Search found 5399 matches

by kaneohe
Mon Feb 18, 2019 4:45 pm
Forum: Investing - Theory, News & General
Topic: Question, please about ROTH vs. Trad IRA
Replies: 6
Views: 273

Re: Question, please about ROTH vs. Trad IRA

JustinR wrote:
Mon Feb 18, 2019 4:38 pm
...................................................................................



Roth: No taxes on anything on withdrawal.


...............................
except when taxes or penalties apply...............

viewtopic.php?t=236628
by kaneohe
Mon Feb 18, 2019 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Calculating RMD
Replies: 13
Views: 674

Re: Calculating RMD

... Called Fidelity and found out they were using a different yr end value than on the yr end statement which is what I used. Good rep dug around and finally discovered they were using 12/31 value but it was BOD instead of EOD/EOY............beginning of day rather than end of day on 12/31. If this...
by kaneohe
Mon Feb 18, 2019 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Calculating RMD
Replies: 13
Views: 674

Re: Calculating RMD

What do you get if you calculate what each brokerage should distribute? Perhaps one or both of them is doing it wrong? And they should be informed if so. Sounds too big to be a rounding error. I once had a similar issue........RMD taken out was slightly different than what I had expected based on yr...
by kaneohe
Mon Feb 18, 2019 10:16 am
Forum: Personal Investments
Topic: conversion to Roth and Net Investment Income Tax (NIIT)
Replies: 10
Views: 1089

Re: conversion to Roth and Net Investment Income Tax (NIIT)

Thanks for the guidance. I'm using TT but don't use TT for my state tax, and I can't find where TT does anything with my state tax that I paid in 2018. I'm not itemizing deductions, so that may be what's preventing TT from calculating a number for Line 9b. Is that what's going on? If I calculate 9b...
by kaneohe
Sun Feb 17, 2019 9:14 am
Forum: Personal Investments
Topic: Help me with the Trad vs Roth 401k Math
Replies: 79
Views: 2131

Re: Help me with the Trad vs Roth 401k Math

A) Spend from the emergency fund and Roth IRA contribution -> this count as zero income. B) Roth converts the Trad. 401K up to the standard deduction. This is taxed at 0% C) Tax gain harvest or sell the taxable investment at the long-term capital gain tax rate of 0%. KlangFool Don't want to derail,...
by kaneohe
Sun Feb 17, 2019 12:05 am
Forum: Personal Finance (Not Investing)
Topic: Filing taxes as custodian for UTMA account
Replies: 11
Views: 504

Re: Filing taxes as custodian for UTMA account

My 18-year old son had $1007 interest and dividends in 2018. If he does not need to file his own tax return, do I need to add his interest/dividends to my tax return as I claim him as dependent? 2018 was the first year that he had bank account and Vanguard Brokerage account. https://www.thebalancec...
by kaneohe
Sat Feb 16, 2019 9:38 pm
Forum: Personal Investments
Topic: Help me with the Trad vs Roth 401k Math
Replies: 79
Views: 2131

Re: Help me with the Trad vs Roth 401k Math

Assumptions have been that traditional is fully deductible. That may not always be true for some folks. That makes the case of lower tax rates later more complex.
by kaneohe
Sat Feb 16, 2019 9:03 pm
Forum: Personal Investments
Topic: Help me with the Trad vs Roth 401k Math
Replies: 79
Views: 2131

Re: Help me with the Trad vs Roth 401k Math

Assume max contribution were 10K (for math ease..........you can scale it up or down). Tax rate is 20% now/later. You have a 2K side fund in taxable. 1)Traditional............you put 10K in, pay no taxes on that income because of deduction so you still have 2K in side fund. N yrs later both have dou...
by kaneohe
Sat Feb 16, 2019 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to handle estimated taxes on unequal income?
Replies: 31
Views: 7004

Re: Best way to handle estimated taxes on unequal income?

[.................................................. Some people will point out that the IRS safe-harbor descriptions require equal payments. But the penalty calculation does not. If your penalty is $0, does it really matter whether you technically met the safe-harbor requirements or just met the re...
by kaneohe
Sat Feb 16, 2019 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block tax preparation software and Form 1116
Replies: 15
Views: 712

Re: H&R Block tax preparation software and Form 1116

...................................... 2) What's with the columns A, B, C? Is this simply to provide values if I have the same type (i.e. passive income) from different providers (Vanguard and Fidelity for example)? ............................................. Columns A,B, C are for different coun...
by kaneohe
Sat Feb 16, 2019 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Filing taxes as custodian for UTMA account
Replies: 11
Views: 504

Re: Filing taxes as custodian for UTMA account

"Single Dependents Under 65 and not blind You must file a return if any of the following apply. 1. Your unearned income was over $1,050. 2. Your earned income was over $12,000. 3. Your gross income was more than the larger of — a. $1,050, or b. Your earned income (up to $11,650) plus $350." "In this...
by kaneohe
Sat Feb 16, 2019 8:23 am
Forum: Personal Investments
Topic: Partially recharacterize Roth IRA contribution for 2018
Replies: 14
Views: 498

Re: Partially recharacterize Roth IRA contribution for 2018

Typically,if you have a retirement plan at work, your ability to deduct your TIRA contribution is even more limited than your ability to make a Roth contribution. If you recharacterize part of your Roth to TIRA, that part may be non-deductible and you will have to file F8606 to show that. That will ...
by kaneohe
Sat Feb 16, 2019 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Cost Basis for Mutual Funds
Replies: 7
Views: 610

Re: Cost Basis for Mutual Funds

or maybe escalate this to a manager..........my impression is that you can switch from AVB to specific shares but only prospectively.....for future purchases after you make the election to switch..........or maybe even a different rep might give you
a different answer from the 1st rep.
by kaneohe
Fri Feb 15, 2019 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Cost Basis for Mutual Funds
Replies: 7
Views: 610

Re: Cost Basis for Mutual Funds

If you don't choose a particular method by informing Fidelity of your choice, don't you inherit their default method......which is typically
average cost basis at many funds.
by kaneohe
Fri Feb 15, 2019 5:31 pm
Forum: Personal Consumer Issues
Topic: Difficulty reconciling Amazon charges to Chase Amazon Visa
Replies: 23
Views: 3594

Re: Difficulty reconciling Amazon charges to Chase Amazon Visa

Why don't you call Amazon and ask them to help you unravel the mystery. They've always been very helpful. If you really have a problem perhaps they will have the same problem and send it off to their folks to improve. If they don't have a problem they might have a solution for you.
by kaneohe
Thu Feb 14, 2019 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Taxes - Do you use the 1099 summaries or detailed views?
Replies: 16
Views: 1508

Re: Taxes - Do you use the 1099 summaries or detailed views?

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf
See the instructions for lines 1a & 8a on Sch D. You can use either the summary or detail if you follow the rules.
Summary is easier for all if you fall within the guidelines given.
by kaneohe
Wed Feb 13, 2019 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing Your Own Taxes
Replies: 13
Views: 1370

Re: Preparing Your Own Taxes

In some cases it helps to understand what you are doing before you do it. Otherwise filling out a form is likely to just be an exercise in filling out a form......put this number there, is greater than that number, enter x, etc. A prime example is this https://www.irs.gov/pub/irs-prior/i1040gi--2018...
by kaneohe
Wed Feb 13, 2019 9:23 am
Forum: Personal Finance (Not Investing)
Topic: 2018 1099-R code P and code 8 tax reporting question
Replies: 1
Views: 215

Re: 2018 1099-R code P and code 8 tax reporting question

https://www.investopedia.com/ask/answers/158.asp Hopefully this reply will push your thread back to the top so Alan S. can answer. The link suggests the your employer is supposed to issue a revised W2 that will reflect what your true wages were after the proper 403b deferrral........should go up. T...
by kaneohe
Tue Feb 12, 2019 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Do I pay tax on the wash sale loss disallowed?
Replies: 7
Views: 408

Re: Do I pay tax on the wash sale loss disallowed?

Perhaps the first statement is "net" of the wash sales and the second is a "gross" statement with the wash sales correction yet to be made? The last column for the 2nd statement appears to be correct if you take just the first 2 columns so correction was made yet. Perhaps different firms have differ...
by kaneohe
Tue Feb 12, 2019 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Do I pay tax on the wash sale loss disallowed?
Replies: 7
Views: 408

Re: Do I pay tax on the wash sale loss disallowed?

The first one kinda makes sense to me: a 9K loss of which 6K was disallowed leaving a 3K loss to be used. The disallowed loss is used to increase the basis of the "appropriate" shares so that your future gains will be less (or losses will be larger). The second one confusing to me. Looks like a 1K l...
by kaneohe
Tue Feb 12, 2019 12:04 am
Forum: Personal Consumer Issues
Topic: Anyone Affected by Google+ Shutdown in April
Replies: 5
Views: 728

Anyone Affected by Google+ Shutdown in April

I have account there whose sole purpose is to receive pics of granddaughter posted by parents. I assume those pics will vanish in April? Any way to estimate the size of archived file that will be generated if you attempt to save the pics. Any way to save those photos in Google+ to Google Photos?
by kaneohe
Mon Feb 11, 2019 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: IRS to lower 2018 safe harbor withholding threshold to 85% [2018 only]
Replies: 27
Views: 3600

Re: IRS to lower 2018 safe harbor withholding threshold to 85% [2018 only]

The 85% rule applies for estimated taxes regardless of their timing if they were paid by the Q4 deadline? Normally they require equal installments.
by kaneohe
Mon Feb 11, 2019 5:23 pm
Forum: Personal Investments
Topic: Roth withdraw, less than 5 years, less than 59 years old
Replies: 15
Views: 1029

Re: Roth withdraw, less than 5 years, less than 59 years old

.............................................. OK, so you did a Notice 2014-54 split direct rollover to TIRA and Roth IRA. ...................................................... Trying to understand how the qualified plans to Roth IRA works. In this case only the after-tax funds went to Roth so thi...
by kaneohe
Sun Feb 10, 2019 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?
Replies: 11
Views: 1140

Re: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?

................................................................... In TaxAide, we have been provided guidance that we can report SE Health Insurance on Schedule A instead of as an adjustment in order to optimize QBI so perhaps the same principle applies to RE tax. Not sure what other expenses woul...
by kaneohe
Sun Feb 10, 2019 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable refunds of state and local taxes - electing standard deduction to avoid?
Replies: 16
Views: 1327

Re: Taxable refunds of state and local taxes - electing standard deduction to avoid?

yes, you two are really on the ball! Agree w/ boomer technies iteration method for guessing at the taxable amount which should be easy if using software.
by kaneohe
Sun Feb 10, 2019 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Rollover tax reporting question
Replies: 5
Views: 344

Re: HSA Rollover tax reporting question

"Distributions from your HSA and contributions made for or during the previous year need to be reported on IRS form 8889. This is important because it needs to match what is reported on the 1099-SA form"

http://www.hsabank.com/hsabank/learning ... x-time-101
by kaneohe
Sun Feb 10, 2019 8:34 am
Forum: Personal Finance (Not Investing)
Topic: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?
Replies: 11
Views: 1140

Re: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?

[quote=jebmke post_id=4373252 time=1549798728 user_id=1 The system was only fixed to reflect the new regulations this week. So any tests done in training would not have reflected the SE tax or SE health adjustment to QBI. I haven't run any cases yet. With the increase in standard deduction, most of ...
by kaneohe
Sat Feb 09, 2019 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?
Replies: 11
Views: 1140

Re: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?

................................................................... In TaxAide, we have been provided guidance that we can report SE Health Insurance on Schedule A instead of as an adjustment in order to optimize QBI so perhaps the same principle applies to RE tax. Not sure what other expenses woul...
by kaneohe
Sat Feb 09, 2019 9:42 pm
Forum: Personal Consumer Issues
Topic: Best way for Grandparent paying for day care
Replies: 23
Views: 1632

Re: Best way for Grandparent paying for day care

Is motive a factor in this step transaction? OP didn't mention anything about tax credits. I mentioned FSA and then child care credits came up later.
by kaneohe
Sat Feb 09, 2019 8:04 pm
Forum: Personal Consumer Issues
Topic: Best way for Grandparent paying for day care
Replies: 23
Views: 1632

Re: Best way for Grandparent paying for day care

Do either of the parents have a Flexible Spending Account offered by their employers? They could basically get a tax deduction for some or all of the child care expenses and your gift would supplement this. +1 Pay for childcare with pre-tax dollars and get the deduction! Can you do that? No, you ne...
by kaneohe
Sat Feb 09, 2019 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?
Replies: 11
Views: 1140

Re: 2018 Taxes - Better Off Not Counting Expenses for Rental Property because of QBI?

I didn't do a rental but a self-employment situation instead. Could be that things depend on the specific numbers you put it but here's one example that my tax software did (may be right or not). Single, SE business 1) Gross Inc = 50K/Expenses=10K total Inc =40K AGI =37174 (deducts half of SE tax) S...
by kaneohe
Sat Feb 09, 2019 7:05 pm
Forum: Personal Consumer Issues
Topic: Best way for Grandparent paying for day care
Replies: 23
Views: 1632

Re: Best way for Grandparent paying for day care

Do either of the parents have a Flexible Spending Account offered by their employers? They could basically get a tax deduction for some or all of the child care expenses and your gift would supplement this. +1 Pay for childcare with pre-tax dollars and get the deduction! Can you do that? No, you ne...
by kaneohe
Sat Feb 09, 2019 6:19 pm
Forum: Personal Consumer Issues
Topic: Best way for Grandparent paying for day care
Replies: 23
Views: 1632

Re: Best way for Grandparent paying for day care

Do either of the parents have a Flexible Spending Account offered by their employers? They could basically get a tax deduction for some or all of the child care expenses and your gift would supplement this.
by kaneohe
Sat Feb 09, 2019 6:06 pm
Forum: Personal Investments
Topic: Traditional IRA (nondeductible) to Roth
Replies: 3
Views: 209

Re: Traditional IRA (nondeductible) to Roth

I want to convert that $3K to roth since i don't want to pay tax on it in the future. Any way to do this now for 2018? Vanguard shows an option to "Convert to Roth IRA" and requires filing 8606, but honestly not sure how to handle that. You convert it now, then you deal with the paperwork. When you...
by kaneohe
Sat Feb 09, 2019 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Recharacterization of Roth to TIRA
Replies: 20
Views: 504

Re: Help with Recharacterization of Roth to TIRA

I think that's only if you recharaterize the "whole thing". If you had only 1 IRA and had made only 1 contribution of 5K to the Roth
and it declined to 4K, if you recharacterized half of it and put 2K back to TIRA, you could only deduct 2.5K.
by kaneohe
Sat Feb 09, 2019 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Recharacterization of Roth to TIRA
Replies: 20
Views: 504

Re: Help with Recharacterization of Roth to TIRA

I wonder if it's one of these "don't go over the line" games since you can't recharacterize more than your contribution so you need to be conservative in your number or perhaps do a few iterations. analog to your issue......want to exchange from fund A to fund B but don't know how much fund A will b...
by kaneohe
Sat Feb 09, 2019 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: COBRA deductible as Self Employed Health Insurance?
Replies: 11
Views: 794

Re: COBRA deductible as Self Employed Health Insurance?

on p.22 https://www.irs.gov/pub/irs-pdf/p535.pdf is a wksht providing some guidance. The instructions are list any expenditures for medical insurance except: (which lists some exceptions) Presumably if you don't fall in those exceptions, it's ok. The main relevant criterion seems to be if the health...
by kaneohe
Sat Feb 09, 2019 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax and form 2210: software bug?
Replies: 14
Views: 1471

Re: TurboTax and form 2210: software bug?

Maybe you can try doing the regular method manually. It assumes equal "quarterly" income so it's only like doing a single tax return instead for 4 w/Sch AI :happy Here's a crude analysis. The regular method assumes equal quarterly income so IRS wants equal payments to match. Assuming your numbers ar...
by kaneohe
Sat Feb 09, 2019 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Help with Recharacterization of Roth to TIRA
Replies: 20
Views: 504

Re: Help with Recharacterization of Roth to TIRA

My impression was that your loss was based on your total account , not just on the one contribution. So for example if your 6.5K contribution went down xxx, but the rest of your account went up the same amount xxx, you would be considered to have no gain/loss on that single contribution. If you don'...
by kaneohe
Sat Feb 09, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Help with Recharacterization of Roth to TIRA
Replies: 20
Views: 504

Re: Help with Recharacterization of Roth to TIRA

If your only contribution to this account was the one, isn't there a way to recharacterize "all"? Otherwise you will be left w/ pennies short or in excess. This is an interesting case since ME doesn't know your original contribution so the burden is on you.
by kaneohe
Fri Feb 08, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Dealing with Passive Loss
Replies: 1
Views: 312

Re: Dealing with Passive Loss

see form 8582.......starting line 3 for passive activities. You sum up the results for all activities and then line 4 tells you that if you have a net gain (or zero), then all losses are allowed. If the net total is a loss, you can net gains/losses to get 0 and the rest of the loss is carried over. ...
by kaneohe
Fri Feb 08, 2019 9:29 am
Forum: Personal Investments
Topic: Expensive mutual fund with large capital gains, what to do?
Replies: 15
Views: 785

Re: Expensive mutual fund with large capital gains, what to do?

Capital gains distributions are taxed in the year received weather reinvested or taken in cash . If reinvested, they increase the cost basis of the fund thereby lowering the capital gain or increasing the capital loss from the sale of the fund. But if you reinvest, the distributions will increase i...
by kaneohe
Thu Feb 07, 2019 9:36 am
Forum: Personal Finance (Not Investing)
Topic: It's tax time in California so need some help
Replies: 9
Views: 1110

Re: It's tax time in California so need some help

....................................................................... Schedule CA (540) California Adjustments column B(subtractions) and column C(additions) is used to make the needed corrections to satisfy the state requirements. I have no problems with most of the subtractions or additions wit...
by kaneohe
Wed Feb 06, 2019 1:58 pm
Forum: Personal Investments
Topic: Roth IRA tax question.
Replies: 19
Views: 783

Re: Roth IRA tax question.

... Even if it does this seems like a too good to be true arraignment. It's a feature of the Roth IRA that allows the saver to choose whether to pay taxes now in a Roth IRA or pay them later in a traditional IRA. If the tax rates are identical between now and then, then the amount of taxes paid is ...
by kaneohe
Wed Feb 06, 2019 1:53 pm
Forum: Personal Investments
Topic: Roth IRA tax question.
Replies: 19
Views: 783

Re: Roth IRA tax question.

from your link: so yes, you are correct. The 1099-R you get when you make a withdrawal is entered on your tax to show your gross distributions but you will enter 0 for taxable amount so no effect on taxes. What Is a Roth IRA? ...................................................... Are Distributions T...
by kaneohe
Tue Feb 05, 2019 3:56 pm
Forum: Personal Investments
Topic: ? Tips as income for IRA/Roth
Replies: 11
Views: 484

Re: ? Tips as income for IRA/Roth

Lafder wrote:
Tue Feb 05, 2019 1:57 pm
They deducted state and federal taxes of about 400 and 100. Hopefully she can get those back.
:)
You will need to file a tax return to get those back..........so file even if technically she doesn't have to.
by kaneohe
Tue Feb 05, 2019 3:08 pm
Forum: Personal Investments
Topic: Don't File Too Early
Replies: 47
Views: 6104

Re: Don't File Too Early

What is the risk to one if they owe taxes and someone files under their name? My impression is that the risk is zero. It is not my problem. It is the problem for the IRS. I should refer you to one of my co-workers to answer this. It took him two years to finally get his refund and there were lots o...