Search found 3636 matches

by kaneohe
Mon Aug 22, 2016 11:50 am
Forum: Investing - Help with Personal Investments
Topic: Timing for RMD withdrawals?
Replies: 30
Views: 2256

Re: Timing for RMD withdrawals?

In addition, the total value of all the shares remain the same, ie if you don't sell any and you pay the taxes using money from your taxable accounts. Maybe I am not following you, but once you take the RMD the money becomes cash which is fungible with any other cash you have so there is no choice ...
by kaneohe
Mon Aug 22, 2016 8:09 am
Forum: Investing - Help with Personal Investments
Topic: Timing for RMD withdrawals?
Replies: 30
Views: 2256

Re: Timing for RMD withdrawals?

If you take the RMD from TSM and invest it in TSM, it would seem best to do it early in the year because if it grows further in a tIRA then when you or your heirs eventually withdraw it, regular income taxes would be due. If it grew in a taxable account, it would eventually be subject to LTCG rates...
by kaneohe
Sun Aug 21, 2016 4:46 pm
Forum: Investing - Help with Personal Investments
Topic: Timing for RMD withdrawals?
Replies: 30
Views: 2256

Re: Timing for RMD withdrawals?

.....................eft out of my original post is that income in the taxable account is taxed at the same rate as withdrawals from the IRA. This is true if the income from the taxable account consists entirely of ordinary income such as bond interest. However, if income from the taxable account c...
by kaneohe
Wed Aug 17, 2016 2:02 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA to Roth conversion, how to pay tax and have 100% of it go to my Roth?
Replies: 30
Views: 1671

Re: Rollover IRA to Roth conversion, how to pay tax and have 100% of it go to my Roth?

..................... No, VG doesn't have to withhold taxes if you have them do the conversion without you getting your hands on the money. Mandatory withholding only applies when the distribution is sent directly to you. .................................. http://www.vanguard.com/pdf/wh4p.pdf?221 &...
by kaneohe
Fri Aug 12, 2016 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Are There Roth Conversion Transaction Limits?
Replies: 30
Views: 1997

Re: Are There Roth Conversion Transaction Limits?

see the last line in 1st paragraph https://www.irs.gov/retirement-plans/ira-one-rollover-per-year-rule "Rollovers from traditional to Roth IRAs ("conversions") are not limited" from this search: https://www.google.com/#q=how+many+roth+conversion+can+you+do+in+a+year
by kaneohe
Wed Aug 10, 2016 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth: tax implications with other IRAs
Replies: 16
Views: 1176

Re: Backdoor Roth: tax implications with other IRAs

Where I get hung up, is instructions for the 8606 say: Instructions page 1: "Traditional IRAs. For purposes of Form 8606, a traditional IRA is an individual retirement account or an individual retirement annuity other than a SEP, SIMPLE, or Roth IRA." And Line 2 specifically says, "E...
by kaneohe
Wed Aug 10, 2016 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth: tax implications with other IRAs
Replies: 16
Views: 1176

Re: Backdoor Roth: tax implications with other IRAs

Perhaps it is just a matter of how IRA basis is defined.....it seems to be defined as being confined to traditional IRAs by F8606. But does it matter if you have a simple IRA in addition? The traditional IRA basis that is building up as noted by epsilon delta is transferred from the previous year li...
by kaneohe
Sat Aug 06, 2016 10:33 pm
Forum: Personal Consumer Issues
Topic: Peeling small carrots
Replies: 12
Views: 1291

Re: Peeling small carrots

You might consider the white vinegar-water mix in this article for soaking or scrubbing
http://www.mnn.com/food/healthy-eating/blogs/can-you-wash-e-coli-off-produce
by kaneohe
Fri Aug 05, 2016 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my savings account as a Health Savings Account?
Replies: 13
Views: 1270

Re: Can I use my savings account as a Health Savings Account?

You might ask Golden One if they do HSAs. I couldn't find it as an option on their website but curiously it was an option for the Fresno branch. Perhaps a bad oversight on their part since most CUs I'm familiar with do. As Lady Geek pointed out, the HSA account needs be be under the HSA umbrella.......
by kaneohe
Fri Aug 05, 2016 3:22 pm
Forum: Personal Consumer Issues
Topic: Medigap Insurance
Replies: 14
Views: 1306

Re: Medigap Insurance

Put in zip code here to find list of companies in your area. (Go to the plan you want....Plan G in your case. Then click at the right hand side of that Plan G section to get a list of companies in your area). https://www.medicare.gov/find-a-plan/questions/medigap-home.aspx Google your state insuranc...
by kaneohe
Fri Aug 05, 2016 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Roth 5-year rule: how to convert Rollover IRA to Roth IRA over 10 years
Replies: 16
Views: 1148

Re: Roth 5-year rule: how to convert Rollover IRA to Roth IRA over 10 years

njboater74 wrote: ............................They're not even itemizing next year, so the charitable contributions that they do make over the course of the year won't impact their taxes.


If they did the QCD, it could lower taxes, even if not itemizing.
by kaneohe
Thu Aug 04, 2016 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Roth 5-year rule: how to convert Rollover IRA to Roth IRA over 10 years
Replies: 16
Views: 1148

Re: Roth 5-year rule: how to convert Rollover IRA to Roth IRA over 10 years

Here's the geezer (>59.5 y.o.) half of a kawill table from the fairmark.com site. For your case, the key variable is the age of the oldest Roth. If less than 5 yrs, everything is ok to withdraw but there will be taxes on the earnings. Earnings come out last after contributions, and then conversions....
by kaneohe
Thu Aug 04, 2016 10:18 am
Forum: Personal Finance (Not Investing)
Topic: Form 1116 guidance
Replies: 14
Views: 835

Re: Form 1116 guidance

...................... I do my taxes by hand... perhaps I should change that and go the electronic route. Form 1116 is a new form to me.... and knowing where to put a big X through always takes me time when doing a form for first time and was getting confused. Even little things like writing "...
by kaneohe
Thu Aug 04, 2016 1:38 am
Forum: Personal Finance (Not Investing)
Topic: Form 1116 guidance
Replies: 14
Views: 835

Re: Form 1116 guidance

Too bad you can't reach IRS by phone to talk to someone but it seems to be normal these days. I've read of earlier cases where human contact was possible and an interactive 2 way conversation cleared up misconceptions/misunderstandings . Have you considered just resubmitting what you already sent wi...
by kaneohe
Tue Aug 02, 2016 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Question on how to report Backdoor Roth IRA
Replies: 15
Views: 879

Re: Question on how to report Backdoor Roth IRA

Lines 11, 13 (non-taxable amt of conversion) should be large numbers close to or = conversion amount so
line 13 is not 0. Line 18 should be 0 assuming gains in the 2016 conversion don't overcome the losses in the 2015 conversion.
by kaneohe
Tue Aug 02, 2016 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Question on how to report Backdoor Roth IRA
Replies: 15
Views: 879

Re: Question on how to report Backdoor Roth IRA

Agree w/ you about line 5 (2015). IRS obviously meant that bolded box of words to stand out. They didn't realize that some of us look but don't see. The words about recharacterization that are useful to remember......it's as if you had contributed to the TIRA( in this case) initially (and never to t...
by kaneohe
Tue Aug 02, 2016 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Question on how to report Backdoor Roth IRA
Replies: 15
Views: 879

Re: Question on how to report Backdoor Roth IRA

my best guess: 2015) line 5 should be be 5.5K? 2016)lines 8,9,11,13 (all flow from 8).....should reflect actual conversion amounts so should be <11K, assuming you don't have large gains on the 2016 contribution line 14) should be small number reflecting the losses = residual basis . Math follows the...
by kaneohe
Tue Aug 02, 2016 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Question on how to report Backdoor Roth IRA
Replies: 15
Views: 879

Re: Question on how to report Backdoor Roth IRA

How do I treat the $1k loss from January 2015 - Feb 12, 2016? How do I report the ~$200 gain when I converted the TIRA --> Roth IRA in Feb, 2016? Rather than worry about these questions, why not just fill out F8606 and see what happens......I think the answer is that these gains/losses never show u...
by kaneohe
Mon Aug 01, 2016 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Federal tax brackets
Replies: 5
Views: 908

Re: Federal tax brackets

I think you are the victim of IRS formatting. Their tax tables cover up to 100K so they made their tax rate schedule start at 100K. That way there won't be duplication of ranges that would give you different results Have a look at page 102 of the 1040 instructions . The tax rate schedule runs from ...
by kaneohe
Mon Aug 01, 2016 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Federal tax brackets
Replies: 5
Views: 908

Re: Federal tax brackets

I think you are the victim of IRS formatting. Their tax tables cover up to 100K so they made their tax rate schedule start at 100K. That way there won't be duplication of ranges that would give you different results (because the tax rate schedule is analog and the the tax table is step-wise analog ....
by kaneohe
Sun Jul 31, 2016 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: When does the 5-year clock start on a second Roth?
Replies: 21
Views: 2259

Re: When does the 5-year clock start on a second Roth?

"the original Roth was closed and the funds distributed on June 14 of last year, the new Roth was opened and funded on August 10. " "Funds from the RJ account were about $2k, total contributed to the Roth in December was $6500" "On August 10 I opened the new Roth with Fideli...
by kaneohe
Sun Jul 31, 2016 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: When does the 5-year clock start on a second Roth?
Replies: 21
Views: 2259

Re: When does the 5-year clock start on a second Roth?

smartinwate........to help clarify, could you provide the dates (month/year)/amounts of the Fidelity deposits.
btw....I want the film rights to this drama :D
by kaneohe
Sun Jul 31, 2016 11:19 am
Forum: Personal Finance (Not Investing)
Topic: When does the 5-year clock start on a second Roth?
Replies: 21
Views: 2259

Re: When does the 5-year clock start on a second Roth?

why the 60 days is important; Excess Contributions https://www.taxact.com/support/1280/ira-or-roth-ira---excess-contributions/ If the 60 day rule is violated, the funds in the Roth constitute excess contributions. The above link explains how there is a 6% tax on the excess contributions for every y...
by kaneohe
Sun Jul 31, 2016 9:38 am
Forum: Personal Finance (Not Investing)
Topic: When does the 5-year clock start on a second Roth?
Replies: 21
Views: 2259

Re: When does the 5-year clock start on a second Roth?

why the 60 days is important; Excess Contributions https://www.taxact.com/support/1280/ira-or-roth-ira---excess-contributions/ If the 60 day rule is violated, the funds in the Roth constitute excess contributions. The above link explains how there is a 6% tax on the excess contributions for every ye...
by kaneohe
Sun Jul 31, 2016 8:21 am
Forum: Personal Finance (Not Investing)
Topic: When does the 5-year clock start on a second Roth?
Replies: 21
Views: 2259

Re: When does the 5-year clock start on a second Roth?

Similarly, a Roth IRA does not have to exist continuously. You could close your Roth IRA entirely and re start contributions in a later year and the year of your first Roth contribution will carry through. That's exactly my situation (although the re-opened Roth is at a different provider). Thanks....
by kaneohe
Sun Jul 31, 2016 8:16 am
Forum: Personal Finance (Not Investing)
Topic: When does the 5-year clock start on a second Roth?
Replies: 21
Views: 2259

Re: Roth Transfer

. Smartinwate, I might be just misinterpreting your statement, but when you say "a few months later", did you mean two months or did you mean three or more? The reason I ask is that I thought a transfer between Roth accounts had to be completed within 60 days to avoid being disallowed. It...
by kaneohe
Sat Jul 30, 2016 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-DIV line 2a reported as income in line 13 of 1040?
Replies: 13
Views: 480

Re: Form 1099-DIV line 2a reported as income in line 13 of 1040?

For a graphical way of thinking about this, this article is often cited https://www.kitces.com/blog/understanding-the-mechanics-of-the-0-long-term-capital-gains-tax-rate-how-to-harvest-capital-gains-for-a-free-step-up-in-basis/ Basically a stacked bar chart...with the LTCG/QDIV sitting on top of the...
by kaneohe
Sat Jul 30, 2016 8:05 am
Forum: Personal Finance (Not Investing)
Topic: How to deal with RMD with a TIPS ladder in an IRA
Replies: 8
Views: 549

Re: How to deal with RMD with a TIPS ladder in an IRA

If you have other TIRA accounts, you can also pull from them instead.
by kaneohe
Fri Jul 29, 2016 10:18 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-DIV line 2a reported as income in line 13 of 1040?
Replies: 13
Views: 480

Re: Form 1099-DIV line 2a reported as income in line 13 of 1040?

............................................. The inscrutable nature of many IRS worksheets and forms was parodied wonderfully here . :happy hilarious! sounds exactly like the QDIV/LTCG wksht. In fairness to IRS, they have a tough job.......trying to make a complex situation something that anyone c...
by kaneohe
Fri Jul 29, 2016 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-DIV line 2a reported as income in line 13 of 1040?
Replies: 13
Views: 480

Re: Form 1099-DIV line 2a reported as income in line 13 of 1040?

https://apps.irs.gov/app/vita/content/globalmedia/capital_gain_tax_worksheet_1040i.pdf This is the worksheet that calculates the tax. It makes more sense if you plug in some numbers for your own case. Line 1 is the taxable income from line 43 of the 1040. Line 2 is QDIV from line 9b of 1040. Line 3...
by kaneohe
Fri Jul 29, 2016 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-DIV line 2a reported as income in line 13 of 1040?
Replies: 13
Views: 480

Re: Form 1099-DIV line 2a reported as income in line 13 of 1040?

LTCG are reported on line 13 of the 1040 to calculate AGI and taxable income . Line 44 reports the tax and https://www.irs.gov/pub/irs-pdf/f1040.pdf and as the form directs you, you would have to read the instructions for that line to see how that calculation is done. A very simplified version is th...
by kaneohe
Fri Jul 29, 2016 7:36 pm
Forum: Investing - Help with Personal Investments
Topic: Question on IRS filing status
Replies: 17
Views: 920

Re: Question on IRS filing status

Mother still lives with her spouse. He has continued to file "married filing separately". He continues to use a CPA who reports his return with accuracy. Marriage has been about a 15 year union. They chose to not co-mingle income. Why not "co-mingle" income on paper only to redu...
by kaneohe
Fri Jul 29, 2016 7:22 pm
Forum: Investing - Help with Personal Investments
Topic: Question on IRS filing status
Replies: 17
Views: 920

Re: Question on IRS filing status

You might want to use a tax calculator http://www.hrblock.com/get-answers/tax-calculators.html#/en/te/aboutYou to estimate results. Both this one and Taxcaster suggest there is a significant difference between MFS and Single........w/ Single better. MFS is about 30% higher so in addition to the tax ...
by kaneohe
Thu Jul 28, 2016 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: taxes after permanent legal separation
Replies: 3
Views: 396

Re: taxes after permanent legal separation

These seem to confirm Huey's reply: https://www.irs.gov/pub/irs-pdf/p4012.pdf see flowchart on B-1 and be sure to read footnote 1 at bottom of page "1. Answer “NO” to this question if, on the last day of the year, you were legally separated from your spouse under a divorce or separate maintenan...
by kaneohe
Tue Jul 26, 2016 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of Medigap (supplement) Policies
Replies: 12
Views: 784

Re: Cost of Medigap (supplement) Policies

That might be a factor with Medicare Advantage programs but that isn't the way that it works with Medigap policies. They just pay based on what Medicare pays and then the insurance fills in the gaps. One companies "G" plan is identical to another companies plan "G" plan in every...
by kaneohe
Tue Jul 26, 2016 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Cost of Medigap (supplement) Policies
Replies: 12
Views: 784

Re: Cost of Medigap (supplement) Policies

You might want to look at rates for various ages for the different policies to see if you agree with the last statement here. http://www.kiplinger.com/article/spending/T027-C001-S001-how-to-get-a-better-deal-on-a-medigap-policy.html "The lowest-cost issue-age or community-rated policy is usuall...
by kaneohe
Mon Jul 25, 2016 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: EMC/Dell Tax consequences to individuals
Replies: 9
Views: 794

Re: EMC/Dell Tax consequences to individuals

You normally receive a detailed disclosure about such mergers. Some info here http://blogs.wsj.com/cfo/2015/10/12/dell-may-avoid-tax-hit-on-deal-but-emc-shareholders-will-pay/ "However, EMC shareholders who get the cash and shares will still have to pay up. They will pay tax that ranges between...
by kaneohe
Sat Jul 23, 2016 7:56 pm
Forum: Investing - Help with Personal Investments
Topic: Withdraw from Roth IRA to Contribute to IRA?
Replies: 8
Views: 416

Re: Withdraw from Roth IRA to Contribute to IRA?

Ask broker to recharacterize contribution from Roth to Traditional. Makes it like you contributed to TIRA is the first place.
by kaneohe
Wed Jul 20, 2016 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Tax help - IRS asking for money for 2014- messed up backdoor ROTH - form 8606 - PLEASE HELP!!!!!!!
Replies: 37
Views: 2598

Re: Tax help - IRS asking for money for 2014- messed up backdoor ROTH - form 8606 - PLEASE HELP!!!!!!!

Alan S.should be along shortly to give you the real answer. In the meantime perhaps to get you started , did you get 1099Rs for your distributions from TIRA and Roth. The gross distributions of 22K in total would give the idea that you had not reported that income unless you clear that up with F8606...
by kaneohe
Wed Jul 20, 2016 9:32 pm
Forum: Investing - Help with Personal Investments
Topic: RMD - Thinking Getting Fuzzy
Replies: 9
Views: 1345

Re: RMD - Thinking Getting Fuzzy

tom......a most interesting question discussed before . Not sure if there were was a consensus opinion or not. Some random thoughts. You are asking 2 questions in 1......take RMD early or late. take RMD hi market or low. Of course you can only know the former, not the latter. There is another dual q...
by kaneohe
Wed Jul 20, 2016 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Taxcaster for state returns
Replies: 5
Views: 581

Re: Taxcaster for state returns

Perhaps better than nothing but may not be much better: http://www.taxformcalculator.com/state_tax.html I found it difficult to read w/ many perhaps irrelevant details. Also in the beginning I saw a selection for filing status but never was able to find it again. You might have better luck. It doesn...
by kaneohe
Mon Jul 18, 2016 11:00 am
Forum: Investing - Help with Personal Investments
Topic: cannot wrestle IRA from custodian. Help?
Replies: 33
Views: 2759

Re: cannot wrestle IRA from custodian. Help?

I guess another option would be to have them send a check and pray that we get it; but they also withhold 20%, which would just delay a mess. In that case, do they send it to IRS, then it comes back as a refund? We could cover the 20% in cash. But if something does get messed up, we're in a high br...
by kaneohe
Sat Jul 16, 2016 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal Step Up Social Security Question
Replies: 46
Views: 2714

Re: Spousal Step Up Social Security Question

Spousal benefits do not increase if you delay past FRA. Just survivor benefits. Sorry, you're right - I was getting confused with survivor. Survivor benefits still provide a pretty compelling reason to delay until 70 in this instance, though: if the older spouse is male, it is unfortunately quite l...
by kaneohe
Sat Jul 16, 2016 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing Medigap Insurance
Replies: 38
Views: 3077

Re: Choosing Medigap Insurance

Go to Medicare.gov. (Warning: use the official government site, there are commercial sites that will pop to the top of your browser, you may need to scroll down). Then look for the tab for Supplemental Insurance. Then look for a tab Find a Policy (not sure of the verbiage). That tab will ask for yo...
by kaneohe
Sat Jul 16, 2016 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal Step Up Social Security Question
Replies: 46
Views: 2714

Re: Spousal Step Up Social Security Question

Spousal benefits do not increase if you delay past FRA. Just survivor benefits. Sorry, you're right - I was getting confused with survivor. Survivor benefits still provide a pretty compelling reason to delay until 70 in this instance, though: if the older spouse is male, it is unfortunately quite l...
by kaneohe
Sat Jul 16, 2016 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing Medigap Insurance
Replies: 38
Views: 3077

Re: Choosing Medigap Insurance

Go to Medicare.gov. (Warning: use the official government site, there are commercial sites that will pop to the top of your browser, you may need to scroll down). Then look for the tab for Supplemental Insurance. Then look for a tab Find a Policy (not sure of the verbiage). That tab will ask for yo...
by kaneohe
Sat Jul 16, 2016 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Choosing Medigap Insurance
Replies: 38
Views: 3077

Re: Choosing Medigap Insurance

Go to Medicare.gov. (Warning: use the official government site, there are commercial sites that will pop to the top of your browser, you may need to scroll down). Then look for the tab for Supplemental Insurance. Then look for a tab Find a Policy (not sure of the verbiage). That tab will ask for yo...

Go to advanced search