Search found 5143 matches

by kaneohe
Fri Dec 14, 2018 8:36 am
Forum: Personal Consumer Issues
Topic: Trouble Accessing .gov websites
Replies: 17
Views: 3049

Re: Trouble Accessing .gov websites

old thread but didn't want to start a new one unless I had to. Cannot login to IRS website in Chrome, but it DOES work in FFox. Anyone else w/ this issue? Windows 10, everything is updated. :confused Your issue sounds a bit different than mine but it might be worth trying out terran's suggestion in...
by kaneohe
Fri Dec 14, 2018 8:32 am
Forum: Investing - Help with Personal Investments
Topic: 0% Long Term Capital Gain rate?
Replies: 18
Views: 2129

Re: 0% Long Term Capital Gain rate?

legio.............sounds like you understand the principles. Always good to check w/ a tax calculator tho........ https://www.mortgagecalculator.org/calcs/1040-calculator.php Maybe check w/ Taxcaster and the HR Block tax calculator too. They should all give 2018 results at some point but be sure to ...
by kaneohe
Thu Dec 13, 2018 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Critique my SS/RMD Tax Plan
Replies: 7
Views: 523

Re: Critique my SS/RMD Tax Plan

For some reason unknown to me, despite the IRS words about paying taxes as income is received, IRS treats withholding better than estimated taxes. A short version of p.1 of the 2210: (2017 version ) Part I Required Annual Payment ................................. 4 Current year tax. ...................
by kaneohe
Thu Dec 13, 2018 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Is it a Five-Twenty-Nine or a Five-Two-Nine Plan
Replies: 29
Views: 1383

Re: Is it a Five-Twenty-Nine or a Five-Two-Nine Plan

Is OP going to summarize results..........?
by kaneohe
Thu Dec 13, 2018 12:49 pm
Forum: Investing - Help with Personal Investments
Topic: Tax question-above the line
Replies: 24
Views: 1889

Re: Tax question-above the line

Still don't see it working for Single or Married. MFJ earning $38K. Each contributes $2K to Roth IRA. One dependent. Received $18K Advance Premium Tax Credit w/ SLCSP = $18K. Taxable = $14,000. Tax = $1400. Excess APTC tax = $600. Saver's credit = $2000. Net $0. Don't know how likely, but it's poss...
by kaneohe
Thu Dec 13, 2018 9:49 am
Forum: Investing - Help with Personal Investments
Topic: Tax question-above the line
Replies: 24
Views: 1889

Re: Tax question-above the line

.........................] ................................... ......................................... You put $4,000 in a IRA or 401(k). 50% is $2k crdit. ......................................... I thought FiveK had shown above that the max contribution for which you get credit is 2K even if yo...
by kaneohe
Thu Dec 13, 2018 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

I followed most of the discussion. I didn't see that there was any consideration given to self employment tax. .............................. How about the qualified biz income passthru deduction? Foreign income is in the list of the QBI exclusions in the draft 1040 instructions for Line 9: Determi...
by kaneohe
Wed Dec 12, 2018 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

sawdust60 wrote:
Wed Dec 12, 2018 2:54 am
I followed most of the discussion. I didn't see that there was any consideration given to self employment tax. ..............................
How about the qualified biz income passthru deduction?
by kaneohe
Wed Dec 12, 2018 4:40 pm
Forum: Investing - Help with Personal Investments
Topic: Questions on Roth conversions...
Replies: 2
Views: 189

Re: Questions on Roth conversions...

I have read two conflicting things on the five year wait period between a Roth conversion and a withdrawal - one version said the five year clock starts with the first conversion only, while another version is that each conversion restarts the five-year wait. Which one is correct? ....................
by kaneohe
Wed Dec 12, 2018 9:28 am
Forum: Personal Consumer Issues
Topic: Lyft driver got into an accident, but denies it
Replies: 71
Views: 5396

Re: Lyft driver got into an accident, but denies it

......................... Lyft's insurance agent contacted me and now says our Lyft driver denies ever getting into any accident. .................................... What am I supposed to do in this situation where the Lyft driver denies responsibility ? ................................... Doesn't...
by kaneohe
Tue Dec 11, 2018 11:18 pm
Forum: Investing - Help with Personal Investments
Topic: 0% Long Term Capital Gain rate?
Replies: 18
Views: 2129

Re: 0% Long Term Capital Gain rate?

protagonist..........I think you have the basics down. There are some minor details....like after matching your LTCG w/ carryover losses, you get an extra 3K of losses to be used that yr......but that just a detail in the big picture.....and yes you have it right about it kind of being a "loss" to t...
by kaneohe
Tue Dec 11, 2018 8:38 pm
Forum: Investing - Help with Personal Investments
Topic: ROTHs and 5-year Penalty
Replies: 10
Views: 908

Re: ROTHs and 5-year Penalty

Thank you both. Is there a minimum earned income limit in order to contribute the maximum annual contribution? (And I'm already pretty sure my pension check and Social Security is not earned income[?]) Your maximum annual contribution is limited to the minimum of your earned income or the Roth max ...
by kaneohe
Tue Dec 11, 2018 7:39 pm
Forum: Investing - Help with Personal Investments
Topic: ROTHs and 5-year Penalty
Replies: 10
Views: 908

Re: ROTHs and 5-year Penalty

Have no idea since you're now in the weeds (or the swamp) but this is from Pub 590B: "What Are Qualified Distributions? A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements. 1. It is made after the 5-year period beginning with the first tax...
by kaneohe
Tue Dec 11, 2018 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

Here's another question for my situation, if anyone knows and would care to help. My wife is a foreign national with no connection to the USA, except as my spouse. She is not a citizen or permanent resident. She earns a few thousand dollars a year. Do we need to include her income in our income tot...
by kaneohe
Tue Dec 11, 2018 3:01 pm
Forum: Investing - Help with Personal Investments
Topic: ROTHs and 5-year Penalty
Replies: 10
Views: 908

Re: ROTHs and 5-year Penalty

Correct me if I misunderstood .........it sounds like these accounts have always been Roths.........if so ,you did not do any conversions.......you simply transferred, moved, or rolled them over to other Roth accounts. Then you have only original contributions and earnings in them. Your original con...
by kaneohe
Tue Dec 11, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

................................................................. But I can say that I have had two different tax preparers in the past and neither one did it the way it is set out in the link you provide. Intuitively this method seems odd to me. Where on the 1040 would you put the alternative calc...
by kaneohe
Tue Dec 11, 2018 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

............................................................... The key appears to be that line 5 does not subtract the standard (or itemized) deduction when computing the tax on just the foreign income. ....................................... nice find! that sure makes a big difference...............
by kaneohe
Tue Dec 11, 2018 10:01 am
Forum: Personal Finance (Not Investing)
Topic: IRS on making QCD by check from IRA
Replies: 14
Views: 853

Re: IRS on making QCD by check from IRA

What if the check doesn’t clear by December 31? If the IRA custodian issues the check, the money will be out of the IRA as soon as they issue the check? Does this mean that if the IRA custodian issues the check in 2018, that is sufficient to claim the QCD deduction for 2018.............that it is n...
by kaneohe
Tue Dec 11, 2018 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

You may want to give the problem below to your preparer as a test (from the link above)...note it uses 2017 numbers Also note that the methodology is quite different than a normal US tax problem. With a normal US tax problem, you subtract out the non-taxed income and then calculate tax on what's lef...
by kaneohe
Mon Dec 10, 2018 8:41 pm
Forum: Investing - Help with Personal Investments
Topic: Dividend Reinvestment Messed Up Tax Loss Harvest
Replies: 7
Views: 604

Re: Dividend Reinvestment Messed Up Tax Loss Harvest

You should be ok. Most of your loss should stick. A small part will be a partial wash sale but that fraction should be small in the overall
picture.
by kaneohe
Mon Dec 10, 2018 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

This is similar to the ordinary income/(QDIV/LTCG) issue. It may help to think of the stacked bar chart with FEI bar on the bottom and the other income on the top. The taxation of the income on the top depends on its position due to the FEI even tho there is no tax on the FEI.
by kaneohe
Mon Dec 10, 2018 7:19 pm
Forum: Investing - Help with Personal Investments
Topic: Tax question-above the line
Replies: 24
Views: 1889

Re: Tax question-above the line

.................................. The most the saver's credit can be for a single filer is $1000, so I hope there's an extra $400 you expect to come from something else this journey has uncovered...? Thanks for responding. I'm happy to say that the saver's credit maxes out at 2K, not 1K. Source: h...
by kaneohe
Mon Dec 10, 2018 3:46 pm
Forum: Investing - Help with Personal Investments
Topic: 0% Long Term Capital Gain rate?
Replies: 18
Views: 2129

Re: 0% Long Term Capital Gain rate?

Thank you kanehoe, for your detailed explanation. As a painter, I relate to buckets. The graphic would be transparent buckets (so you could see what is inside) floating on top of other buckets, with overflow tubes going back to the appropriate buckets as categories are filled up. Very Rube Goldberg...
by kaneohe
Mon Dec 10, 2018 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

Thanks everyone. LTCG and LTCG distributions will be about $4k. STCG and STCG distributions will be about $1k. Ordinary dividends will be about $5k. Qualified dividends will be about $4k. ................................... If I understand your numbers correctly LTCG/QDIV=8K;ordinary income=6K whic...
by kaneohe
Mon Dec 10, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Want to help me figure how much I can convert to Roth?
Replies: 27
Views: 2319

Re: Want to help me figure how much I can convert to Roth?

I don't if things have changed or even if I have the right idea but I once thought things w/ FEIE were a bit different https://www.americansabroad.org/us-taxes-abroad-for-dummies-update/ I thought income other than that excluded by FEIE was taxed as if the FEIE wasn't there. Thus they are taxed at h...
by kaneohe
Mon Dec 10, 2018 9:10 am
Forum: Personal Finance (Not Investing)
Topic: withdrawing excess contribution to Roth IRA
Replies: 3
Views: 288

Re: withdrawing excess contribution to Roth IRA

If you have other TIRAs w/ deductible contributions, they will affect the taxation of your Roth conversion. If you have those, the usual recommendation is to roll them into a 401K that will accept them. It's a bit late in the year to do that but something to consider.
by kaneohe
Sun Dec 09, 2018 11:33 pm
Forum: Investing - Help with Personal Investments
Topic: 0% Long Term Capital Gain rate?
Replies: 18
Views: 2129

Re: 0% Long Term Capital Gain rate?

I thought all forms of income were lumped together when determining one's tax bracket. Is ordinary income (wages, social security, interest, short term capital gain) somehow a separate bucket from this other form of income (long term capital gain & qualified dividends)? They are lumped together but...
by kaneohe
Sun Dec 09, 2018 11:53 am
Forum: Personal Finance (Not Investing)
Topic: HSA recordkeeping question (old receipts)
Replies: 9
Views: 790

Re: HSA recordkeeping question (old receipts)

.................................. How would the IRS ever know if they had been previously used in part or in whole for old HSA or FSA claims that were a decade or more in the past? very simple.......they would ask you to prove it.........show them all your medical bills since HSA started, all your...
by kaneohe
Sat Dec 08, 2018 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: TaxCaster for 2018 estimated taxes
Replies: 10
Views: 1123

Re: TaxCaster for 2018 estimated taxes

Did you compare the total taxes for both yrs and also the total withholding for both yrs? Sounds like you are looking at the difference between total tax and withholding..........might help to look at the individual components. I thought I read earlier in the yr that withholding was less than in pre...
by kaneohe
Sat Dec 08, 2018 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Wiki: Backdoor Roth IRA (conversion formula)
Replies: 12
Views: 697

Re: Wiki: Backdoor Roth IRA (conversion formula)

Celia...........nice catch. Perhaps consider some minor rewording: ND = Amount of Non-Deductible dollars in all the non-Roth IRAs at start of year , plus contributions made for the year SB = Sum of the Balances of all the non-Roth IRAs at year-end, plus the amount converted Valuation of amounts impl...
by kaneohe
Fri Dec 07, 2018 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: IRA deduction - Tax planning
Replies: 4
Views: 323

Re: IRA deduction - Tax planning

You and spouse combined can contribute your wife's net self-employment to your own IRAs.....so split the 7K however you wish but
don't exceed per person limit.
by kaneohe
Thu Dec 06, 2018 7:58 am
Forum: Personal Finance (Not Investing)
Topic: Whoops, thought wife's tIRA was Roth...help!
Replies: 28
Views: 1883

Re: Whoops, thought wife's tIRA was Roth...help!

Do the monthly statements reflect the incorrect nature of the account? I guess it would have been easier to fix a decade ago?
by kaneohe
Wed Dec 05, 2018 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Tuition deduction
Replies: 7
Views: 715

Re: Tuition deduction

https://www.irs.gov/pub/irs-pdf/p4012.pdf see pg. J2/J3 You are not eligible for AOTC but not due to income. It is only for 1st 4yrs of college which I assume you completed long ago. Check out details of lifetime learning credit and tuition &fees deduction. Not 100% sure but I think the tuition and...
by kaneohe
Wed Dec 05, 2018 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Tuition deduction
Replies: 7
Views: 715

Re: Tuition deduction

https://www.irs.gov/pub/irs-pdf/p4012.pdf see pg. J2/J3

You are not eligible for AOTC but not due to income. It is only for 1st 4yrs of college which I assume you completed long ago.
Check out details of lifetime learning credit and tuition &fees deduction.
by kaneohe
Wed Dec 05, 2018 11:00 am
Forum: Investing - Help with Personal Investments
Topic: Do IRA contributions reduce MAGI for IRMAA?
Replies: 7
Views: 626

Re: Do IRA contributions reduce MAGI for IRMAA?

https://www.ssa.gov/pubs/EN-05-10536.pdf "How does Social Security determine if I must pay higher premiums? To determine if you’ll pay higher premiums, Social Security uses the most recent federal tax return the IRS provides to us. If you must pay higher premiums, we use a sliding scale to make the...
by kaneohe
Wed Dec 05, 2018 9:31 am
Forum: Investing - Help with Personal Investments
Topic: Brokered Cd's FDIC insurance question
Replies: 7
Views: 677

Re: Brokered Cd's FDIC insurance question

http://www.finra.org/investors/certificates-deposit-cds "f the bank issuing the CD is FDIC-insured and if the CD is a bank product, your account value should be insured for up to $250,000. Keep these two things in mind, though: To be eligible for insurance, you must be listed as the CD's owner, so ...
by kaneohe
Tue Dec 04, 2018 1:41 pm
Forum: Investing - Help with Personal Investments
Topic: Brokered Cd's FDIC insurance question
Replies: 7
Views: 677

Re: Brokered Cd's FDIC insurance question

You would be fully insured. IRAs are considered a separate class and have a separate maximum. Use the FDIC tool to estimate FDIC coverage. https://www5.fdic.gov/edie/calculator.html
by kaneohe
Tue Dec 04, 2018 9:31 am
Forum: Investing - Help with Personal Investments
Topic: Schwab Vs Fidelity Vs Vanguard
Replies: 88
Views: 19278

Re: Schwab Vs Fidelity Vs Vanguard

One minor point in the big picture...............but perhaps a tie-breaker if things are otherwise close........ Schwab does not have a sweep account paying decent interest. Instead,under the guise of providing FDIC insurance,the sweep account pays a measly bank interest of something like 0.2%. You ...
by kaneohe
Tue Dec 04, 2018 9:14 am
Forum: Investing - Help with Personal Investments
Topic: Multiple Roths With One Brokerage
Replies: 16
Views: 1203

Re: Multiple Roths With One Brokerage

............................................ Additionally, I did not realize they use Jan 1 of the year, so the Roth conversion account I created in Dec 2016 will be considered as 3 years come Jan 1. Per the Kitces link, it seem that being past 59.5 makes the 5 year rule a moot point. ................
by kaneohe
Mon Dec 03, 2018 10:44 am
Forum: Investing - Help with Personal Investments
Topic: Roth - 60 day tax free rollover
Replies: 8
Views: 494

Re: Roth - 60 day tax free rollover

Be sure you haven't done something similar in the past (within 365 days) or in the future. You can only do one such rollover every 365 days.........includes both Roths and TIRAs in the one rollover rule.
by kaneohe
Mon Dec 03, 2018 10:39 am
Forum: Investing - Help with Personal Investments
Topic: Withdrawing Early from Roth without Penalty
Replies: 9
Views: 1482

Re: Withdrawing Early from Roth without Penalty

I took out 12K from a Roth for a car purchase in Feb 2018. The account was over 5 years old and I had contributed over 30k up until the time of withdraw at which I was 58. I know I dont have to pay taxes because it was contributed funds. But will I even have to put it on my Federal Form? IRS doesn'...
by kaneohe
Sun Dec 02, 2018 3:51 pm
Forum: Investing - Help with Personal Investments
Topic: Charity donations if you itemize
Replies: 5
Views: 685

Re: Charity donations if you itemize

yes.........but note that there is a 10K limit on state and local taxes which you are at already. If you added a state income tax or more mortgage interest, that would not increase your deduction. Mortgage interest is not subject to the SALT limit. Gill Gill, thanks for correction. I meant more pro...
by kaneohe
Sun Dec 02, 2018 1:04 pm
Forum: Investing - Help with Personal Investments
Topic: Charity donations if you itemize
Replies: 5
Views: 685

Re: Charity donations if you itemize

yes.........but note that there is a 10K limit on state and local taxes which you are at already. If you added a state income tax or more mortgage interest, that would not increase your deduction.
by kaneohe
Sun Dec 02, 2018 9:15 am
Forum: Investing - Help with Personal Investments
Topic: Cost basis methods at Vanguard
Replies: 9
Views: 902

Re: Cost basis methods at Vanguard

Ask VG to be sure .....I'm guessing you should be able to do as you suggest if you have named spec ID as your cost basis method for covered shares. Even you had not named a method, I believe VG would keep noncovered share average basis separate from covered share average basis. However ,in this case...
by kaneohe
Sun Dec 02, 2018 8:51 am
Forum: Investing - Theory, News & General
Topic: foreign tax credit
Replies: 12
Views: 937

Re: foreign tax credit

If your FT is > threshold limits ($300single/ 600 MFJ), the FTC is similar to how things work when you pay taxes on the same income to 2 states. Often you get credit in your home state for taxes you paid the "foreign" state. However often it is limited to the lower of the 2 taxes. For FTC, it is sim...
by kaneohe
Sat Dec 01, 2018 10:07 am
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Eligibility Question
Replies: 14
Views: 644

Re: Roth IRA Eligibility Question

You might want to wait until early 2019 when you will have final 2018 numbers. You'll have figure your Roth IRA MAGI and see how that compares w/ the limits. As things look, it appears you'll be able to do it but as you said the numbers are tentative. https://www.irs.gov/publications/p590a#en_US_201...
by kaneohe
Sat Dec 01, 2018 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA withdrawal question
Replies: 3
Views: 365

Re: Roth IRA withdrawal question

the kawill table referenced by Silk McCue is a very useful one. Use it along with the IRS ordering rules that say the first distributions are contributions, then conversions(oldest first.....and within each conversion, the taxable portion is first), then finally earnings. The table is arranged in th...
by kaneohe
Fri Nov 30, 2018 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Withhold/Replace Timing - Traditional to Roth Conversion
Replies: 11
Views: 648

Re: Tax Withhold/Replace Timing - Traditional to Roth Conversion

Thanks mhalley, OK, so looking at form 2210 it does show that as long as my tax underpayment is less that $1000 I'm good. I agree that that's the easiest solution. It is not your tax underpayment that must be less than $1K. It is your tax less certain credits and withholding You might still get awa...
by kaneohe
Fri Nov 30, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: United HealthCare
Replies: 27
Views: 1966

Re: United HealthCare

Had them as employer plan while I was working. No problems. Have them now for Medigap plan. Same.
by kaneohe
Fri Nov 30, 2018 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA Question
Replies: 6
Views: 387

Re: IRMAA Question

A related question: Does IRMAA adjustment apply to Part D coverage that is part of a Medicare Advantage Plan? I don't what's supposed to happen. I only know what happens in reality. I have Medigap and Pt D. Wife has retiree HMO plan provided through employer that includes drug coverage. We both get...