Search found 4363 matches

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: 9
Views: 900

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: 224

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: 34
Views: 2951

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: 224

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: 553

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: 553

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: 1884

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: 1764

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: 1884

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: 260

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: 472

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: 1884

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: 1695

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: 751

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: 349

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: 802

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: 802

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: 802

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: 802

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
by kaneohe
Sun Oct 15, 2017 9:13 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 802

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

try posting in retirement forum at fairmark.com if you don't get response here. https://www.irs.gov/retirement-plans/fixing-common-plan-mistakes-excess-deferrals you're supposed to get excess contribution & earnings returned to you. you calculated 28% on 1636..........is that excess contribution or ...
by kaneohe
Sat Oct 14, 2017 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 998

Re: HELP! 2016 taxes down to the wire: form 1116 help

[....................................... I’m using itemized deductions. If filling out 1116 was easy I’d do it but quite frankly I don’t understand it. Why would my credit be smaller (potentially) if my foreign tax paid exceeds 300? What is the percentage for the interest penalty, if applied? going...
by kaneohe
Sat Oct 14, 2017 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 998

Re: HELP! 2016 taxes down to the wire: form 1116 help

You can either do what some have suggested, and take the $300 credit by reducing the amount of foreign tax paid reported on you 1099-B. . It's not really kosher, but you could do it. Or, you can try filling out the worksheets. Or, you can do what I suggested earlier: leave the credit off and later ...
by kaneohe
Fri Oct 13, 2017 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax issue: Made a mistake on Inherited IRA RMDs for five years
Replies: 38
Views: 2796

Re: Tax issue: Made a mistake on Inherited IRA RMDs for five years

I made this exact same mistake for 8 years and underpaid by $130 over that time period. After discovering the mistake I began using the correct factor from then on without going back an making any adjustment or corrections. Your error is so small I wouldn't worry about it. Just do it correctly goin...
by kaneohe
Fri Oct 13, 2017 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Tax issue: Made a mistake on Inherited IRA RMDs for five years
Replies: 38
Views: 2796

Re: Tax issue: Made a mistake on Inherited IRA RMDs for five years

Plus, the bright side of RMDs is that they can be used as estimated payments that were paid through the year even though you may take them as late as Dec 31. You can withhold 100% of the RMD as a tax payment and the IRS considers it like quarterly payments. Sometimes, I personally think this abilit...
by kaneohe
Fri Oct 13, 2017 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage vs. Supplemental
Replies: 40
Views: 2452

Re: Medicare Advantage vs. Supplemental

One option to consider: since this is all new to you and you're still learning, consider making your initial choice something that you can wiggle out of easily if you change your mind. My impression is that you can change from the supplement to an advantage plan later . Going the other way is more c...
by kaneohe
Fri Oct 13, 2017 9:13 am
Forum: Investing - Theory, News & General
Topic: IRMAA, MAGI and ROTH Conversion
Replies: 4
Views: 385

Re: IRMAA, MAGI and ROTH Conversion

Tax exempt bond funds won't be exactly predictable or the same as last yr but they should be reasonably predictable esp. late in the yr. and fairly close to previous yr. They typically won't give off large surprise last minute LTCG like some actively managed stock funds do. Mine have monthly distrib...
by kaneohe
Thu Oct 12, 2017 6:33 pm
Forum: Investing - Help with Personal Investments
Topic: pay taxes from long term gains on a taxable account
Replies: 18
Views: 1334

Re: pay taxes from long term gains on a taxable account

........................................................... I don't believe my withholdings would be within 90% but I am fairly certain by withholding this year is greater than my total tax last year! Too be safe, I guess I could have my company withhold additional taxes for the reminder of this ye...
by kaneohe
Wed Oct 11, 2017 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Tax issue: Made a mistake on Inherited IRA RMDs for five years
Replies: 38
Views: 2796

Re: Tax issue: Made a mistake on Inherited IRA RMDs for five years

Here are instructions about pleading for mercy from F5329 instructions: Using the wrong table sounds like reasonable error and taking additional distributions now (to be taxed this yr) to compensate for the shortfall seems like a reasonable compensatory action so it seems likely that your waiver wou...
by kaneohe
Mon Oct 09, 2017 11:49 pm
Forum: Investing - Help with Personal Investments
Topic: Does Anyone Here Buy Callable Munis?
Replies: 6
Views: 530

Re: Does Anyone Here Buy Callable Munis?

Are you looking at the actual yields or the coupon rate? The ones I'm familiar with always are callable....typically at 10 yrs and their YTM (maturity) is typically similar to the YTC (call) (on average; individual YTC can range from 0.3% lower to 0.3% higher than YTM with typical yield around 3%.)
by kaneohe
Mon Oct 09, 2017 11:18 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth Question
Replies: 6
Views: 718

Re: Backdoor Roth Question

............................... -I don't actually know how to do this. People say it's not hard, but given that I need to both convert and do a backdoor for her, I'm a little confused and now it's October. ................................. maybe the solution is to stop thinking about it and actuall...
by kaneohe
Mon Oct 09, 2017 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare High Earner Premium
Replies: 15
Views: 2275

Re: Medicare High Earner Premium

I would love a definitive answer on this. I had thought it was based on your 1040 2 years back. And if you had an outlier large income one year that raised your Medicare premiums that it would adjust back the next year based on your 1040. But in a discussion on another forum I read you have to appe...
by kaneohe
Sun Oct 08, 2017 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Tax basis after death of spouse
Replies: 7
Views: 963

Re: Tax basis after death of spouse

In CA, a community property state, capital assets held in a jt. revocable trust have a 100% basis step up upon the first death. I don't know how the different states (trust creation/current domicile) affect things but it is interesting that they are both community property states so it seems possibl...
by kaneohe
Sun Oct 08, 2017 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need to pay estimated taxes on a K-1 from an estate?
Replies: 3
Views: 508

Re: Do I need to pay estimated taxes on a K-1 from an estate?

Possibly because of lower wages this yr., you may not meet the safe harbor of 100%(110%) of last yrs taxes. Perhaps the other safe harbor of 90% of
this yrs taxes may apply but you will have to do a simulated tax return to see.
by kaneohe
Sun Oct 08, 2017 4:18 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA
Replies: 6
Views: 648

Re: Backdoor Roth IRA

There is no income limit for contributing to TIRA and no income limit for doing Roth conversion so no violations. However you should be aware of tax issues if you have other deductible contributions in this TIRA or any other TIRA accounts. https://www.bogleheads.org/wiki/Backdoor_Roth_IRA
by kaneohe
Sat Oct 07, 2017 12:53 am
Forum: Personal Consumer Issues
Topic: Medigap Policies--So Much Conflicting Information
Replies: 29
Views: 2207

Re: Medigap Policies--So Much Conflicting Information

FWIW, I moved from PA to FL and my medigap policy was good in both states. I also was able to switch from one medigap plan insurer to another lower-cost one without any problems or underwriting. from the link above: ..I'm moving out of state. You can keep your current Medigap policy regardless of w...
by kaneohe
Fri Oct 06, 2017 5:47 pm
Forum: Personal Consumer Issues
Topic: Medigap Policies--So Much Conflicting Information
Replies: 29
Views: 2207

Re: Medigap Policies--So Much Conflicting Information

https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/switching-plans/switch-medigap-.html This link says that there is no Federal right to change medigap plans except under a few specific conditions. Certain states may give you additional rights.....e.g. CA has a birthday rule...
by kaneohe
Fri Oct 06, 2017 8:38 am
Forum: Investing - Help with Personal Investments
Topic: Dumb question -LTCG like marginal or step function & bonus question
Replies: 8
Views: 440

Re: Dumb question -LTCG like marginal or step function & bonus question

https://www.bogleheads.org/forum/viewtopic.php?t=86849 see the stacked bar chart by tfb on the 12/11/11 post for a graphical way of thinking about this .......... and then post the answer to your question. Thanks. First I looked at the 12/10/11 graphical representation, which didn't tell me a thing...
by kaneohe
Fri Oct 06, 2017 8:04 am
Forum: Investing - Help with Personal Investments
Topic: Company Stock Investment sale / Capital Loss carryover
Replies: 12
Views: 521

Re: Company Stock Investment sale / Capital Loss carryover

My experience is that if these are NQSO (NSO) and you did a cashless exercise (exercise & sell immediately),then your "gain" (difference between sale price and exercise price = the bargain element) is not capital gains but ordinary income which shows up in your W2 increasing your wages. There may be...
by kaneohe
Thu Oct 05, 2017 4:27 pm
Forum: Investing - Help with Personal Investments
Topic: Dumb question -LTCG like marginal or step function & bonus question
Replies: 8
Views: 440

Re: Dumb question -LTCG like marginal or step function & bonus question

viewtopic.php?t=86849

see the stacked bar chart by tfb on the 12/11/11 post for a graphical way of thinking about this ..........
and then post the answer to your question.
by kaneohe
Wed Oct 04, 2017 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: RMD Question
Replies: 30
Views: 2692

Re: RMD Question

and another https://www.irahelp.com/forum-post/2477 ... -age-70-12

The Alan there is the same Alan S. here:
by kaneohe
Tue Oct 03, 2017 5:06 pm
Forum: Investing - Help with Personal Investments
Topic: Investing [in soon-to-be-maturing EE bonds]
Replies: 5
Views: 316

Re: Investing

EE bonds reach full maturity on the 1st day of the month 30 yrs after issue. The Nov 1988 bond will mature on Nov 1, 2018. You can use this calculator https://www.treasurydirect.gov/BC/SBCPrice to demonstrate that a bond issued in Sept 1987 has the same value as one issued in Oct 1987...........whic...
by kaneohe
Sun Oct 01, 2017 10:22 am
Forum: Investing - Help with Personal Investments
Topic: IRA contribution issue
Replies: 6
Views: 321

Re: IRA contribution issue

Can't you recharacterize the part that doesn't belong..........if you contributed to TIRA orginally, that part goes to Roth (and the opposite if you contributed to Roth). Then it's as if you contributed the correct amounts in the right places in the beginning. No backdoors necessary............
by kaneohe
Fri Sep 29, 2017 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Q - Form 8949 - Broker Refunded Commission Months After Stock Sale
Replies: 6
Views: 410

Re: Tax Q - Form 8949 - Broker Refunded Commission Months After Stock Sale

..................................................................... I think I'll just go ahead and report higher proceeds than the 1099-B shows in column (d) of form 8949. This will result in slightly increasing my tax bill vs just reporting what the 1099-B shows, but I think is more true to real...
by kaneohe
Fri Sep 29, 2017 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Tax Q - Form 8949 - Broker Refunded Commission Months After Stock Sale
Replies: 6
Views: 410

Re: Tax Q - Form 8949 - Broker Refunded Commission Months After Stock Sale

You might also want to check the basis on that transaction and the gain on that 1099B vs the correct gain. The gain is the real goal. Perhaps the broker gain is also correct but they adjusted the cost basis to make it so.......or maybe they just made an error.
by kaneohe
Fri Sep 29, 2017 12:04 am
Forum: Personal Finance (Not Investing)
Topic: Tax Q - Form 8949 - Broker Refunded Commission Months After Stock Sale
Replies: 6
Views: 410

Re: Tax Q - Form 8949 - Broker Refunded Commission Months After Stock Sale

See F8949 and the instructions https://www.irs.gov/pub/irs-pdf/i8949.pdf for col. F on p.9. If you get a 1099B that is incorrect, that page tells how to input an adjustment to correct for that error. You'll have to be careful with the sign (+ or -) of the adjustment to get the proper correction. I t...
by kaneohe
Wed Sep 27, 2017 11:06 am
Forum: Personal Finance (Not Investing)
Topic: HSA distribution exceeds contribution limit
Replies: 13
Views: 554

Re: HSA distribution exceeds contribution limit

You ca't contribute more than the max allowed. You can take out until you reduce balance to 0. If contribution limit is 6.75K and bill is 16.75K and HSA balance is 6.75K you can use that 6.75K balance to pay part of the bill. If you contributed an extra 10K to HSA, depending on HSA custodian softwar...
by kaneohe
Mon Sep 25, 2017 8:04 am
Forum: Personal Finance (Not Investing)
Topic: pre-tax money in a nondeductible IRA
Replies: 24
Views: 1485

Re: pre-tax money in a nondeductible IRA

Thanks very much for the explanation. I'll have to decide whether it is worth it. ............................................................. Even taking $5000 of basis and putting it into a separate account and combining the rest doesn't do much, unless you don't invest the $5000 in anything whi...
by kaneohe
Mon Sep 25, 2017 7:41 am
Forum: Investing - Theory, News & General
Topic: Selling Taxable to Top of Bracket: What does it mean?
Replies: 33
Views: 3726

Re: Selling Taxable to Top of Bracket: What does it mean?

I find it helps to calculate your real brackets first. Subtract your standard deduction and personal exemptions from each bracket you see in the table. The bottom bracket for a single person with no dependents is 0% for income up to just over $10k. Then 10% for the amount from just over $10k to jus...