Search found 3656 matches

by kaneohe
Mon Sep 26, 2016 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes [withholding vs. estimated payments]
Replies: 20
Views: 1376

Re: Taxes

Come tax time, if you owe taxes, there is a likelihood that you will need to pay a penalty in addition to the taxes owed. There are a some exceptions to this, a couple of them being (IIRC): a) your tax withholding this year exceeded your total tax paid last year b) your tax withholding is more than...
by kaneohe
Fri Sep 23, 2016 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Tax gain harvest to set up future tax loss harvest?
Replies: 14
Views: 618

Re: Tax gain harvest to set up future tax loss harvest?

Since you're in the 15% bracket your LTCGs will be taxed at 0%. When you TLH you can write up to $3,000 per year off your ordinary income, assuming you don't take any gains that year. By raising my basis in previous years as you are suggesting I was able to TLH approximately $4,000 this year. I'll ...
by kaneohe
Wed Sep 21, 2016 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Contribution to satisfy RMD
Replies: 29
Views: 2017

Re: Contribution to satisfy RMD

Is there any sensible way to do this differently? Maybe be just liquidating the $10,000 and directing that $4,000 to go the charity and the rest either to me or to the IRS? Of course I want to preserve the nifty "don't include that $4,000 in your income" benefit. I have never heard of you...
by kaneohe
Mon Sep 19, 2016 12:42 pm
Forum: Investing - Help with Personal Investments
Topic: Cash for RMDs?
Replies: 10
Views: 963

Re: Cash for RMDs?

If you are depending on the RMD for current spending, you may feel more comfortable if it is in cash so you don't have to deplete your IRA if/when the market is way down. If you are taking the RMD only because you have to and will reinvest the similar things in taxable, it probably is not so importa...
by kaneohe
Sun Sep 18, 2016 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Definition of gambling winnings/losses
Replies: 20
Views: 805

Re: Definition of gambling winnings/losses

Did everyone present in the casino get a raffle ticket? Or did you have to "gambling" to get one?
by kaneohe
Sat Sep 17, 2016 10:21 am
Forum: Personal Finance (Not Investing)
Topic: How does taxing on SS benefits work
Replies: 14
Views: 1295

Re: How does taxing on SS benefits work

btw ......how did you you get that total income from Taxcaster? The new Taxcaster wouldn't work for me for the longest time. Now it just takes the input and shows the tax w/o showing the AGI, taxable income , etc. There's a "^" symbol at the bottom-right where Taxcaster shows the "Es...
by kaneohe
Sat Sep 17, 2016 8:55 am
Forum: Personal Finance (Not Investing)
Topic: Anyone Have Experience w/ PenFed ACH?
Replies: 4
Views: 278

Re: Anyone Have Experience w/ PenFed ACH?

The bigger problem is that the daily maximum outbound transfer is only $5k. So, it may be easier and faster to ask the new bank to pull the money. Thanks, Huey , for the reminder that you have to ask the right questions to get the right answer. Did not do that and they did not volunteer either. Per...
by kaneohe
Sat Sep 17, 2016 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Anyone Have Experience w/ PenFed ACH?
Replies: 4
Views: 278

Anyone Have Experience w/ PenFed ACH?

I have a CD maturing at PenFed and would like to have them ACH to another bank. They told me they could do that and it would (or might) take 3-5 days to show up at the other bank. That seems a bit long or they may be underpromising so they can overdeliver. Any experience w/ that? Note that this may ...
by kaneohe
Sat Sep 17, 2016 8:31 am
Forum: Personal Finance (Not Investing)
Topic: How does taxing on SS benefits work
Replies: 14
Views: 1295

Re: How does taxing on SS benefits work

https://apps.irs.gov/app/vita/content/globalmedia/social_security_benefits_worksheet_1040i.pdf other income + 50% of SS = 20 + 20 = 40 thresholds 25, 34 for single. 50% (34 - 25) = 4.5 85% (40 -34) = 5.1 4.5 + 5.1 = 9.6 = taxable SS other income + taxable SS = 20 + 9.6 = 29.6 Thank you for the calc...
by kaneohe
Fri Sep 16, 2016 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: How does taxing on SS benefits work
Replies: 14
Views: 1295

Re: How does taxing on SS benefits work

https://apps.irs.gov/app/vita/content/globalmedia/social_security_benefits_worksheet_1040i.pdf

other income + 50% of SS = 20 + 20 = 40
thresholds 25, 34 for single. 50% (34 - 25) = 4.5
85% (40 -34) = 5.1
4.5 + 5.1 = 9.6 = taxable SS
other income + taxable SS = 20 + 9.6 = 29.6
by kaneohe
Thu Sep 15, 2016 10:00 am
Forum: Investing - Help with Personal Investments
Topic: Recharacterization and RMDs
Replies: 4
Views: 385

Re: Recharacterization and RMDs

I think I'd put my money on you, not Fidelity. https://www.bogleheads.org/forum/viewtopic.php?t=157460
by kaneohe
Wed Sep 14, 2016 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard QCD Checks [Qualified Charitable Distributions]
Replies: 38
Views: 2119

Re: Vanguard QCD Checks

Keep in mind that the smaller the charity, the more likely it is to be run by part-time volunteers. Sometimes the treasurer, or whoever's job it is to handle donations, could be sick, or out of town, or hasn't been in the office recently. That is correct..you need to give leeway to volunteer organi...
by kaneohe
Tue Sep 13, 2016 6:06 pm
Forum: Investing - Help with Personal Investments
Topic: Mutual fund tax worries.
Replies: 5
Views: 422

Re: Mutual fund tax worries.

Be sure to document the date of death value of these shares. That will serve as your basis so if they don't appreciate from that value, you will pay no taxes when you sell them even though they may have greatly appreciated from when the original owner bought them (step-up in basis). https://www.bogl...
by kaneohe
Tue Sep 13, 2016 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Amending old tax return
Replies: 22
Views: 1179

Re: Amending old tax return

Kaneohe, I believe AARP Foundation only supports and provides one tax program; Tax Counseling for the Elderly (TCE). Some people refer to it as Tax-Aide. The IRS supports two tax programs; Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly. In our area of middle Tennessee The...
by kaneohe
Tue Sep 13, 2016 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Amending old tax return
Replies: 22
Views: 1179

Re: Amending old tax return

.................... Of topic (but, hey, it's my thread :D ), I infer you're a tax attorney or accountant or something similar. I'm an attorney but not a tax attorney, and each year I keep thinking about volunteering with a pro bono walk-in tax prep clinic like Vita. From your perspective, do your ...
by kaneohe
Fri Sep 09, 2016 2:10 am
Forum: Personal Finance (Not Investing)
Topic: Withdrawal from Roth IRA
Replies: 13
Views: 806

Re: Withdrawal from Roth IRA

............................. Maybe you go through the worksheet and it says "congrats...you don't have to file Form 8606", I'm not sure. But rather than say there is no paperwork involved, I think the poster needs to check to be sure that Form 8606 is not required. Perhaps reading the in...
by kaneohe
Tue Sep 06, 2016 2:01 pm
Forum: Investing - Help with Personal Investments
Topic: Undo Roth IRA contribution
Replies: 4
Views: 407

Re: Undo Roth IRA contribution

see this http://fairmark.com/retirement/roth-accounts/contributions-to-roth-accounts/excess-contributions-to-roth-iras/ on how to remove an excess contribution. If you do this, then you don't get the benefit of contributing this yr. An alternative is to recharacterize it to TIRA........you then get ...
by kaneohe
Wed Aug 31, 2016 8:23 am
Forum: Personal Finance (Not Investing)
Topic: How do taxes work for rental income
Replies: 26
Views: 2316

Re: How do taxes work for rental income

from Sch E: list of expenses Expenses: 5 Advertising . . . . . . . . . . . . . . 5 6 Auto and travel (see instructions) . . . . . . . 6 7 Cleaning and maintenance . . . . . . . . . 7 8 Commissions. . . . . . . . . . . . . . 8 9 Insurance . . . . . . . . . . . . . . . 9 10 Legal and other professiona...
by kaneohe
Sun Aug 28, 2016 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Best book on Taxes?
Replies: 9
Views: 1015

Re: Best book on Taxes?

I was going to suggest the Dummies series which have generally been pretty good but Amazon suggests that there is only an older edition from 1999. You might see if your local library has it (Taxes for Dummies) and if has any newer editions. Otherwise this one sounds interesting and has good reviews ...
by kaneohe
Sat Aug 27, 2016 11:59 am
Forum: Investing - Theory, News & General
Topic: When in doubt, convert to a Roth
Replies: 17
Views: 1775

Re: When in doubt, convert to a Roth

I posted questions about this in an earlier thread and am still on the fence. At age 71 ........................................ I also don't relish being locked into a 5 year restriction (from the time of first conversion) on withdrawing the Roth funds.................................. Perhaps rea...
by kaneohe
Mon Aug 22, 2016 11:50 am
Forum: Investing - Help with Personal Investments
Topic: Timing for RMD withdrawals?
Replies: 33
Views: 2813

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: 33
Views: 2813

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: 33
Views: 2813

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: 1792

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: 2053

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: 1225

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: 1225

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: 1349

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: 1304

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: 1397

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: 1186

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: 1186

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: 869

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: 869

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: 909

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: 909

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: 909

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: 909

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: 931

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: 931

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: 2350

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: 2350

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: 2350

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: 2350

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: 2350

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: 2350

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: 498

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...

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