Service
Replies: 132
Views: 8887

Re: Is Vanguard phone support always this bad?

Vanguard retirement (paper) statements sometimes are not understandable. With every other company I have, it is very clear when you take a distribution from your 401K account. A single line item giving the date/amount of the distribution is shown. Not w/ my VG 401K account. (I need to look at some V...
by kaneohe
Sun Apr 24, 2016 8:42 am
Forum: Personal Finance (Not Investing)
Topic: CapOne360 Jt Acct ------->Revocable Living Trust
Replies: 8
Views: 631

Re: CapOne360 Jt Acct ------->Revocable Living Trust

Thanks,celia and huey, for your thoughts. The letter does not request or seem to require those trust pages. It just says if you happened to send them in, they will keep them on file. Perhaps they will request them later. On a second look,it seems that the signature part of that page was designed ok ...
by kaneohe
Sat Apr 23, 2016 7:25 am
Forum: Personal Finance (Not Investing)
Topic: CapOne360 Jt Acct ------->Revocable Living Trust
Replies: 8
Views: 631

Re: CapOne360 Jt Acct ------->Revocable Living Trust

Thanks to both of you for your suggestions. I will consider both of those options.
by kaneohe
Fri Apr 22, 2016 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: IRA for 10 year old
Replies: 16
Views: 1714

Re: IRA for 10 year old

What about self employment tax? Are you planning on paying that? I wouldn't do this. If she doesn't cross the threshold ............ "Who Must Pay Self-Employment Tax? You must pay self-employment tax and file Schedule SE (Form 1040) if either of the following applies. Your net earnings from s...
by kaneohe
Fri Apr 22, 2016 10:09 am
Forum: Personal Finance (Not Investing)
Topic: CapOne360 Jt Acct ------->Revocable Living Trust
Replies: 8
Views: 631

CapOne360 Jt Acct ------->Revocable Living Trust

I recently learned that ING (now CapOne 360) now accepts trust registrations that they did not do previously as ING. They sent me a form to retitle the account. It asks for the Trust name and then the Grantor and also the Trustee. I don't understand that form. We are both grantors and trustees yet t...
by kaneohe
Thu Apr 21, 2016 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA and record keeping
Replies: 4
Views: 577

Re: Roth IRA and record keeping

see the flowchart on p.32 https://www.irs.gov/pub/irs-pdf/p590b.pdf If your first withdrawal is when you are >59.5 y.o. and your oldest Roth is > 5yrs old, all your distributions are qualified and not taxable . So if you can meet those conditions , save some evidence of a Roth over 5 yrs old and you...
by kaneohe
Thu Apr 21, 2016 9:13 am
Forum: Investing - Help with Personal Investments
Topic: Contributions to a traditional IRA taxed if AGI is too low?
Replies: 10
Views: 685

Re: Contributions to a traditional IRA taxed if AGI is too low?

........................... What's even more confusing is that, If I enter my AGI for 2015 as $21,600, making my taxable income amount to $1000, my tax burden amounts to $4...I can't even begin to figure out how they got that number. ..................../quote] Try another calculator/software. I ge...
by kaneohe
Thu Apr 21, 2016 12:06 am
Forum: Investing - Help with Personal Investments
Topic: Contributions to a traditional IRA taxed if AGI is too low?
Replies: 10
Views: 685

Re: Contributions to a traditional IRA taxed if AGI is too low?

[quote="Virus4762"]........................... What's even more confusing is that, If I enter my AGI for 2015 as $21,600, making my taxable income amount to $1000, my tax burden amounts to $4...I can't even begin to figure out how they got that number. ..................../quote] Try anoth...
by kaneohe
Wed Apr 20, 2016 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: State Estimated Taxes, Can I lump pay ? Anyone else do this?
Replies: 23
Views: 1418

Re: State Estimated Taxes, Can I lump pay ? Anyone else do this?

sorry, I've never paid Estimated Taxes before. the 1st payment would be due April 15th for 2016, so I guess I've missed the 1st payment, so now, I may have a penalty and if I paid today the lump sum, I might need to add the penalty to it? I assume I can pay at anytime during the quarter for each qu...
by kaneohe
Wed Apr 20, 2016 3:38 pm
Forum: Investing - Help with Personal Investments
Topic: Question about calculating tax basis
Replies: 6
Views: 414

Re: Question about calculating tax basis

Just the ordinary........the qualified dividends are contained in the ordinary.......so you will find that qualified <= ordinary but never >.
It's probably better to look at your statements to see what is being reinvested rather than the 1099-DIV which shows distributions.
by kaneohe
Wed Apr 20, 2016 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Bank--Statements for Revocable Trust
Replies: 7
Views: 685

Re: Ally Bank--Statements for Revocable Trust

online statements for sure, but I'm not sure that they do trusts........at least a few yrs back they didn't.
edit: just checked today and CapOne360 does do trust registrations (as ING, they didn't a few yrs ago).
Now hopefully OP doesn't run into the paper statement issue w/ them.
by kaneohe
Tue Apr 19, 2016 10:46 am
Forum: Investing - Help with Personal Investments
Topic: RMD required of 401K AND/OR 403b plans?
Replies: 5
Views: 350

Re: RMD required of 401K AND/OR 403b plans?

https://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions#4a This is an excellent link which is in danger of being extinguished bc BH has a rdcls policy of deleting naked links. Hopefully it will be saved embedded here. OP, pls read the link. It will tell y...
by kaneohe
Sun Apr 17, 2016 11:05 pm
Forum: Personal Consumer Issues
Topic: comparing Medigap policies to retiree health insurance
Replies: 5
Views: 675

Re: comparing Medigap policies to retiree health insurance

click on the link to select plans for your area. Click on the name of a plan type, e.g. A or F; at the top of that page is a link called View Details which leads you to something like this https://www.medicare.gov/find-a-plan/staticpages/medigap-out-of-pocket-costs.aspx Seems to be a conflict betwee...
by kaneohe
Sun Apr 17, 2016 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Last minute tax questions about selling a home!
Replies: 3
Views: 360

Re: Last minute tax questions about selling a home!

A friend sold a home in NJ this year. She did not live in NJ at all in 2015 and made no gain on the sale of the of home, but still had to post two payments to the State of New Jersey: 1. A "Realty Transfer Fee" which is computed in the same way as a tax, but doesn't actually appear to be ...
by kaneohe
Fri Apr 15, 2016 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: How much in capital gain taxes?
Replies: 8
Views: 690

Re: How much in capital gain taxes?

One must understand that short-term losses offset short-term gains first and long-term losses offset long-term gains first. Any remaining losses offset any term of gains. So after the offsets, your example has $10 of short-term gains and $90 of long-term gains. 25% tax on $10 net short-term gain pl...
by kaneohe
Tue Apr 12, 2016 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Help with tax return/W4
Replies: 10
Views: 586

Re: Help with tax return/W4

If not enough is be withheld, it may be easier to just add an additional dollar amount per pay period to withholding. Then you will know exactly how much will be withheld instead of guessing what each exemption is worth. You should have done a calculation to figure out how much to need to withhold.
by kaneohe
Tue Apr 12, 2016 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA contribution withdrawal seen as early withdrawal
Replies: 8
Views: 927

Re: Roth IRA contribution withdrawal seen as early withdrawal

https://www.irs.gov/pub/irs-pdf/f8606.pdf Roth withdrawals are reported on F8606 pt III . Lines 22 and 24 report your contributions and conversions and if your total withdrawals are less than basis, there will be no taxes. VG does not necessarily know your total history so may not be in a position ...
by kaneohe
Sun Apr 10, 2016 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Depreciation Carry over loss in Turbo Tax
Replies: 33
Views: 2089

Re: Rental Property Depreciation Carry over loss in Turbo Tax

Thanks for the feedback. If you find anything better, please post.
by kaneohe
Sun Apr 10, 2016 6:28 pm
Forum: Investing - Theory, News & General
Topic: Changing capital gains tax rates and TLH
Replies: 8
Views: 800

Re: Changing capital gains tax rates and TLH

I suppose I was thinking more along the long term risk that losses would be offset by gains while in the lower capital gains rate (such as from ordinary dividends over time). Then, if rates rose, the difference in basis due to the harvest would be taxed at a higher rate. This risk is included in th...
by kaneohe
Sun Apr 10, 2016 6:24 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA 5 year rule
Replies: 11
Views: 1111

Re: Roth IRA 5 year rule

If you want to never be confused by the rules again: by kawill from the fairmark.com site You need to know the ordering rules too. First out are contributions, then conversions, finally earnings.Within conversions, oldest conversions come out first and within an individual conversion taxable amounts...
by kaneohe
Sun Apr 10, 2016 1:23 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA 5 year rule
Replies: 11
Views: 1111

Re: Roth IRA 5 year rule

and the 5 yrs from 1st Roth contribution rule doesn't apply to everyone. For OP it applies because the >59.5 y.o. rule applies in OP's case.
by kaneohe
Sun Apr 10, 2016 8:55 am
Forum: Investing - Theory, News & General
Topic: Changing capital gains tax rates and TLH
Replies: 8
Views: 800

Re: Changing capital gains tax rates and TLH

Make up your own what if: Here's one....... TLH Buy @ 100K Value goes to 0; TLH for loss of 100K; CG rate = 15% Buy @0 Value goes to 200K;sell for gain of 200K; CG rate = 25%; Use TLH loss of 100K against gain of 200K for net gain of 100K Tax is 25% of 100K =25K You end up w/ 175K compare to NO TLH ...
by kaneohe
Sun Apr 10, 2016 12:51 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property Depreciation Carry over loss in Turbo Tax
Replies: 33
Views: 2089

Re: Rental Property Depreciation Carry over loss in Turbo Tax

" $23,000 I claimed in depreciation on the rental properties" "Total income is $22,500 Without the depreciation deduction there would be about $2000 income from the rentals" Sounds like : Income 22.5K Expenses w/o depreciation: 20.5K Net income w/o depreciation: 2K Depreciation: ...
by kaneohe
Sat Apr 09, 2016 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Depreciation Carry over loss in Turbo Tax
Replies: 33
Views: 2089

Re: Rental Property Depreciation Carry over loss in Turbo Tax

and don't forget this one https://www.irs.gov/pub/irs-pdf/p536.pdf
and come back when you find out more to educate us
by kaneohe
Sat Apr 09, 2016 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property Depreciation Carry over loss in Turbo Tax
Replies: 33
Views: 2089

Re: Rental Property Depreciation Carry over loss in Turbo Tax

I feel your pain. I know someone in the same situation. Please post as you learn new things. Have you determined that the relief in the 2 links above that you said were in plain English are not useful/valid?
by kaneohe
Sat Apr 09, 2016 8:29 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 23
Views: 827

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

My impression is that there are only a limited number of life changing events they consider valid: seems like work stoppage should be valid since that's on the list. From the appeal form: STEP 1: Type of Life-Changing Event Check ONE life-changing event and fill in the date that the event occurred (...
by kaneohe
Sat Apr 09, 2016 1:55 am
Forum: Personal Finance (Not Investing)
Topic: Final K-1 For LP ------->Liquidating Trust
Replies: 3
Views: 369

Re: Final K-1 For LP ------->Liquidating Trust

There is this from i8582: (pg 7) Disposition of an Entire Interest If you disposed of your entire interest in a passive activity or a former passive activity to an unrelated person in a fully taxable transaction during the tax year, your losses allocable to the activity for the year are not limited ...
by kaneohe
Sat Apr 09, 2016 1:32 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property Depreciation Carry over loss in Turbo Tax
Replies: 33
Views: 2089

Re: Rental Property Depreciation Carry over loss in Turbo Tax

As a last resort (before selling) if you aren't able to carry over the losses as active participant or opt out of being active participant perhaps consider becoming a "real" non-active participant by having a management company do the management. Adds another layer of fees unfortunately bu...
by kaneohe
Fri Apr 08, 2016 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Final K-1 For LP ------->Liquidating Trust
Replies: 3
Views: 369

Re: Final K-1 For LP ------->Liquidating Trust

alvinsch......thanks for your input. Yes, I understand your argument and want to go that direction. Just was wondering if the connection w/ the Liquidating Trust would limit that move until the Trust itself was closed. One link I found suggests that the Liquidating Trust is used so that the losses c...
by kaneohe
Fri Apr 08, 2016 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: IRA Required minimum distribution question
Replies: 31
Views: 2236

Re: IRA Required minimum distribution question

Yes , your understanding is correct. Don't know why they do it that way......maybe IRS has a soft spot for geezers... :happy

http://life-span.healthgrove.com/l/71/70
by kaneohe
Fri Apr 08, 2016 9:38 am
Forum: Investing - Help with Personal Investments
Topic: Cash Out HSA account?
Replies: 16
Views: 826

Re: Cash Out HSA account?

Transfer to someplace w/ no fees?
by kaneohe
Fri Apr 08, 2016 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Final K-1 For LP ------->Liquidating Trust
Replies: 3
Views: 369

Final K-1 For LP ------->Liquidating Trust

A real estate limited partnership has transitioned into a Liquidating Trust for the purpose of finalizing the sale of the remaining assets. The LP has issued its final K-1 but the Liquidating Trust still exists. It was my understanding that when a LP issues its' final K-1 and you no longer had any i...
by kaneohe
Mon Apr 04, 2016 8:41 pm
Forum: Investing - Help with Personal Investments
Topic: study abroad and American Opportunity Tax Credit
Replies: 3
Views: 224

Re: study abroad and American Opportunity Tax Credit

Why any doubt? The IRS? site says to contact the school to find out if any doubt. The school says it's eligible.
by kaneohe
Mon Apr 04, 2016 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Capital Gains and Qualified Dividend mutual funds?
Replies: 7
Views: 724

Re: Long Term Capital Gains and Qualified Dividend mutual funds?

In that VG link, I was surprised that 100% of STCG can be QDI........can someone explain how that can happen. I may have found an answer to that interesting question. It appears that long term capital losses are part of the equation. https://www.irs.gov/irb/2005-21_IRB/ar07.html "Section 871(k...
by kaneohe
Sun Apr 03, 2016 9:37 am
Forum: Personal Finance (Not Investing)
Topic: 1040 Line 17 - a zero or a negative number?
Replies: 3
Views: 473

Re: 1040 Line 17 - a zero or a negative number?

........................................... So which is it on line 17: the negative number, or zero? :confused sounds like you were expecting an either /or answer ..........as is not uncommon, the answer seems to be.......it depends........... It sounds like if your MAGI is < 100K, you can deduct t...
by kaneohe
Sun Apr 03, 2016 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Another Tax question about Qualified Dividends
Replies: 12
Views: 970

Re: Another Tax question about Qualified Dividends

1) You can use software to do your taxes for less than $55 ................................................ 4) computers don't make math errors ......but the human /software interface often goes astray.............witness the many threads about TT & other software. It helps to have a feel for t...
by kaneohe
Sun Apr 03, 2016 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Another Tax question about Qualified Dividends
Replies: 12
Views: 970

Re: Another Tax question about Qualified Dividends

I agree that the worksheet is rather lengthy and somewhat confusing. It's principle purpose seems to be to determine what one's capital gain/qualified dividend tax rate is. Since I know which tier I fall into, I just multiplied that % by the total of my long term capital gains and qualified dividen...
by kaneohe
Sun Apr 03, 2016 1:47 am
Forum: Personal Finance (Not Investing)
Topic: Another Tax question about Qualified Dividends
Replies: 12
Views: 970

Re: Another Tax question about Qualified Dividends

IRS forms are generally designed well so they lead you through the process. Adding a number that is on the left side to other numbers in the far right column would not be a natural process except perhaps for folks who are being very careful and detailed. Pay attention when the form says "see in...
by kaneohe
Sat Apr 02, 2016 6:40 pm
Forum: Investing - Help with Personal Investments
Topic: Dealer's Remorse at Schwab
Replies: 11
Views: 1871

Re: Dealer's Remorse at Schwab

What is the practical effect of this? .0175 can add up. On $100,000 it's $17.50; with a multiple of that it's a few Chinese dinners. I.............................. Thanks for that. You're an order-of-magnitude higher than my style so maybe that's why it's never bothered me. The Schwab guy did seem...
by kaneohe
Sat Apr 02, 2016 4:05 pm
Forum: Investing - Help with Personal Investments
Topic: Selling our house which has been a rental for the last 6yrs. Capital Gains & Tax question
Replies: 15
Views: 1169

Re: Selling our house which has been a rental for the last 6yrs. Capital Gains & Tax question

There is no need to withhold or pay estimated quarterly taxes on a big capital gain AS LONG AS you up just a little bit your withholding in your regular job to ensure a safe harbor. Unless paying said taxes makes you sleep better at night. So, if we just increase the amount whithheld on the paychec...
by kaneohe
Sat Apr 02, 2016 10:00 am
Forum: Investing - Theory, News & General
Topic: Dissapointed in Penfed: will nickle and dime you
Replies: 7
Views: 1385

Re: Dissapointed in Penfed: will nickle and dime you

Have you tried asking them to waive the fee? and trying later w/ another person if you get denied? sometimes it depends how that person's day is going when you ask; perhaps on how big a customer you are. someone there was nice enough to volunteer to waive the fee for the CU statements before I got a...
by kaneohe
Sat Apr 02, 2016 9:17 am
Forum: Investing - Theory, News & General
Topic: Dissapointed in Penfed: will nickle and dime you
Replies: 7
Views: 1385

Re: Dissapointed in Penfed: will nickle and dime you

2) This could be a semantic thing.......when something matures on this date does it mature on 12:01AM or 11:59PM that day? My experience like yours is that funds are normally available the date of maturity for almostd all others. 3) I think they probably started with 1: 1 equivalence between % and p...
by kaneohe
Fri Apr 01, 2016 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Chase Freedom Unlimited card 1.5% back + bonus
Replies: 85
Views: 7741

Re: Chase Freedom Unlimited card 1.5% back + bonus

[quote="dsmil"..........................h Chase's new 5/24 rule.[/quote]

which is ???????
by kaneohe
Fri Apr 01, 2016 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: AMT, how to avoid?
Replies: 21
Views: 1849

Re: AMT, how to avoid?

................................. 2). Have few/none deductions. ............................... You can have no deductions (except standard) and still pay AMT Yeah but it is much harder. You tend to need multiple kids or some AMT preference item (ISO were somewhat common. There are others) if you a...

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