Search found 4587 matches

by kaneohe
Wed Feb 21, 2018 10:20 am
Forum: Investing - Help with Personal Investments
Topic: Average cost basis to shift gains between lots?
Replies: 1
Views: 106

Re: Average cost basis to shift gains between lots?

Dual category averaging (long term & short term) used to be allowed but since the new cost basis method arrived, only single category is allowed which means all your shares probably will be averaged together. Also since the order of sale for averaged shares is considered FIFO, that means that the ol...
by kaneohe
Tue Feb 20, 2018 9:30 am
Forum: Investing - Theory, News & General
Topic: Cap Gain Tax Q 2018 tax year
Replies: 4
Views: 378

Re: Cap Gain Tax Q 2018 tax year

viewtopic.php?t=86849

check out the stacked bar chart by tfb on 12/11/11 and the adjacent discussion to understand how this stuff works. Topic is about Qualified dividends but also pertains to LTCG.
by kaneohe
Thu Feb 15, 2018 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Need help with Schedule D
Replies: 14
Views: 688

Re: Need help with Schedule D

was afraid you were going to ask that :happy not sure what the right answer is but I am sure that it is ok to do 8949 for both parts and then transfer to Sch D (the long way). I don't know if doing it halfway (part directly to 1A and the rest indirectly to 8B/9) will confuse IRS but it seems to me t...
by kaneohe
Thu Feb 15, 2018 9:10 am
Forum: Personal Finance (Not Investing)
Topic: Need help with Schedule D
Replies: 14
Views: 688

Re: Need help with Schedule D

Your instincts are correct Instructions for 8a: 8a Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line bla...
by kaneohe
Tue Feb 13, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Question for TaxAide Volunteers
Replies: 10
Views: 776

Re: Question for TaxAide Volunteers

Just want to say that you all are good people and should be commended for volunteering!!! I have thought that I might be interested in doing that as well, but I am no tax expert, just a person who has been doing his own taxes for years and once passed the CPA exam. Anyone care to share some details...
by kaneohe
Tue Feb 13, 2018 1:43 am
Forum: Personal Finance (Not Investing)
Topic: Schedule B Interest Question
Replies: 14
Views: 1025

Re: Schedule B Interest Question

FiveK and kaneohe, thanks! Either way is fine. IRS is only concerned w/ the total. Might to useful tho to list as separate items to remind you that they are treated differently for state. If the IRS is only concerned with the total, what happens when you include a negative entry for accrued interes...
by kaneohe
Mon Feb 12, 2018 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: Schedule B Interest Question
Replies: 14
Views: 1025

Re: Schedule B Interest Question

Either way is fine. IRS is only concerned w/ the total. Might to useful tho to list as separate items to remind you that they are treated differently for state.
by kaneohe
Mon Feb 12, 2018 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Question for TaxAide Volunteers
Replies: 10
Views: 776

Re: Question for TaxAide Volunteers

I had a person from another nearby site on Thurs. No carryover data.........used it as my excuse why I was so slow since I had to type in all that junk.
by kaneohe
Sun Feb 11, 2018 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: How to file 1099-R to trust from inherited Roth IRA
Replies: 7
Views: 308

Re: How to file 1099-R to trust from inherited Roth IRA

don't know about TT Biz ...........typically 1099Rs from IRAs are entered on line 15a/b . Don't know how you get it there from TT but seems like there should be an IRA section. I think that is for form 1040. That does not seem to line up with form 1041 for trusts. I don't immediately see a place fo...
by kaneohe
Sun Feb 11, 2018 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: How to file 1099-R to trust from inherited Roth IRA
Replies: 7
Views: 308

Re: How to file 1099-R to trust from inherited Roth IRA

don't know about TT Biz ...........typically 1099Rs from IRAs are entered on line 15a/b . Don't know how you get it there from TT but seems like there should be an IRA section.
by kaneohe
Sun Feb 11, 2018 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 taxes and AMT
Replies: 13
Views: 1489

Re: 2018 taxes and AMT

Can anyone translate this for me? What is "phase-out" versus "exemption"? Does this mean that a single person can make up to $500,000 per year before invoking AMT? What happens if this person makes $510,000? Is $10,000 then taxed at 26% additionally? I don't understand the "exemption" threshold, it...
by kaneohe
Sun Feb 11, 2018 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Determining Correct Federal Income Tax Liability/Withholding
Replies: 8
Views: 741

Re: Determining Correct Federal Income Tax Liability/Withholding

I didn't check your calcs in detail but the methodology looks correct. The easiest way to fix is to change your W4 withholding to take an additional amount that you specify per pay period (line 6, I believe). Then you know exactly what will be withheld rather than fooling around with changing exempt...
by kaneohe
Sun Feb 11, 2018 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 taxes and AMT
Replies: 13
Views: 1489

Re: 2018 taxes and AMT

thanks for starting this thread, Op. I am also very unclear on AMT changes with the new tax changes. If income is $500,000 and one takes deductions, will there be AMT? My taxes will go up 17k with the new tax reform changes due to losing state tax and limiting property tax deductions, but I paid 19...
by kaneohe
Sun Feb 11, 2018 10:13 am
Forum: Investing - Help with Personal Investments
Topic: Average Cost to SpecID questions: Did Vanguard do this correctly?
Replies: 51
Views: 1645

Re: Average Cost to SpecID questions: Did Vanguard do this correctly?

My impression is that you can change from AVB to specID. However if you have ever sold AVB shares previously, then all shares you own before you make the change, remain AVB. New shares you buy after you make the change become specID. If you had lots you bought for 20/sh, 60/sh, 100/sh with 100 sh/lo...
by kaneohe
Sun Feb 11, 2018 9:54 am
Forum: Personal Finance (Not Investing)
Topic: 2018 taxes and AMT
Replies: 13
Views: 1489

Re: 2018 taxes and AMT

As a general rule, I would say no. For example,for 2017, it is not true. You can use the std deduction and still have AMT. This just means the other method produces a higher tax. For 2018, the exemption is a bit higher and the phaseout income is a lot higher so it will be more difficult to have AMT,...
by kaneohe
Sat Feb 10, 2018 4:17 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Tax Loss Harvesting
Replies: 13
Views: 714

Re: Help with Tax Loss Harvesting

I was also thinking if there was a way that I could basically just use my two funds and move the money from one to the other. I have about the same amount of money allocated to each fund. It would be great if I could just sell intermediate term and harvest the loss, and then immediately invest the ...
by kaneohe
Sat Feb 10, 2018 11:58 am
Forum: Personal Finance (Not Investing)
Topic: 2018 Tax Tables
Replies: 10
Views: 1581

Re: 2018 Tax Tables

For Oldcomputerguy it's the 2018 Table that I'm interested in and for Kaneohe & Jebmke a couple of things : (1) I agree that the tax delta for adjacent $50 income ranges is small but I anticipate an 8K taxable income drop in 2018 and (2) At this point I have no idea how the IRS develops the tables ...
by kaneohe
Fri Feb 09, 2018 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Tax Tables
Replies: 10
Views: 1581

Re: 2018 Tax Tables

At the highest income of 100K, the 2017 MFJ table varies $14 for $50 increments in income. In principle the formula runs a curve thru the middle of those points of the table so you should be off by no more than $7 by using the formula for 2018. You don't really need the table until over a yr from no...
by kaneohe
Fri Feb 09, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Is there a way to figure 2018 taxes?
Replies: 18
Views: 2175

Re: Is there a way to figure 2018 taxes?

You can use this wksht https://apps.irs.gov/app/vita/content/globalmedia/social_security_benefits_worksheet_1040i.pdf to calculate how much of the SS is taxable. Then just input the taxable part of the SS in a tax calculator like Taxcaster or the HR Block calculator to determine the tax. Note: do no...
by kaneohe
Fri Feb 09, 2018 11:14 am
Forum: Investing - Help with Personal Investments
Topic: IRA withdrawals and withholding/underpayment question
Replies: 4
Views: 215

Re: IRA withdrawals and withholding/underpayment question

For whatever reason, IRS treats withholding differently (better) than it treats estimated tax payments. You can see it in the est. tax wksht https://www.irs.gov/pub/irs-pdf/f1040es.pdf where it subtracts out withholdings from your required annual payments before determining your estimated payments d...
by kaneohe
Tue Feb 06, 2018 9:45 am
Forum: Investing - Theory, News & General
Topic: Recharacterization/Conversion rules?
Replies: 4
Views: 299

Re: Recharacterization/Conversion rules?

Yes, I believe you are correct if your MAGI is less than something like 186K. Above that the benefit phases out gradually at 196K , it is gone.
Limits are for 2017 and may change slightly for 2018.
by kaneohe
Sun Feb 04, 2018 11:00 pm
Forum: Investing - Help with Personal Investments
Topic: Confused about tIRA deduction limits for MFJ
Replies: 6
Views: 551

Re: Confused about tIRA deduction limits for MFJ

Since you both have retirement plans I don't see how you could get a different number for each person. You might want to check out this calculator also https://www.schwab.com/public/schwab/investing/retirement_and_planning/understanding_iras/ira_calculators/roth_vs_traditional It seemed to give the...
by kaneohe
Sun Feb 04, 2018 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: Another 8606 thread - IRS transcript shows all zeros
Replies: 15
Views: 1511

Re: Another 8606 thread - IRS transcript shows all zeros

Shouldn't the TAXABLE NONDEDUCTIBLE CONTRIBUTIONS line show 5500? Wouldn't that be line 15 for taxable contributions? I think yours are nondeductible but not taxable. Seems odd that the $5500 doesn't show on the transcript at all though... Line 15 deals w/ the taxable part of distributions and conv...
by kaneohe
Sun Feb 04, 2018 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: IRS penalties for late payment of estimated taxes while under safe harbor?
Replies: 7
Views: 994

Re: IRS penalties for late payment of estimated taxes while under safe harbor?

....................................... I did not make federal estimated tax payments in 2017. ........................ I won't owe any penalties for underpayment in 2017 as I am covered by the safe harbor. ............................. What do you mean by these statements? Did you pay the safe har...
by kaneohe
Sun Feb 04, 2018 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Is taxcaster 2018 accurate for AMT?
Replies: 12
Views: 1043

Re: Is taxcaster 2018 accurate for AMT?

...................................................................... Taxcaster suggests no AMT for 2017 and since it seems AMT is less likely in 2018, I would guess no AMT in 2018. ............................................ But are you suggesting I plug in my 2017 information, but cap my SALT p...
by kaneohe
Sun Feb 04, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Is taxcaster 2018 accurate for AMT?
Replies: 12
Views: 1043

Re: Is taxcaster 2018 accurate for AMT?

Thanks, all. Here's my situation (roughly): $550k W2 income (probably $75k gets taken out pre-tax), ~$5k in long term cap gains, MFJ, will max out SALT deduction, around $25,000 in mortgage interest deduction (perhaps $1-2k will be capped out), $5-10k in charitable contributions. Is the consensus t...
by kaneohe
Sat Feb 03, 2018 11:16 pm
Forum: Investing - Help with Personal Investments
Topic: Confused about tIRA deduction limits for MFJ
Replies: 6
Views: 551

Re: Confused about tIRA deduction limits for MFJ

https://www.irs.gov/pub/irs-pdf/p590a.pdf You might want to check out the wksht on p.17 to see how the calculation goes. Unfortunately the link is for 2016 so you need to change the line 1 number to 119K. Since you both have retirement plans I don't see how you could get a different number for each...
by kaneohe
Fri Feb 02, 2018 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Is taxcaster 2018 accurate for AMT?
Replies: 12
Views: 1043

Re: Is taxcaster 2018 accurate for AMT?

Try both for your conditions and see the results. They may very well be the same. HRB seems to have a problem w/ the 20% CG rate.
Try inputting 500K CG in both. Different results but if you input 250K, results are the same.
by kaneohe
Thu Feb 01, 2018 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding allowances on W4
Replies: 12
Views: 909

Re: Understanding allowances on W4

https://www.irs.gov/pub/irs-pdf/fw4.pdf

There is a more direct way to withhold more..........line 6 of the W4 asks for an additional amt /pay period to be withheld.
Then you don't have worry about what an additional exemption will do.
by kaneohe
Tue Jan 30, 2018 5:26 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Tax Question (two rolls in one year)
Replies: 5
Views: 494

Re: Backdoor Roth IRA Tax Question (two rolls in one year)

Your 1099R is as good as it's going to get ..........taxable amount not determined since the bank has no idea of your personal situation. Generally that box should be checked (not determined) most of the time since the bank generally doesn't know if your contributions were deductible or if you rolle...
by kaneohe
Sun Jan 28, 2018 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Safe Harbor Withholding in year following Windfall?
Replies: 7
Views: 639

Re: Safe Harbor Withholding in year following Windfall?

....They will both produce your results based on 2017 rules in some detail and also on the final results page produce a 2018 number without details. If both produce the same 2018 number you might have some confidence in that. You can use the 90% of current yr safe harbor. I have iOS app of TaxCaste...
by kaneohe
Sun Jan 28, 2018 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Safe Harbor Withholding in year following Windfall?
Replies: 7
Views: 639

Re: Safe Harbor Withholding in year following Windfall?

............................................................................. I paid estimated taxes for 2017 with the safe harbors in view. Because my income has now returned to “normal,” 2018 presents a dual challenge: the safe harbor of withholding my taxes owed from 2017 is not practical, and t...
by kaneohe
Sat Jan 27, 2018 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Capital Gains Tax Question
Replies: 8
Views: 1181

Re: Capital Gains Tax Question

and even when you think you understand, it is always good to put it thru tax software or a tax calculator like Taxcaster to confirm.
by kaneohe
Sat Jan 27, 2018 9:10 am
Forum: Personal Finance (Not Investing)
Topic: Donate RMD to charitable organization
Replies: 9
Views: 658

Re: Donate RMD to charitable organization

https://www.kitces.com/blog/qualified-c ... uirements/

see requirement section where age is confirmed even for inherited IRA. You do need to take RMDs also.
by kaneohe
Fri Jan 26, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 IRA/Roth IRA Phase Out / Spousal Questions
Replies: 4
Views: 345

Re: 2018 IRA/Roth IRA Phase Out / Spousal Questions

........................................... Questions/Confusion It seems like contributing to the TIRA and then backdooring makes the most sense being so close to phaseout and the 2018 recharacterization changes (elimination). However, I don't understand a few things: Confirmation: Bob is unable to...
by kaneohe
Fri Jan 26, 2018 11:17 am
Forum: Investing - Help with Personal Investments
Topic: Reduced MAGI. Change IRA contributions to traditional?
Replies: 7
Views: 599

Re: Reduced MAGI. Change IRA contributions to traditional?

The usual answer to this question is what will your tax rate be when you withdraw these funds vs what rate will you be saving now. Ideally you would like to pay less then than you save now. Will your 401K accept your pretax TIRA funds in the future if you decide to move them there?
by kaneohe
Fri Jan 26, 2018 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion Pro-Rata Question
Replies: 7
Views: 516

Re: Roth Conversion Pro-Rata Question

Your example is not correct. Your pre-tax contributions do not enter the calculation at all. The relevant fraction is after-tax contributions divided by total traditional IRA value, to obtain the tax free portion. Suggest you work through the IRS form. nice catch...... OP's method works only if the...
by kaneohe
Thu Jan 25, 2018 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor roth question [do I qualify?]
Replies: 4
Views: 322

Re: Backdoor roth question [do I qualify?]

The only restriction is that your TIRA contributions may not deductible, but there is no restriction on contributing so you can still do the backdoor.......assuming you don't have any other IRAs with deductible contributions/earnings which will cause more of your non-deductible contributions to be t...
by kaneohe
Thu Jan 25, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Tax estimator that includes AMT?
Replies: 7
Views: 709

Re: Tax estimator that includes AMT?

Both Intuit's Taxcaster and H&R Block now give 18 estimates. Both gave me consistent results. I also was getting hammered by AMT. You may be pleasantly surprised. I'm looking at saving 17-18K next year. A fellow BH recently discovered that those 2 calculators differed under certain conditions....ad...
by kaneohe
Thu Jan 25, 2018 10:15 am
Forum: Investing - Help with Personal Investments
Topic: Roth-tIRA-Roth
Replies: 1
Views: 164

Re: Roth-tIRA-Roth

You would be recharacterizing your Roth contribution to a TIRA contribution. This is as if you had made the contribution to TIRA originally. If MFS and your MAGI> 10K, you can not deduct your TIRA contribution. You are then converting your non-deductible TIRA contribution to a Roth. Assuming you hav...
by kaneohe
Thu Jan 25, 2018 9:36 am
Forum: Personal Finance (Not Investing)
Topic: QCD Mechanics [Qualified Charitable Distribution]
Replies: 40
Views: 2855

Re: QCD Mechanics [Qualified Charitable Distribution]

The problem I have with Vanguard writing the checks is that I have no way of knowing whether or not the charity received the check. They are supposed to send a letter of acknowledgement, but those letters may not come until the following year, or they may not come at all. I had one instance where I...
by kaneohe
Thu Jan 25, 2018 9:08 am
Forum: Personal Finance (Not Investing)
Topic: IRS Underpayment Penalties for Mega Roth Conversion?
Replies: 26
Views: 1997

Re: IRS Underpayment Penalties for Mega Roth Conversion?

Paying estimated taxes for this seems like a pain. Assuming you have the money for the estimated tax in a bank account, a few clicks using Direct Pay | Internal Revenue Service and you are all set. And there's no penalty if completed by end of 2018?? If you convert early (e.g., February 2018) but w...
by kaneohe
Wed Jan 24, 2018 5:52 pm
Forum: Investing - Theory, News & General
Topic: Non-deductible IRA & deductible IRA - query
Replies: 5
Views: 367

Re: Non-deductible IRA & deductible IRA - query

[quote=dbk post_id=3740314 time=1516829822 user_id=124................................If it is, as long as I don't show after-tax contribution to Vanguard's "Traditional IRA" in 1040, we can say it as "Non-deductible IRA" - correct? ............................................. [/quote] I think this...
by kaneohe
Wed Jan 24, 2018 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Support test for college student filing Indepently
Replies: 32
Views: 1006

Re: Support test for college student filing Indepently

an interesting article on kiddie tax: https://www.forbes.com/sites/baldwin/2013/07/24/ducking-the-kiddie-tax/#1ca02de4325f Yes, this is similar to what we are looking into. However if the support test is met with unearned income and my son is not our dependent I believe then he is also allowed to t...
by kaneohe
Tue Jan 23, 2018 6:18 pm
Forum: Personal Consumer Issues
Topic: Medicare plan G supplement costs?
Replies: 15
Views: 793

Re: Medicare plan G supplement costs?

charleshugh wrote:
Tue Jan 23, 2018 5:27 pm
https://www.medicare.gov/find-a-plan/qu ... -home.aspx

Link for Medigap plans.
Thanks for that link. interesting info but doesn't provide direct supplier/info so you still have to search yourself when shopping or go thru broker or SHIP,I guess.............also doesn't have AARP/UHC?
by kaneohe
Tue Jan 23, 2018 1:34 pm
Forum: Personal Consumer Issues
Topic: Medicare plan G supplement costs?
Replies: 15
Views: 793

Re: Medicare plan G supplement costs?

Volkdancer wrote:
Tue Jan 23, 2018 11:32 am
Charles, You can find that information on the Medicare website by available policies and estimated costs by state. Karl V
could you provide a link to that page? I am not aware that Medicare provides the cost info for Medigap policies........only Advantage plans.
by kaneohe
Tue Jan 23, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: help with tIRA tax situation and backdoor roth IRA
Replies: 3
Views: 397

Re: help with tIRA tax situation and backdoor roth IRA

No other IRAS for wife, right? You can also make your current contribution to IRA first, then do what you want to do so you only make one conversion. Report your 2009 non-deductible contribution on F8606 FOR THAT YEAR. Move the deductible contributions and earning to 401K, assuming they allow this. ...