Search found 3547 matches

by kaneohe
Thu May 26, 2016 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Amazon prime credit card
Replies: 13
Views: 1349

Re: Amazon prime credit card

My only issue with it is that you cannot add another user, so even though my wife and I share Prime benefits, she cannot use the card as her payment method. I believe only one of you (the real Prime owner) can get the Amazon Prime Store card (5% benefits). The other can only get the Amazon Store ca...
by kaneohe
Wed May 25, 2016 9:58 am
Forum: Personal Finance (Not Investing)
Topic: An AMT warning for retirees
Replies: 10
Views: 2306

Re: An AMT warning for retirees

As our earned income has decreased in retirement, we fell from the 39.6% income tax bracket to 33%. This carries with it a reduction in the tax rate for qualified dividends and long-term capital gains from 20% to 15%. (I ignore the 3.8% additional Medicare tax.) This in turn exposed us to AMT for t...
by kaneohe
Tue May 24, 2016 9:58 pm
Forum: Investing - Theory, News & General
Topic: Unrealized gain / losses
Replies: 5
Views: 551

Re: Unrealized gain / losses

Have you factored in reinvested dividends? When a mutual fund goes ex-dividends, the price drops which results in a unrealized loss. This is true even if reinvested. For example, consider if you had a $1,000 in a fund and it paid out a 10% dividend, and you reinvested that dividend. You would then ...
by kaneohe
Tue May 24, 2016 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation of a non qualified Annuity
Replies: 4
Views: 298

Re: Taxation of a non qualified Annuity

Withdrawals from a deferred annuity (not annuitized) always come from gain first, then tax basis. Gain withdrawals are taxed as ordinary income, basis withdrawals are tax-free. .................................................. If the annuity is old (before some date in 1982 in link), withdrawals a...
by kaneohe
Tue May 24, 2016 11:54 am
Forum: Personal Finance (Not Investing)
Topic: An AMT warning for retirees
Replies: 10
Views: 2306

Re: An AMT warning for retirees

Try a blend of comparable amounts of ordinary income and QDIV/LTCG. You will get AMT even with std deduction.
by kaneohe
Tue May 24, 2016 8:13 am
Forum: Investing - Help with Personal Investments
Topic: Planning my RMD
Replies: 12
Views: 1108

Re: Planning my RMD

I........................................... I don't understand why you have to wait for your qualified charitable contributions to take the rest of your RMD - so you might want to check if that is some IRS requirement if it isn't a personal choice. You don't........but if you take your full RMD fi...
by kaneohe
Wed May 18, 2016 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Carryloss forwards for long periods of unemployment
Replies: 1
Views: 217

Re: Carryloss forwards for long periods of unemployment

You don't get to choose when to use the loss carryforwards so you must use 3K of them each yr. That doesn't mean that you lose or use up that 3k every yr. There is a spectrum of outcomes that ranges from using up 3k (or more each yr if you have gains) to using up none of them if your income is low e...
by kaneohe
Tue May 17, 2016 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Is there an HSA account without monthly fee
Replies: 28
Views: 2418

Re: Is there an HSA account without monthly fee

It had to be a trustee to trustee transfer (a "pull" transaction) to move the money from one bank to another. I could not take personal possession of the funds -- at least that was what BNY/Mellon told us. ............................................... A different answer here https://the...
by kaneohe
Sat May 14, 2016 9:01 am
Forum: Investing - Help with Personal Investments
Topic: Transferring 401k to Brokerage Link
Replies: 20
Views: 1555

Re: Transferring 401k to Brokerage Link

May be too early to be of interest to most and may be plan specific........DWs plan utilizing a core group of VG funds and also Fidelity Brokerage link only takes RMDs from the core VG side. If these are insufficient, Fidelity has told me it will not automatically access the Brokerage link funds nor...
by kaneohe
Sat May 14, 2016 8:47 am
Forum: Personal Finance (Not Investing)
Topic: treasurydirect.gov is not a secure website?
Replies: 15
Views: 1754

Re: treasurydirect.gov is not a secure website?

No issues using Chrome...........
by kaneohe
Wed May 11, 2016 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: What to include on Form 709
Replies: 4
Views: 667

Re: What to include on Form 709

I'm inclined to vote w/ the CPA. Pt4 Line 2 is for the exclusion so you still get the 14K/pp exclusion. Would you put 0 there if you didn't include the amount below 14K/pp? That would produce the same net result, I suppose, but probably not be in the spirit of reporting the gift if over 14K/pp and n...
by kaneohe
Tue May 10, 2016 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth: Do I need to file 8606 for a previous year?
Replies: 5
Views: 479

Re: Backdoor Roth: Do I need to file 8606 for a previous year?

My guess is that you should file a 2014 F8606 to establish your basis for that yr. If IRS got curious about your 2015 F8606, they would want to know where your line 2 basis came from and would not be able to find the 2014 F8606. You could file that as a stand alone form....be sure to fill out all th...
by kaneohe
Tue May 10, 2016 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth: Do I need to file 8606 for a previous year?
Replies: 5
Views: 479

Re: Backdoor Roth: Do I need to file 8606 for a previous year?

Perhaps go thru the 8606 by hand https://www.irs.gov/pub/irs-pdf/f8606.pdf for 2014 (you will have to adjust the dates on the 2015 form linked for 2014 or google up the 2014 directly). It is just a few lines exercise. Note the decision tree at line 3 which tells you to skip a bunch of lines. That es...
by kaneohe
Sun May 08, 2016 3:22 pm
Forum: Investing - Help with Personal Investments
Topic: Don't need RMD for Trad IRA - Do a Roth conversion?
Replies: 19
Views: 944

Re: Don't need RMD for Trad IRA - Do a Roth conversion?

OK so it sounds like since RMDs push her into the 25% tax bracket it might make sense to convert some of the money up to whatever space is left in the 25% tax bracket and do so on a yearly basis. -Frank and remember that you can't convert the RMD.....you have to take that first and then you can con...
by kaneohe
Sun May 08, 2016 9:30 am
Forum: Investing - Help with Personal Investments
Topic: Don't need RMD for Trad IRA - Do a Roth conversion?
Replies: 19
Views: 944

Re: Don't need RMD for Trad IRA - Do a Roth conversion?

Does it make sense to pay 33-35% on a Roth conversion to avoid 25% on RMDs?
by kaneohe
Sun May 01, 2016 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: Tax loss harvesting question
Replies: 1
Views: 336

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: 1265

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: 337

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: 145
Views: 10460

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: 693

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: 693

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: 1839

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: 693

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: 597

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: 717

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: 717

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: 1542

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: 467

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: 784

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: 379

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: 712

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: 387

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: 732

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: 626

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: 962

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: 2234

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: 818

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: 1130

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: 1130

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: 818

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: 2234

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: 2234

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: 2234

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: 926

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: 382

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: 2234

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: 382

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...

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