Search found 4394 matches

by kaneohe
Mon Nov 20, 2017 1:42 pm
Forum: Investing - Help with Personal Investments
Topic: Retire couple Roth Conversion Help
Replies: 12
Views: 790

Re: Retire couple Roth Conversion Help

You might want to check your tax calculations w/ a tax calculator like the HR Block one. https://www.hrblock.com/tax-calculator/#/en/te/results I think you might either be overcalculating the tax or using non-standard nomenclature. Usually when someone says convert to the top of the 25% bracket, to...
by kaneohe
Mon Nov 20, 2017 1:12 am
Forum: Investing - Help with Personal Investments
Topic: Retire couple Roth Conversion Help
Replies: 12
Views: 790

Re: Retire couple Roth Conversion Help

You might want to check your tax calculations w/ a tax calculator like the HR Block one. https://www.hrblock.com/tax-calculator/#/en/te/results I think you might either be overcalculating the tax or using non-standard nomenclature. Usually when someone says convert to the top of the 25% bracket, to ...
by kaneohe
Sat Nov 18, 2017 7:32 pm
Forum: Investing - Help with Personal Investments
Topic: 529 or not 529?
Replies: 19
Views: 1573

Re: 529 or not 529?

Bacchus01 wrote:
Sat Nov 18, 2017 6:54 pm
Is there a state tax benefit in CA?

....................................
no tax benefit for contributing to 529 in CA.
by kaneohe
Sat Nov 18, 2017 6:20 pm
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1192

Re: Timing if Medicare annual physical

The Medicare wellness exam is a JOKE. Nothing like the completeness of the physical my doctor used to perform. Draw a clock, review bloodwork that I've already seen, remember three words, no stethoscope, no EKG, etc. What a waste of time (mine and physician's) and money (taxpayer). That's why I do ...
by kaneohe
Sat Nov 18, 2017 6:15 pm
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1192

Re: Timing if Medicare annual physical

I've found that Medicare sometimes has issues with billing if not exactly 1 year. Easiest example is 2 Pneumonia vaccines. Approved to be given at 65 and then 6 months later. We give Prevnar at 65 and Pneumovax 6 months later. We did this for a while and Medicare wasn't covering the 2nd shot about ...
by kaneohe
Sat Nov 18, 2017 8:46 am
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1192

Re: Timing if Medicare annual physical

mouses wrote:
Sat Nov 18, 2017 12:22 am
When I schedule, the folks at the desk make sure it's far enough out.
That's safe.......you will either be ok if they are right or a bit later each year if they are wrong. However that risks being pushed later and later in the yr as time passes if they are wrong.
by kaneohe
Sat Nov 18, 2017 12:03 am
Forum: Personal Consumer Issues
Topic: Timing if Medicare annual physical
Replies: 26
Views: 1192

Re: Timing if Medicare annual physical

You are wise to find out for yourself because this is the subject of much confusion even among the folks at the check in desk and nurses also. Wouldn't surprise me if doctors were not sure themselves. Actually no one is unsure,just that the answers differ. The link above is a good one. Thea annual m...
by kaneohe
Fri Nov 17, 2017 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block Tax estimator
Replies: 6
Views: 561

Re: H&R Block Tax estimator

............................. The problem was that I was not including qualified dividends as ordinary dividends in H&R Block. So instead of entering (for example) ordinary dividends as $5000 and qualified dividends as $4750, I was entering ordinary as $250 and qualified as $4750. In my defense :( ...
by kaneohe
Wed Nov 15, 2017 10:47 pm
Forum: Investing - Theory, News & General
Topic: Taking RMD'S
Replies: 15
Views: 1497

Re: Taking RMD'S

RMDs from non-traditional-IRAs have to be calculated and taken individually from each separate category: SEP IRAs SIMPLE IRAs 401(k) plans 403(b) plans 457(b) plans profit sharing plans other defined contribution plans https://www.irs.gov/retirement-plans/rmd-comparison-chart-iras-vs-defined-contri...
by kaneohe
Wed Nov 15, 2017 9:22 am
Forum: Investing - Theory, News & General
Topic: Taking RMD'S
Replies: 15
Views: 1497

Re: Taking RMD'S

I have several IRA's from which I need to start taking my RMD's. Is it best to take the required amount from each individual IRA or can you total up the amounts from all the IRA's in 2017 and take the total amount from one IRA? Does it make any difference which you do? Lucky3 In principle IRS wants...
by kaneohe
Mon Nov 13, 2017 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Long term capital gains tax - effective tax is higher than 15%
Replies: 15
Views: 1083

Re: Long term capital gains tax - effective tax is higher than 15%

Is the LTCG a significant part of the income? Perhaps AMT is affecting you.
by kaneohe
Mon Nov 13, 2017 9:37 am
Forum: Investing - Help with Personal Investments
Topic: 401k / IRA questions
Replies: 8
Views: 785

Re: 401k / IRA questions

Well it seems that it's time for me to learn more about these backdoor Roths. It is possible that someday I'm phased out of Roth - I'm not counting on it, but it's possible. Can you help me get a couple things straight? This whole backdoor roth conversion is very very confusing to me... 1. I curren...
by kaneohe
Sat Nov 11, 2017 11:03 am
Forum: Personal Finance (Not Investing)
Topic: 11 month no pnealty CD 1.55% 1K Minnimum
Replies: 11
Views: 1951

Re: 11 month no pnealty CD 1.55% 1K Minnimum

Thanks, grok. Guess I'll have to interrogate Ally again re: those words "we reserve" vs the marketing of No-penalty CDs.
by kaneohe
Fri Nov 10, 2017 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: 11 month no pnealty CD 1.55% 1K Minnimum
Replies: 11
Views: 1951

Re: 11 month no pnealty CD 1.55% 1K Minnimum

Sure its no penalty if the bank agrees to give you your money back early. They reserve the right not to. From depositaccounts.com I have a No-Penalty CD. How do I access my funds? You can make a request to access the total balance and interest earned on your No-Penalty CD as long as it is 7 days af...
by kaneohe
Fri Nov 10, 2017 11:16 pm
Forum: Investing - Help with Personal Investments
Topic: IRA Rollover 1 per year rule
Replies: 14
Views: 1035

Re: IRA Rollover 1 per year rule

[................................... There are three ways to transfer IRA assets: ....................................... [*] Indirect rollover where a check from Custodian #1 is mailed to you and made out to WorkToLive. You then deposit it into your account and write a check for Custodian #2. You ...
by kaneohe
Fri Nov 10, 2017 9:29 am
Forum: Investing - Theory, News & General
Topic: Please help me understand tax loss harvesting
Replies: 12
Views: 593

Re: Please help me understand tax loss harvesting

You might want to look at Sch D to see how things work. ST losses are applied against ST gains and LT losses against LT gains; then the net ST and net LT are combined. If you have a 6K loss and a 6K gain, they offset each other w/ a net of 0. If you have a 6K loss and no gains, you can use 3K of the...
by kaneohe
Thu Nov 09, 2017 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: 11 month no pnealty CD 1.55% 1K Minnimum
Replies: 11
Views: 1951

Re: 11 month no pnealty CD 1.55% 1K Minnimum

Chicago60 wrote:
Thu Nov 09, 2017 6:54 pm
Why be satisfied with 1.55% for 11 months, when over 20 different financial institutions listed on that same website have rates exceeding 1.55% for 12 month term CDs, with several showing rates at 1.70+%?
what is EWP on those?
by kaneohe
Thu Nov 09, 2017 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: Will my IRA contributions be tax deductible?
Replies: 4
Views: 302

Re: Will my IRA contributions be tax deductible?

If 67K is gross income, then 12K contribution to 401K should reduced Fed. gross (reported on tax return) to 55K. 18K gross of SS is reported on tax return at a max (could be less) of 85% of that value which reduces your AGI another 2.7K so you should be comfortably below the 99K limit. Even if you w...
by kaneohe
Tue Nov 07, 2017 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Does an Traditional IRA contribution lose its deductibility if converted to a ROTH IRA?
Replies: 12
Views: 764

Re: Does an Traditional IRA contribution lose its deductibility if converted to a ROTH IRA?

But you do realize there is no point in doing that, right? You achieve the same thing by contributing directly to Roth IRA...with less paperwork and more flexibility about withdrawing the money if needed. O.P. could just do a Non-deductible IRA contribution and then convert to Roth inexpensively (i...
by kaneohe
Mon Nov 06, 2017 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Simulating impact of W-4 changes?
Replies: 5
Views: 367

Re: Simulating impact of W-4 changes?

.................. What I've been doing is to look at how much federal tax we owed the prior year, and then experiment with filing new W-4's for each of us until I see the federal tax being withheld from each check reflecting the desired outcome. But that requires submitting a new W-4, waiting for ...
by kaneohe
Mon Nov 06, 2017 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Estimated Quarterly Tax Payments vs. Withholding
Replies: 8
Views: 731

Re: Estimated Quarterly Tax Payments vs. Withholding

A Roth conversion even by indirect rollover is not subject to the one rollover per 12 month period rule. Only indirect rollovers between similar IRAs; (traditional, SEP or SIMPLE) IRA -> (traditional, SEP or SIMPLE) IRA and Roth IRA -> Roth IRA are subject to the rule. SR , thanks for correction.
by kaneohe
Mon Nov 06, 2017 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Estimated Quarterly Tax Payments vs. Withholding
Replies: 8
Views: 731

Re: Estimated Quarterly Tax Payments vs. Withholding

If you are going to do this regularly near yr end, just be sure you don't violate the indirect rollover rule...only 1 such rollover allowed in a 12 mo
period (NOT calendar yr)
by kaneohe
Sun Nov 05, 2017 7:57 am
Forum: Personal Finance (Not Investing)
Topic: How does a conversion to a Roth IRA affect cap gains tax rate?
Replies: 8
Views: 743

Re: How does a conversion to a Roth IRA affect cap gains tax rate?

.................................................................... If this is all correct, you may wish to seriously consider recharacterizing that Roth conversion and waiting until a year when you either make much more or much less money. ............................ OP should seriously consider...
by kaneohe
Thu Nov 02, 2017 9:15 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Rollover to Existing Roth IRA
Replies: 7
Views: 639

Re: Roth IRA Rollover to Existing Roth IRA

If you go the indirect rollover route, be sure you didn't have any other indirect rollovers in either TIRA or Roth within the last 12 mos.
by kaneohe
Wed Nov 01, 2017 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 709 help; 529 super-funding mistake
Replies: 11
Views: 773

Re: IRS Form 709 help; 529 super-funding mistake

From the instruction for F709: If a gift is of community property, it is considered made one-half by each spouse. For example, a gift of $100,000 of community property is considered a gift of $50,000 made by each spouse, and each spouse must file a gift tax return **********************************...
by kaneohe
Tue Oct 31, 2017 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 709 help; 529 super-funding mistake
Replies: 11
Views: 773

Re: IRS Form 709 help; 529 super-funding mistake

From the instruction for F709: If a gift is of community property, it is considered made one-half by each spouse. For example, a gift of $100,000 of community property is considered a gift of $50,000 made by each spouse, and each spouse must file a gift tax return ***********************************...
by kaneohe
Tue Oct 31, 2017 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Help recharacterizing an IRA contribution with loss
Replies: 7
Views: 459

Re: Help recharacterizing an IRA contribution with loss

............................................... BTW, I pinged a tax expert and his recommendation was to create the amended return for my own records (for tracking basis, in case of audit, etc) but not to submit it to the IRS. They apparently get grumpy about amended returns that don't change the a...
by kaneohe
Tue Oct 31, 2017 11:44 am
Forum: Personal Finance (Not Investing)
Topic: HSA and Medical Expense Deduction in CA
Replies: 4
Views: 534

Re: HSA and Medical Expense Deduction in CA

Generally IRS frowns on double-dipping. If you have expenses of 25K and 10% of AGI = e.g. 10K, you can use 10K to satisfy the IRS floor for deductions and then deduct the remaining 15K or you can use 8K to withdraw from the HSA, 10K to satisfy IRS floor for deductions, and deduct the remaining 7K. I...
by kaneohe
Tue Oct 31, 2017 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Help recharacterizing an IRA contribution with loss
Replies: 7
Views: 459

Re: Help recharacterizing an IRA contribution with loss

As your title suggests, you are recharacterizing an IRA contribution (not a conversion). This means you are treating the contribution as if you had made a TIRA contribution originally (instead of a Roth). If you had made a TIRA contribution originally and the investment had lost value, you would not...
by kaneohe
Tue Oct 31, 2017 12:03 am
Forum: Personal Finance (Not Investing)
Topic: Projecting Tax Liability - Assistance Required
Replies: 26
Views: 1445

Re: Projecting Tax Liability - Assistance Required

................................. Is there a way to calculate what the paycheck impact is going to be if we switch to married but withhold at higher single rate on our w4? If you need to w/h more, this late in the yr it may be easier to do as suggested earlier by flamesabers........withhold an addi...
by kaneohe
Fri Oct 27, 2017 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: RMD amount for IRA vs 403b (IRS instructions?)
Replies: 12
Views: 626

Re: RMD amount for IRA vs 403b (IRS instructions?)

may not apply to you but I believe if you had contributions before some yr (thinking it's 1986 but could be off), you can postpone
taking RMDs on those older contributions until some age (thinking 75 but again could be off).
by kaneohe
Sun Oct 22, 2017 5:48 am
Forum: Investing - Theory, News & General
Topic: Isn't a Roth IRA and Backdoor Roth Equally Advantageous?
Replies: 24
Views: 2953

Re: Isn't a Roth IRA and Backdoor Roth Equally Advantageous?

perhaps they were thinking more traditionally.......qualified plans, instead of Roth qualified plans.......where the deduction was important to you.
If it is not, seems like backdoor would be similar to regular Roth.
by kaneohe
Sat Oct 21, 2017 8:27 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA + Rollover Withdrawals
Replies: 5
Views: 257

Re: Roth IRA + Rollover Withdrawals

I believe it follows from what you actually did............made an original contribution to TIRA and then converted to Roth.... so it's a conversion. If you could have made an original contribution to Roth , it would have been much simpler but for some reason you didn't do that (because you couldn't...
by kaneohe
Sat Oct 21, 2017 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Why not switch from Medigap F to G now?
Replies: 43
Views: 3906

Re: Why not switch from Medigap F to G now?

.......................................................................... DH just changed carriers recently to go from Plan F at one carrier to another carrier's Plan F. It was relatively effortless. No medical underwriting is required if you transfer to the same plan letter or to one that offers ...
by kaneohe
Sat Oct 21, 2017 7:25 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA + Rollover Withdrawals
Replies: 5
Views: 257

Re: Roth IRA + Rollover Withdrawals

Here's a table you might find useful: made by kawill at the fairmark. com site and vetted by Alan S. who posts here also. It lists various time periods of your age and the age and nature of your conversions. The ordering rules specify what comes out first: original contributions, then conversions, a...
by kaneohe
Sat Oct 21, 2017 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Confusion about Part D IRMAA
Replies: 13
Views: 634

Re: Confusion about Part D IRMAA

wondering if employer sponsored Medicare Advantage Plans are treated differently than stuff you buy on the street. Like OP, wife's plan was obtained
via employer.............perhaps employer is absorbing the costs? or having the pool of retirees sharing the costs?
by kaneohe
Sat Oct 21, 2017 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Confusion about Part D IRMAA
Replies: 13
Views: 634

Re: Confusion about Part D IRMAA

If you didn't sign up for Part D, you won't have to pay either the basic premium or the IRMAA for Part D. That's my impression too. SS has annual statements once you start getting payments. They tell you coming yr SS amounts, deductions for Medicare and IRMAA deductions for pt B/pt D. I have Medica...
by kaneohe
Sat Oct 21, 2017 8:53 am
Forum: Personal Finance (Not Investing)
Topic: medicare supplement
Replies: 29
Views: 2064

Re: medicare supplment

Since I'm new to this, is it customary to call pharmacies to check prices and co-pays? perhaps more easily done at the medicare.gov website where you would go to choose a Rx drug plan . There is an annual enrollment period each year about this time. Input the drug you are interested in and the webs...
by kaneohe
Fri Oct 20, 2017 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: Strange email from Equifax
Replies: 14
Views: 1856

Re: Strange email from Equifax

At this point I'd be striving to minimize contact with these companies. They've had to surge a lot of temp staff to do "customer service". I'd be concerned that each additional contact just increases the likelihood of further errors. I called 3 wks ago and froze both of our accts via automated phon...
by kaneohe
Fri Oct 20, 2017 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: medicare supplement
Replies: 29
Views: 2064

Re: medicare supplment

Did you also choose a Medicare Prescription Drug Plan in addition to plan N? Yes, I have the Humana (Walmart) plan for $17/mo. Scripts need to be filled at Walmart to qualify for the reduced prices. I'm not a snob but I'll admit I was a little reluctant to depend on them for meds. However, on a pos...
by kaneohe
Fri Oct 20, 2017 1:48 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvest Question
Replies: 2
Views: 289

Re: Tax Loss Harvest Question

Take a look at Sch D https://www.irs.gov/pub/irs-pdf/f1040sd.pdf , then tell us............
by kaneohe
Thu Oct 19, 2017 9:28 pm
Forum: Investing - Help with Personal Investments
Topic: Back Door Roth IRA – is it worth paying taxes now on gains?
Replies: 5
Views: 520

Re: Back Door Roth IRA – is it worth paying taxes now on gains?

............................ Or should I transfer the traditional IRA to my current employers’ 401K plan to get a fresh start in my IRA account ($0 balance) ........................................ Can't be sure what you're thinking but you can't transfer the whole TIRA to 401K..........only the ea...
by kaneohe
Thu Oct 19, 2017 12:46 am
Forum: Personal Finance (Not Investing)
Topic: medicare supplement
Replies: 29
Views: 2064

Re: medicare supplment

https://interactive.web.insurance.ca.go ... :SESSION::

you can compare rates here for various plans
by kaneohe
Tue Oct 17, 2017 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Help Me Think About Roth Conversions and Retirement?
Replies: 17
Views: 1787

Re: Help Me Think About Roth Conversions and Retirement?

Strayshot, I already have that plotted out as you suggest. And yes, I will have a very generous pension when I retire - nearly 40 years of service in total. Current tax bracket: 33% + 9.3% - for 2017-2025. Retire Feb 2026, age 60: One month income, 10 months retirement income, fall to 25% Fed and 9...
by kaneohe
Mon Oct 16, 2017 4:43 pm
Forum: Investing - Help with Personal Investments
Topic: Sell fund cost basis
Replies: 10
Views: 791

Re: Sell fund cost basis

https://www.bogleheads.org/wiki/Cost_basis_methods

looks like FIFO could be the default method if you opt out of AVG Basis so just subtract the ST shares from the total and the rest by FIFO should be LT.
by kaneohe
Sun Oct 15, 2017 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: UGMA Taxes [Uniform Gift to Minors Act]
Replies: 4
Views: 367

Re: UGMA Taxes [Uniform Gift to Minors Act]

https://www.journalofaccountancy.com/issues/2007/jul/thedreadedkiddietax.html This is an older article......not sure if it still applies ........but sounds like it could be somewhat complex "Computing the kiddie tax is often complex, and some income normally subject to preferential tax rates, such ...
by kaneohe
Sun Oct 15, 2017 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 828

Re: 2016 tax help before deadline!!! 401k excess

..................................................... Looks like when I first posted I had changed my foreign tax credit (for a separate issue I was trying to figure out, which I've now resolved). That credit change threw off my refund by $10. To correct my #s, when I have my W2s entered accurately...
by kaneohe
Sun Oct 15, 2017 11:50 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 828

Re: 2016 tax help before deadline!!! 401k excess

I think you conclude that it is as advertised: no penalty on 401K excess and everything is consistent including your previous assumption that extra income would be taxed at 28% was correct? This whole adventure started w/ that $26 inconsistency?
by kaneohe
Sun Oct 15, 2017 11:01 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 828

Re: 2016 tax help before deadline!!! 401k excess

Interesting to see that same $26 difference show up so somehow TA is treating the 1099R as effectively more income than the W2. Might be useful to compare the 1040s line by line for the 2 cases......AGI, deductions, taxable inc, credits, taxes, etc..........might give a clue. Also the 1099R .......w...
by kaneohe
Sun Oct 15, 2017 9:58 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 828

Re: 2016 tax help before deadline!!! 401k excess

how about doing your what if again........leave the 1099R info in the return; then reduce your wages by that 1636+ and see if the same thing happens...and check the 1040 esp p. 2 for any differences