Search found 3410 matches

by kaneohe
Sat Feb 13, 2016 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA 8606 question
Replies: 3
Views: 259

Re: Roth IRA 8606 question

Looks ok to me....you can try simulating what happens next yr by filling out that form for next yr https://www.irs.gov/pub/irs-prior/f8606--2015.pdf If you contribute the same non-deductible amount as this yr and convert the same amount, the same residual basis will remain...w/ no harm done. If you ...
by kaneohe
Thu Feb 11, 2016 11:49 pm
Forum: Personal Finance (Not Investing)
Topic: Is a bank money market account a checking or savings account
Replies: 15
Views: 2153

Re: Is a bank money market account a checking or savings account

just to clarify, as the old title suggest, the original old thread pertained to bank money market accounts.
The recent revival appears to be related to broker money market funds , a somewhat different animal.
by kaneohe
Thu Feb 11, 2016 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth Conversion Tax Question
Replies: 4
Views: 280

Re: Backdoor Roth Conversion Tax Question

As DSI mentioned, F8606 is the key. You should not see that 5.5K explicitly on
line 15b. If you do see it there, then your tax preparer is assuming the conversion is taxable when it should not be. F8606 will fix that.
by kaneohe
Wed Feb 03, 2016 9:25 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA snafu
Replies: 6
Views: 557

Re: Backdoor Roth IRA snafu

Another way that I have seen Alan S.suggest is to move the nondeductible part first (Roth conversion)since you know the value of your basis (your non-deductible contribution). That way you take a known quantity (the basis) out of the varying value of the account so all variation is taken from the de...
by kaneohe
Sat Jan 30, 2016 9:59 am
Forum: Personal Finance (Not Investing)
Topic: SOLVED: Understanding Tax Implications of Mutual Fund Sales
Replies: 15
Views: 578

Re: Understanding Tax Implications of Mutual Fund Sales

Why not use Taxcaster instead? You'll have to workaround : the Qualified Dividends is only for Qualified Dividends so you'll have to input the non-qualified part elsewhere.
by kaneohe
Sat Jan 30, 2016 9:23 am
Forum: Personal Finance (Not Investing)
Topic: SOLVED: Understanding Tax Implications of Mutual Fund Sales
Replies: 15
Views: 578

Re: Understanding Tax Implications of Mutual Fund Sales

...................... The total amount of the proceeds from the sale were $25K w only 691 dollars associated with short term capital gains. I am sure you need to know what my income is: Total income (to include the $25K I am speaking of) reported in turbo tax is $180.9K (that takes into account my...
by kaneohe
Fri Jan 29, 2016 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: TaxACT and TurboTax difference in NIIT (Form 8960)
Replies: 14
Views: 967

Re: TaxACT and TurboTax difference in NIIT (Form 8960)

Following up: TaxACT responded saying that they do ensure state taxes can be added to reduce the investment income amount that will be taxed, and pointed me to the location where I can enter the information. But I have to figure out what's "a reasonable allocable amount" myself. TurboTax ...
by kaneohe
Fri Jan 29, 2016 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Medicare Part B premiums
Replies: 33
Views: 2099

Re: Medicare Part B premiums

I found that if you need to make large withdrawals from 401K or IRA to make nursing home payments you still get hit with this additional tax. You're not wealthy, at least in the case I was involved in, but you pay the higher tax or surcharge (IRMAA) and if you ever sell a home that's costly enough ...
by kaneohe
Fri Jan 29, 2016 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Medicare Part B premiums
Replies: 33
Views: 2099

Re: Medicare Part B premiums

I need to look up the formulas to calculate my MAGI. ......................................... https://www.ssa.gov/pubs/EN-05-10536.pdf see p.5 Medicare IRMAA MAGI = AGI + tax exempt interest income https://www.bogleheads.org/forum/viewtopic.php?f=2&t=183295&p=2780018#p2780018
by kaneohe
Thu Jan 28, 2016 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Part B premiums
Replies: 33
Views: 2099

Re: Medicare Part B premiums

https://www.ssa.gov/pubs/EN-05-10536.pdf see p.5
Medicare IRMAA MAGI = AGI + tax exempt interest income
by kaneohe
Thu Jan 28, 2016 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes - Am I Covered by a Retirement Plan at Work?
Replies: 17
Views: 1035

Re: Taxes - Am I Covered by a Retirement Plan at Work?

According to this table from the W2 instructions (see p. 28), the box is supposed to be checked if either you or the employer contributes https://www.irs.gov/pub/irs-pdf/iw2w3.pdf Form W-2 Box 13 Retirement Plan Checkbox Decision Chart Type of Plan Conditions Check Retirement Plan Box? Defined contr...
by kaneohe
Wed Jan 27, 2016 1:58 am
Forum: Investing - Help with Personal Investments
Topic: Taxable or reporting events in Roth IRA
Replies: 12
Views: 694

Re: Taxable or reporting events in Roth IRA

If it stays within a Roth, whether at USAA or is converted to cash and moved directly to Vanguard, there should be no taxable event. There is probably a fee to buy Vanguard funds at USAA if they are even available. Right - it would not be taxable to convert to cash and move it to another institutio...
by kaneohe
Tue Jan 26, 2016 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: TaxACT and TurboTax difference in NIIT (Form 8960)
Replies: 14
Views: 967

Re: TaxACT and TurboTax difference in NIIT (Form 8960)

It would seem unlikely that TT is in error vs TaxACT but you could manually go through the form to check. https://www.irs.gov/pub/irs-pdf/f8960.pdf The calculation takes 3.8% of the minimum of 2 numbers: (see line 16) 1) the net investment income = the gross investment income less some prorated taxe...
by kaneohe
Mon Jan 25, 2016 9:27 pm
Forum: Investing - Help with Personal Investments
Topic: Wash Sale Help
Replies: 4
Views: 303

Re: Wash Sale Help

Typically the loss does get not get lost , only suspended until you sell the replacement shares (if that's what they are). Was going to suggest that you buy something similar like S&P 500 (but less similar than TSM). You may want to check whether there are short term hold penalties.....Schwab c...
by kaneohe
Mon Jan 25, 2016 6:57 pm
Forum: Investing - Help with Personal Investments
Topic: Wash Sale Help
Replies: 4
Views: 303

Re: Wash Sale Help

Typically the loss does get not get lost , only suspended until you sell the replacement shares (if that's what they are). Was going to suggest that you buy something similar like S&P 500 (but less similar than TSM). You may want to check whether there are short term hold penalties.....Schwab ch...
by kaneohe
Mon Jan 25, 2016 6:48 pm
Forum: Local Chapters and Bogleheads Community
Topic: Where is YDNAL?
Replies: 49
Views: 6323

Re: Where is YDNAL?

For those wondering about sscritic, he has been in regular contact with me by email and has given me permission to share the following. He is alive and well, and although he has been banned from the forum, he continues to read the Bogleheads forum posts and has given me very useful information via ...
by kaneohe
Mon Jan 25, 2016 6:04 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA basis calculation?
Replies: 5
Views: 454

Re: Inherited IRA basis calculation?

https://www.irs.gov/publications/p590b/ch01.html#en_US_2015_publink1000230543 The basis stays with the IRA according to this. It doesn't fit your exact scenario, but it makes sense. From your link: "IRA with basis. If you inherit a traditional IRA from a person who had a basis in the IRA becau...
by kaneohe
Sun Jan 24, 2016 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: IRS filing - certified mail with or without return receipt
Replies: 7
Views: 849

Re: IRS filing - certified mail with or without return receipt

[url][/url]Currently, certified mail has a tracking number that will show date mailed, and progress through the USPS system, through delivery. This is an online record. You can print out tracking info. I see no value in the return receipt even though it shows that someone (mail clerk) has actually ...
by kaneohe
Sun Jan 24, 2016 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Wash Sale question
Replies: 10
Views: 498

Re: Wash Sale question

If I have the following purchases and sales of stock XYZ Jan 01, 2015 Buy 1,000 shares @ $40 Dec 01, 2015 Buy 100 shares @ $60 Jan 01, 2016 Buy 50 shares @ $55 Jan 15, 2016 Sell 150 shares @ $50 When I sell, I use specific ID to identify the last 150 purchased. Do I have a wash sale? Either you don...
by kaneohe
Sun Jan 24, 2016 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Tax boo-boo (Have not previously depreciated rental property)
Replies: 18
Views: 1353

Re: Tax boo-boo (Have not previously depreciated rental property)

I.................................................. I know I could amend my previous 3 returns, but because my income is too high, whether or not I took depreciation doesn't affect my tax cost one cent. So I'm assuming there wouldn't be any benefit to amending returns in those past three years as w...
by kaneohe
Sat Jan 23, 2016 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterize IRA Contributions
Replies: 5
Views: 311

Re: Recharacterize IRA Contributions

............................. I had been contributing max amount to .......... as well as to my wife's and my Roth IRAs. ..............................I was told that I couldn't recharacterize the 401k contributions but could the IRA. So I did. .........................................................
by kaneohe
Thu Jan 21, 2016 1:29 am
Forum: Investing - Help with Personal Investments
Topic: HSA... any receipt savers?
Replies: 211
Views: 13672

Re: HSA... any receipt savers?

.................................................... You end up with $43,865 more in your HSA After Tax Accounts: - Contribute/Pay out of pocket $0 ... you spent it - Contribute/HSA pays $1,000 for 20 years at 6.73% (to adjust for 15% tax on dividend rate of 1.8%) = $42,485 ...........................
by kaneohe
Wed Jan 20, 2016 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Grandparents gifting $14k, grandparent 529 alternative due to their age?
Replies: 19
Views: 1442

Re: Grandparents gifting $14k, grandparent 529 alternative due to their age?

Is $14k a random number or are the grandparents unaware that they can gift $28k ($14k each) to one recipient without reporting the gift? This is only true if each $14K comes from separate funds. If the $28K comes from joint funds, a Form 709 must be completed even though the gift still qualifies fo...
by kaneohe
Tue Jan 19, 2016 1:43 pm
Forum: Investing - Help with Personal Investments
Topic: "CD ladder" seems to make no sense
Replies: 40
Views: 4401

Re: "CD ladder" seems to make no sense

Are you absolutely certain you can access the funds at any time?
by kaneohe
Mon Jan 11, 2016 12:34 am
Forum: Personal Finance (Not Investing)
Topic: Paying for Healthcare from 529 Plan Funds
Replies: 6
Views: 642

Re: Paying for Healthcare from 529 Plan Funds

"Likewise, buying a health-insurance policy from a college generally isn't a qualified expense—but a parent might have an argument if the college requires all students to have coverage as a condition of enrollment, says Andrea Feirstein, managing director at AKF Consulting Group, which advises ...
by kaneohe
Sun Jan 10, 2016 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for Healthcare from 529 Plan Funds
Replies: 6
Views: 642

Re: Paying for Healthcare from 529 Plan Funds

https://www.google.com/#q=++are+medical+insurance+premiums+a+qualified+529+expense

suggests most think it is not a qualified expense tho there is at least one opinion on the other side.
by kaneohe
Sat Jan 09, 2016 9:04 am
Forum: Personal Finance (Not Investing)
Topic: IRS Form 8606
Replies: 13
Views: 1485

Re: IRS FORM 8606

........................, I realized that we only filed an IRS Form 8606 once back in the 1980's. ........................... If that is true then we only needed to file it in 91, 92, 93, 94, 95, 96, and 97 Now here's the big question....and I know it goes contrary to every principle of good invest...
by kaneohe
Fri Jan 08, 2016 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Question on TIAA QCD Form
Replies: 2
Views: 202

Re: Question on TIAA QCD Form

Did you notice the print in the LHS box? I'm guessing you'd fill out the first field to confirm the year and just leave the 2nd blank since it won't be completing your RMD. I think the advice to talk to someone (or maybe 2 or 3 more) would be useful. I don't have IRAs w/ TIAA. For Schwab, I just sen...
by kaneohe
Fri Jan 08, 2016 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: 2 Custodial Account Tax Consequence Questions
Replies: 7
Views: 517

Re: 2 Custodial Account Tax Consequence Questions

1) I would think these these assets were yours since they were put into the custodial account so they would not receive a step up in basis on your mother's death. 2) The same ownership consideration apply to your son's custodial account so you couldn't take them back and put them in your name and ow...
by kaneohe
Thu Jan 07, 2016 9:21 am
Forum: Investing - Help with Personal Investments
Topic: Have I been messing up my estimated taxes all this time?
Replies: 6
Views: 898

Re: Have I been messing up my estimated taxes all this time?

.......................... And I use my foreign tax credit figure from the previous year as a guesstimate. ....................................... You're already using your FTC from the previous yr as your guesstimate so why not use your FT from the previous yr as a starting point for the dividends...
by kaneohe
Wed Jan 06, 2016 5:40 pm
Forum: Investing - Help with Personal Investments
Topic: Did I screw up my Backdoor Roth IRA?
Replies: 6
Views: 461

Re: Did I screw up my Backdoor Roth IRA?

................................. You have until April to make a conversion count for tax year 2015, and you could do all of this again in 2016 with another contribution/conversion. Form 8606 will apply to the calendar year of the conversion, not the tax year. ................] Not quite sure why t...
by kaneohe
Wed Jan 06, 2016 10:13 am
Forum: Personal Finance (Not Investing)
Topic: How to maximize taxes owed
Replies: 13
Views: 1269

Re: How to maximize taxes owed

If you don't have enough tax to fully use the tax credit, consider doing a Roth conversion which would increase your income & taxes. Be sure to check w/ tax software that your income doesn't increase enough to adversely affect your tax credit.
by kaneohe
Wed Jan 06, 2016 9:54 am
Forum: Investing - Theory, News & General
Topic: Tira has a effectively lower cap than Roth
Replies: 7
Views: 538

Re: Tira has a effectively lower cap than Roth

Does the math support your gut feel? As jhfenton points out , you need to consider the taxable side fund. Once you do that, both are similar tho the Roth does come out slightly better (assuming same taxes rates at contribution/distribution)........the difference of several percent or so is due to th...
by kaneohe
Sun Dec 27, 2015 3:05 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA and tax implications
Replies: 9
Views: 1051

Re: Inherited IRA and tax implications

just one more thing.............your divisor for years after the first one. You dont go back to the table for the new divisor but from that same IRS pub listed above: You subtract 1 each yr from the previous yr divisor. (in the section: what ages do you use with the tables) https://www.irs.gov/publi...
by kaneohe
Fri Dec 25, 2015 10:02 am
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvesting Involving Covered & Non-covered Shares
Replies: 37
Views: 1779

Re: Tax Loss Harvesting Involving Covered & Non-covered Shares

The more I read up the more confused I get. :confused https://www.bogleheads.org/forum/viewtopic.php?t=132816 My read of this link (sscritics' post) seems to indicate that the answer is yes to my 1st and 2nd questions given that covered and noncovered are treated as separate accounts. Your best bet...
by kaneohe
Fri Dec 25, 2015 9:49 am
Forum: Personal Finance (Not Investing)
Topic: HSAs in California
Replies: 62
Views: 11525

Re: HSAs in California

A little different but can anyone answer this... HSA contributions from payroll should avoid federal tax withholding. Are most payroll systems smart enough to know that HSAs have no standing in CA? Will the employer withhold for CA state taxes (correctly) or avoid them (incorrectly)? I don't know t...
by kaneohe
Thu Dec 24, 2015 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Capital Gains Harvesting
Replies: 9
Views: 869

Re: Capital Gains Harvesting

Is the 33K net of the 5K 401K contribution?
by kaneohe
Wed Dec 23, 2015 10:44 pm
Forum: Personal Consumer Issues
Topic: Probably A Dumb Question [Put tennis shoes in dryer?]
Replies: 35
Views: 2792

Re: Probably A Dumb Question

Could you use a hair dryer on the cool setting? I used to dry out rubber boots/waders that way.
by kaneohe
Wed Dec 23, 2015 7:23 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Cost Basis
Replies: 7
Views: 466

Re: Vanguard Cost Basis

jhf beat me but here's a similar simpler example. Suppose you have buy 10 sh @ 100 for 1000 (ST shares) and also have 10 sh@ 200 for 2000 (LT shares). You now sell all shares at 150/sh. The ST shares have a gain of 50/sh for a total ST gain of 500. The LT shares have a loss of 50/sh for a total LT l...
by kaneohe
Tue Dec 22, 2015 1:40 pm
Forum: Investing - Help with Personal Investments
Topic: Tricky RMD Question
Replies: 10
Views: 1024

Re: Tricky RMD Question

Alan S.should be along to rescue you soon but in the meantime check this out:

https://www.irahelp.com/forum-post/17360-401k-rmd-after-tax-contributions

Questions to ask yourself......the nature of the RMD (% taxable) and whether you can roll that to a Roth.
by kaneohe
Mon Dec 21, 2015 8:29 pm
Forum: Investing - Theory, News & General
Topic: Stocks tax question
Replies: 9
Views: 336

Re: Stocks tax question

................................... Oh, I have a follow-up question on dividends. Since I mentioned dividends under a taxable account, does that mean dividends are not taxed when in a Roth IRA because taxes have already been paid upfront, or will dividends incur taxes no matter what type of account...
by kaneohe
Mon Dec 21, 2015 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: 2015 Tax Prelim Planning: Comments??
Replies: 18
Views: 1391

Re: 2015 TAX PRELIM PLANNING: Comments??

Another concern is with step functions, where if your income rises by $1 it costs you hundreds of dollars. ........................................................................... The same thing happens with the Medicare MAGI. If a single person exceeds $84,999, they pay an extra $634 for Medica...
by kaneohe
Mon Dec 21, 2015 1:55 am
Forum: Personal Finance (Not Investing)
Topic: When you finally start cashing out retirement funds (record keeping)
Replies: 12
Views: 1163

Re: When you finally start cashing out retirement funds (record keeping)

As Alan S. has pointed out a number of times, you should keep records of your Roth contributions, taxable and non-taxable part of conversions (and any recharacterizations) so that when you start withdrawing you can determine what if any is taxable. For old retirees with old initial contributions, th...
by kaneohe
Sun Dec 20, 2015 7:48 pm
Forum: Investing - Theory, News & General
Topic: RMDs - ROTH Conversion Timing/
Replies: 16
Views: 1085

Re: RMDs - ROTH Conversion Timing/

http://fairmark.com/rothira/10011501-roth-rmd-conversion.htm

Sounds like IRS does care about the order of things..........wonder how they enforce it since they generally get end of yr totals but not timing of transactions?
by kaneohe
Sun Dec 20, 2015 9:25 am
Forum: Personal Finance (Not Investing)
Topic: QCDs have been made permanent [Qualified Charitable Distributions]
Replies: 21
Views: 1664

Re: QCDs have been made permanent

Please explain why this is better than just taking an RMD and making a charitable donation in the same amount. Is it because a QCD does not affect your AGI (and whatever impacts a higher AGI may have)? yes, that's basically it https://www.kitces.com/blog/qualified-charitable-distributions-from-iras...
by kaneohe
Sat Dec 19, 2015 11:38 pm
Forum: Personal Finance (Not Investing)
Topic: How Much Will Medical Costs Fall Under Medicare
Replies: 42
Views: 2871

Re: How Much Will Medical Costs Fall Under Medicare

kaneohe, Well, I guess it depends on where you live. In California, the plans are quoted at an annual price (but you can pay monthly with a small surcharge added). The Plan Fs are around $3,000/person here. celia...........................This is for N.CAL. Don't remember how it was originally quot...

Go to advanced search