Search found 4305 matches

by kaneohe
Thu Sep 21, 2017 8:49 am
Forum: Personal Finance (Not Investing)
Topic: RMD Dates
Replies: 9
Views: 709

Re: RMD Dates

Non-CPA here. I am a month older than you. Your plan is consistent with my understanding of the RMD requirements. I also asked my CPA if my RMD would trigger the AMT...a point to consider. I only got into AMT once, due to a real estate transaction. So my question: what is the simplest way to know w...
by kaneohe
Thu Sep 21, 2017 8:38 am
Forum: Personal Finance (Not Investing)
Topic: RMD Dates
Replies: 9
Views: 709

Re: RMD Dates

In order to minimize the tax bite, I'll take a distribution in Dec of 2018 and each calendar year thereafter. Am I missing anything? Don't want to get this wrong !! That is only true if your marginal tax rate will be higher and/or it will affect other things such as your IRMAA tier. In many cases e...
by kaneohe
Wed Sep 20, 2017 9:15 pm
Forum: Investing - Help with Personal Investments
Topic: IRA to Roth conversion now (age 68) or RMD?
Replies: 29
Views: 1453

Re: IRA to Roth conversion now (age 68) or RMD?

Agree w/Peter Foley that after 59.5 y.o. and first Roth > 5 yrs old,OP doesn't have to worry about 5 yr rule on conversions. Even if Roth were not 5 yrs old , the ordering rules of contributions first, then conversions imply that unless OP withdraws everything at once, there likely will be no taxes/...
by kaneohe
Sun Sep 17, 2017 3:21 pm
Forum: Investing - Help with Personal Investments
Topic: Clarification on a TIRA
Replies: 3
Views: 307

Re: Clarification on a TIRA

You can only contribute 6.5K annually to TIRA. If you withdraw funds, you will be taxed on withdrawal only, no penalty. Even if you could add more top it up to 6.5K, what have you accomplished. Taken money out , replaced it, got a tax bill but same amount of funds in TIRA. Isn't it better to leave i...
by kaneohe
Fri Sep 15, 2017 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Supplemental - BCBS vs United Healthcare
Replies: 6
Views: 585

Re: Medicare Supplemental - BCBS vs United Healthcare

Here is some info for UHC (prob. not in your community) : (note this is for plan F, not G) $135/mo to $187/mo, an increase of 38.5% or about 6.7%/yr. Of this increase 3% /yr is the decrease in the AARP UHC discount . I believe they gave an 18% initial "discount" which disappears at the 3% rate/yr so...
by kaneohe
Fri Sep 15, 2017 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA Deductions
Replies: 4
Views: 181

Re: Traditional IRA Deductions

You have 2 TIRAs that are in play here......yours and spouse. Different rules for each of you. Use your rule for your IRA and his rule for his.
by kaneohe
Fri Sep 15, 2017 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: How can I be more savy about taxes?
Replies: 15
Views: 1700

Re: How can I be more savy about taxes?

https://www.amazon.com/Taxes-Dummies-Eric-Tyson/dp/0764552066/ref=sr_1_1?ie=UTF8&qid=1505505483&sr=8-1&keywords=taxes+for+dummies You might be able to find this in local library. Generally reading gives you a general picture of things but if you really want to see how things work, there is nothing ...
by kaneohe
Fri Sep 15, 2017 2:27 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA/RMD question
Replies: 6
Views: 472

Re: Inherited IRA/RMD question

Do you have a fixed expense you need to pay with those funds........like a car, a house,etc? Then you need to have $$$ in hand and not take much risk. But it sounds like you are just reinvesting the funds. If you go to no risk like cash, and the market goes down, you win; if it goes up , you lose. I...
by kaneohe
Fri Sep 15, 2017 8:12 am
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1058

Re: Rollover IRA / Non Deductable IRA

....................................................................... My only issue now is that if i leave things the way they are i will need to file an 8606 every year i withdraw money from my tIRA in 20 years or risk paying tax twice on the 3K added from the recharacterization? Is that accurat...
by kaneohe
Thu Sep 14, 2017 5:02 pm
Forum: Investing - Help with Personal Investments
Topic: Confusing rollover situation
Replies: 2
Views: 237

Re: Confusing rollover situation

............................................... My question is (please explain): 1. Since this can't be a "direct" rollover, since Fidelity alredy sent me a check, how do I show the IRS that the $286.27 I want to put into my Fidelity Roth IRA is still a rollover to the Roth IRA, and not a regular c...
by kaneohe
Thu Sep 14, 2017 2:30 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1058

Re: Rollover IRA / Non Deductable IRA

So your saying I would be able to take the recharacterization funds in my tIRA now and move them to my 401K eliminating the 8606 for the end of time? Just the opposite.........the "normal"/"regular"funds (and earnings) go there if your 401K will accept them. Then you can convert the basis to Roth a...
by kaneohe
Thu Sep 14, 2017 1:36 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1058

Re: Rollover IRA / Non Deductable IRA

Ok good deal. I only need to file once more in 20+ years when I take money out. So in 20+ years when its time to take money out of my tIRA I simply file that form again and the recharacterization I put into it in 2017 will not get taxed, that simple? Unless you take all the funds out in that 20+ yr...
by kaneohe
Thu Sep 14, 2017 11:59 am
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1058

Re: Rollover IRA / Non Deductable IRA

OK so assuming I simply keep things the way they are with the recharacterization into my tIRA, what needs to be done in the future regarding the 8606 form? Assuming I never ever contribute anything to this tIRA do I need to fill out the 8606 form every year for the little amount that I contributed ...
by kaneohe
Thu Sep 14, 2017 10:18 am
Forum: Personal Finance (Not Investing)
Topic: 3Q2017 Estimated taxes are due 15 Sep 2017
Replies: 14
Views: 779

Re: 3Q2017 Estimated taxes are due 15 Sep 2017

fantasytensai wrote:
Thu Sep 14, 2017 9:46 am
I paid my Q3 taxes today, but for Q2, I was a couple weeks late (paid July 5). The amount owed was $1600. What am I realistically looking at as far as penalty is concerned, like 20 bucks?
Guessing !600 x 3% and 3wks/52 = a few bucks so sleep well.............
by kaneohe
Thu Sep 14, 2017 10:15 am
Forum: Investing - Help with Personal Investments
Topic: Massive tax refund/changing tax info
Replies: 9
Views: 475

Re: Massive tax refund/changing tax info

You can see how much you have had withheld in the past few years (from your W-2's) and just decrease that amount by filling out a new W-4 at work It's been a long time, but I think you can tell them how many dollars to withhold rather than doing it by filing status and number of dependents. For exa...
by kaneohe
Wed Sep 13, 2017 11:27 pm
Forum: Personal Finance (Not Investing)
Topic: Use IRS Direct Pay for estimated tax payments on irregular Roth conversions?
Replies: 19
Views: 1180

Re: Use IRS Direct Pay for estimated tax payments on irregular Roth conversions?

FiveK wrote: It may require you to use the more complex parts of Form 2210 to avoid penalties Why would I be liable for penalties if I pay the tax within days of the conversion? Complex forms are what I was hoping to avoid. :annoyed IRS will know when you paid but it won't know when your income (co...
by kaneohe
Wed Sep 13, 2017 1:35 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1058

Re: Rollover IRS / Non Deductable IRA

What is "this year"? Do you mean you made a direct contribution to Roth IRA in 2017? - Correct Or do you mean you are eligible to contribute to Roth IRA but you put too much in there? - Correct When you say "they handled everything", what did they do? Did they "re-characterize" your Roth IRA contri...
by kaneohe
Tue Sep 12, 2017 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Potential downsides of placing a credit freeze?
Replies: 24
Views: 1775

Re: Potential downsides of placing a credit freeze?

nalor511 wrote:
Tue Sep 12, 2017 10:03 pm
.................................. Never paid a cent to freeze or unfreeze (single pull). CA
How possible? Old fogey like me? :D Still I thought freeze is free for > 65 but I thought unfreezing cost $5? Which bureau did you
unfreeze?
by kaneohe
Mon Sep 11, 2017 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Freezing your credit??
Replies: 15
Views: 1549

Re: Freezing your credit??

trueson1 wrote:
Mon Sep 11, 2017 1:03 pm
All frozen. It was relatively easy. You can temporarily remove freeze if you need a credit check for a cc or loan.
When you remove the freeze do you need to do it for all credit bureaus or does the bank use a particular one and you can
unfreeze just the one the bank uses?
by kaneohe
Sun Sep 10, 2017 1:43 pm
Forum: Investing - Help with Personal Investments
Topic: Capital gains in retirement with no earned income: Is this right?
Replies: 8
Views: 784

Re: Capital gains in retirement with no earned income: Is this right?

Agree w/ chip. I got the same answer as you using that calculator. Don't know why and am not going to worry about it. Try Taxcaster and the HR Block calculator (I find the latter more flexible in making changes). One good thing about that bad calculator tho........reminds you that you might also hav...
by kaneohe
Sun Sep 10, 2017 1:22 pm
Forum: Investing - Help with Personal Investments
Topic: Capital gains in retirement with no earned income: Is this right?
Replies: 8
Views: 784

Re: Capital gains in retirement with no earned income: Is this right?

Perhaps you have a bum calculator. I got 0 using one. Try some others and get a majority vote. A few things to check.......your income (gross) is 70K. See line 13 of the 1040 which is capital GAINS.......it is not proceeds from stock sale. Your taxable income is your AGI less deductions and exemptio...
by kaneohe
Sat Sep 09, 2017 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: Paying Taxes Quarterly
Replies: 21
Views: 2020

Re: Paying Taxes Quarterly

My father always told me I would be OK if my total withholding equaled my previous year's tax plus $1. Generally true......just remember if AGI in previous yr > 150K, you need to pay 110% of previous yr. taxes. You're right! I had heard that, but I have never had a problem following my father's rul...
by kaneohe
Sat Sep 09, 2017 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Applying for Credit Card....need to send Drivers License/SS Copies?
Replies: 12
Views: 1136

Re: Applying for Credit Card....need to send Drivers License/SS Copies?

DrGoogle2017 wrote:
Sat Sep 09, 2017 8:17 pm
I never had to do this, is this recently?
Just last wk........never had to do this before either. Kind of sounds similar to the thread on Experian credit freeze.
Wonder if this card using Experian for credit reports. It's for the Barclays CashForward m/c.
by kaneohe
Sat Sep 09, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Applying for Credit Card....need to send Drivers License/SS Copies?
Replies: 12
Views: 1136

Applying for Credit Card....need to send Drivers License/SS Copies?

Anyone ever have to send in copies of drivers license/SS card to get a credit card? Applied online, no immediate approval, then received a letter saying they needed those plus copy of utility bill w/ current address to continue the process. No guarantee of approval either. Called them and they said ...
by kaneohe
Sat Sep 09, 2017 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Paying Taxes Quarterly
Replies: 21
Views: 2020

Re: Paying Taxes Quarterly

fourwheelcycle wrote:
Sat Sep 09, 2017 10:30 am
..........................................................
He always told me I would be OK if my total withholding equaled my previous year's tax plus $1. ........................
Generally true......just remember if AGI in previous yr > 150K, you need to pay 110% of previous yr. taxes.
by kaneohe
Sat Sep 09, 2017 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Paying Taxes Quarterly
Replies: 21
Views: 2020

Re: Paying Taxes Quarterly

...................................................... So...that said what if I did withholding on my tax deferred withdraws BUT I have a taxable capital gain on an equity (taxable holding) in the 3rd quarter only? Could I just make a one time estimated payment in the 3rd quarter for that transacti...
by kaneohe
Thu Sep 07, 2017 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Married, owning two homes, file as HOH?
Replies: 43
Views: 2142

Re: Married, owning two homes, file as HOH?

I think it is true. Some numbers assuming no kids/std deduction.
Each earns 100K MFJ 37K taxes Single x 2 = 36K
Each earns 200K MFJ 104K taxes Single x 2 = 92K
Each earns 300K MFJ 181K taxes Single x 2 =161K
by kaneohe
Tue Sep 05, 2017 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Need to Shred Old Checks? Old Credit Cards?
Replies: 18
Views: 1730

Re: Need to Shred Old Checks? Old Credit Cards?

I suppose with two half pieces they could recombine and create a new check with your information on it, ie bank account number your name and address. Its better to not give them a starting point to go off of... Get real. That's a bank account that the OP closed around 20 years ago. I assume that th...
by kaneohe
Mon Sep 04, 2017 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: Need to Shred Old Checks? Old Credit Cards?
Replies: 18
Views: 1730

Re: Need to Shred Old Checks? Old Credit Cards?

Thanks all for the replies. Looks pretty unanimous for shredding. I think I empirically found out that shredding was more efficient....... I thought I would (for the statements, not the checks) just cut out half of the account number and then discard the 1st halves one week and then the other halves...
by kaneohe
Mon Sep 04, 2017 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Jason Zweig's tax bomb example
Replies: 28
Views: 3604

Re: Jason Zweig's tax bomb example

............................... 3) is confusing to me.....could you lead me to an IRS form/pub that discusses this. Thanks. It's in Pub. 550, page 56: Loss on mutual fund or REIT stock held 6 months or less. If you hold stock in a mutual fund (or other regulated investment company) or real estate i...
by kaneohe
Mon Sep 04, 2017 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Jason Zweig's tax bomb example
Replies: 28
Views: 3604

Re: Jason Zweig's tax bomb example

But isn't it true that the mistake can be corrected? Now that the share price is lowered accordingly, one can sell the shares to claim the capital loss against the capital gain. good idea. It may be a good idea, having learned the lesson not to buy actively managed, high turnover funds in taxable, ...
by kaneohe
Mon Sep 04, 2017 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Need to Shred Old Checks? Old Credit Cards?
Replies: 18
Views: 1730

Need to Shred Old Checks? Old Credit Cards?

Have some checks from a checking account last used about 20 yrs ago and probably closed about that time. Any harm in just throwing them in the trash and not shredding them? How about cancelled checks from same acct......a few had SSN on them so obviously that would be handled w/ care but the others?...
by kaneohe
Mon Sep 04, 2017 8:53 am
Forum: Personal Finance (Not Investing)
Topic: Jason Zweig's tax bomb example
Replies: 28
Views: 3604

Re: Jason Zweig's tax bomb example

student wrote:
Mon Sep 04, 2017 8:25 am
But isn't it true that the mistake can be corrected? Now that the share price is lowered accordingly, one can sell the shares to claim the capital loss against the capital gain.
good idea.
by kaneohe
Mon Sep 04, 2017 1:28 am
Forum: Investing - Help with Personal Investments
Topic: Roth IRA or Backdoor Roth?
Replies: 22
Views: 1619

Re: Roth IRA or Backdoor Roth?

Is there a downside to doing ved's #2? That's what I was going to suggest to my son, who has a Roth but no pre-tax IRAs (of any flavor). It seems to be a no-harm-no-foul situation that works whether you're over income limits or not. You get an extra year or so in the market, as opposed to waiting u...
by kaneohe
Sat Sep 02, 2017 2:14 am
Forum: Investing - Theory, News & General
Topic: Ally Bank: No one can answer a simple question
Replies: 19
Views: 3215

Re: Ally Bank: No one can answer a simple question

Took another look at the statements for partial month for June and full months for July & August. Now it makes more sense. For CD1, they used APY 1.50% for all 3 months; For CD2, they used APY 1.35%,1.55%, 1.50%. Looks like they didn't update the initial month to 1.50% on CD2 (rate changed during th...
by kaneohe
Fri Sep 01, 2017 11:15 pm
Forum: Investing - Theory, News & General
Topic: Ally Bank: No one can answer a simple question
Replies: 19
Views: 3215

Re: Ally Bank: No one can answer a simple question

................................ the period from July to August would have one more day since June only had 30 days. One more day would seem to imply more interest. ........................................... You seem to imply that you got shorted because the longer time period got the same interes...
by kaneohe
Fri Sep 01, 2017 9:29 pm
Forum: Investing - Theory, News & General
Topic: Ally Bank: No one can answer a simple question
Replies: 19
Views: 3215

Re: Ally Bank: No one can answer a simple question

................................ the period from July to August would have one more day since June only had 30 days. One more day would seem to imply more interest. ........................................... You seem to imply that you got shorted because the longer time period got the same interes...
by kaneohe
Fri Sep 01, 2017 7:21 pm
Forum: Investing - Theory, News & General
Topic: Ally Bank: No one can answer a simple question
Replies: 19
Views: 3215

Re: Ally Bank: No one can answer a simple question

Have you looked at the detailed info on the monthly statement. They give the statement period and also the number of days in the period. Those should be self-consistent. On one of my CDs, the period is one day longer and the interest is proportionately more. On the other the interest is more similar...
by kaneohe
Fri Sep 01, 2017 8:22 am
Forum: Investing - Help with Personal Investments
Topic: Help with one rollover per year rule
Replies: 4
Views: 479

Re: Help with one rollover per year rule

another link https://www.irs.gov/retirement-plans/pl ... tributions

which explicitly says that the rule does not apply to qualified plans (plans)
by kaneohe
Thu Aug 31, 2017 11:55 am
Forum: Investing - Help with Personal Investments
Topic: Obamacare MAGI calculation - Foreign Tax Credit(Line 48 from 1040)
Replies: 2
Views: 266

Re: Obamacare MAGI calculation - Foreign Tax Credit(Line 48 from 1040)

this link http://laborcenter.berkeley.edu/modified-adjusted-gross-income-under-the-affordable-care-act/ lays out very nice what the MAGI is in terms of what forms/line no. the numbers come from. For foreign income, the number comes from F2555. Assuming you didn't file that form (and didn't live/work...
by kaneohe
Wed Aug 30, 2017 11:49 pm
Forum: Personal Consumer Issues
Topic: Best lubricant for exterior door locks
Replies: 27
Views: 2630

Re: Best lubricant for exterior door locks

I................................ There isn't any problem when the door is held open. Turn the key and you can watch the deadbolt go back and forth. It's only when the door is closed that the problems arise. ........................................... Agree w/others that you may have some alignment...
by kaneohe
Wed Aug 30, 2017 9:46 am
Forum: Personal Finance (Not Investing)
Topic: How to include living trust as beneficiary in investment account?
Replies: 15
Views: 699

Re: How to include living trust as beneficiary in investment account?

Wondering why the trust is not the owner of the account so the accounts would already be there?
by kaneohe
Mon Aug 28, 2017 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Self insure vs Medigap when on "traditional" Medicare
Replies: 73
Views: 4611

Re: Self insure vs Medigap when on "traditional" Medicare

I am keenly interested in this thread, as DW will start medicare next year. From my research and reading this thread, I believe the following are correct: 1) Medi gap K and L are the only supplemental plans with an annual OOP limit/cap. ......................................................... Be c...
by kaneohe
Mon Aug 28, 2017 8:25 am
Forum: Investing - Help with Personal Investments
Topic: Do people in the 15% tax bracket tax loss harvest?
Replies: 24
Views: 2127

Re: Do people in the 15% tax bracket tax loss harvest?

Ok, question then. I purchased a 5k position of Trans Ocean (RIG) stock 3 years ago, it is only worth 1k as of tonight. I was simply going to sell it and take the cash and stuff my Roth with the 1k. Yes. Sell the loser. ........................................................... You'll have a $4000...
by kaneohe
Sun Aug 27, 2017 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Self insure vs Medigap when on "traditional" Medicare
Replies: 73
Views: 4611

Re: Self insure vs Medigap when on "traditional" Medicare

Here is an article I read that convinced me to take traditional medicare and self insure for what medigap would cover. http://www.huffingtonpost.com/david-belk/medicare-supplemental-policies_b_3901861.html I have been on Medicare for a year now and had a fair amount of medical bills, I do not regre...
by kaneohe
Sun Aug 27, 2017 12:04 am
Forum: Personal Finance (Not Investing)
Topic: FYI: Trusts At Ally Bank
Replies: 2
Views: 538

Re: FYI: Trusts At Ally Bank

Ally also does not allow trust access to automated phone system. OP should raise issue w/ management so they are aware of problem and can't say they didn't know. You may have to tell them explicitly that they should either fix problem or post info on that page that changes will not be made for trust...
by kaneohe
Sat Aug 26, 2017 1:14 am
Forum: Personal Consumer Issues
Topic: Fixing Slow Drains
Replies: 40
Views: 3072

Re: Fixing Slow Drains

I think the best solution is to pour chemical drain cleaner down in the pipes, let sit 15 minutes and then pour a pot full of boiling hot water down the drain. Any type of augering or plunging only opens up the clog but doesn't remove the gunk still stuck to the sides of the pipe which immediately ...
by kaneohe
Mon Aug 21, 2017 4:43 pm
Forum: Investing - Help with Personal Investments
Topic: Alreday converted to Roth from Traditional IRA. Can I do it again ?
Replies: 5
Views: 379

Re: Alreday converted to Roth from Traditional IRA. Can I do it again ?

The Wizard wrote:
Mon Aug 21, 2017 4:30 pm
Bit of confusion here.
Wrt tIRA, pro rata refers to the percentage of funds in the tIRA that are pretax vs after tax.
Not clear if OP had any after tax funds involved.
Was first transaction a backdoor Roth contribution?
OP said no tax on conversion........I assumed that meant backdoor.
by kaneohe
Mon Aug 21, 2017 4:26 pm
Forum: Investing - Help with Personal Investments
Topic: Alreday converted to Roth from Traditional IRA. Can I do it again ?
Replies: 5
Views: 379

Re: Alreday converted to Roth from Traditional IRA. Can I do it again ?

You should use F8606 https://www.irs.gov/pub/irs-pdf/f8606.pdf to do the simple case of the backdoor Roth w/o the 401K transfer to demonstrate that no tax is due. Then use the same form with the 401K transfer toTIRA to convince yourself that you should not do that before yr end to avoid the pro-rata...
by kaneohe
Fri Aug 18, 2017 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion 5yr Holding Period?
Replies: 20
Views: 1901

Re: Roth Conversion 5yr Holding Period?

Here's AlanS on a similar topic: https://www.bogleheads.org/forum/viewtopic.php?t=209496 Re: IRA basis question Report this post Quote Post by Alan S. » Sun Jan 29, 2017 8:00 pm It is generally correct that if your balance is 0 you have no basis. One rare exception would be if your balance is 0 beca...