Search found 1027 matches

by vtMaps
Sun Mar 24, 2024 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: How do we determine QBID for S-Corp income for 2023 ?
Replies: 18
Views: 1242

Re: How do we determine QBID for S-Corp income for 2023 ?

MP123 wrote: Sun Mar 24, 2024 10:23 am Is it possible that you have Sec 199a QBI from another source too? Like a REIT or Mututal Fund?
RIMDBogle wrote: Sun Mar 24, 2024 11:47 am No such income
I have only single business tax reporting.
So, are you saying that you do not own any diversified ETFs or Mutual Funds in a taxable account? If you do own such ETFs or Funds, then you very probably have some QBI.

--vtMaps
by vtMaps
Fri Mar 22, 2024 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: How do we determine QBID for S-Corp income for 2023 ?
Replies: 18
Views: 1242

Re: How do we determine QBID for S-Corp income for 2023 ?

HR Block software is not very transparent about what it is doing, but my tax return is correct.

Here's what my form 8995 looks like:
Line 1 i has my wife's consulting business and in column (c) is her net income (from schedule C) of $10,000
Line 2 is the sum of the net incomes in line 1. The literal sum is $10,000, but HR Block puts $943 in line 2.

Here's what HR Block is doing:
Our self-employed healthcare premium deduction is $8,350 (medicare, medigap, and Part D)
My wife's SE tax is $1,413 and she deducts 1/2 of it or $707.
So, $10,000 - $8,350 - $707 = $943

The QBID is 20% of $943.

Hope this helps,
--vtMaps

edit: clarify that the healthcare premium deduction is the self-employed healthcare premium deduction
by vtMaps
Fri Mar 22, 2024 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: How do we determine QBID for S-Corp income for 2023 ?
Replies: 18
Views: 1242

Re: How do we determine QBID for S-Corp income for 2023 ?

Not enough info to understand your problem.

Certain deductions can reduce the amount of your QBI deduction. The deductions that reduce QBID are deductions that compete with QBID. Deductions such as 1/2 SE tax, IRA contributions, SE healthcare premium deduction, and QBID cannot, in aggregate, be greater than your net business profit. If you have taken some of the other deductions, there may not be room for the entire QBID to be taken.

--vtMaps
by vtMaps
Wed Mar 20, 2024 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Which typie of Fidelity account?
Replies: 26
Views: 1860

Re: Which typie of Fidelity account?

GaryA505 wrote: Wed Mar 20, 2024 10:37 am I've read many posts on the question of Fidelity CMA vs Fidelity regular brokerage account and still can't figure out the significant differences.
Main difference is that CMA cannot have margin or trade options. CMA has more favorable terms for ATM rebates. --vtMaps
by vtMaps
Sun Mar 17, 2024 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 6053
Views: 1037414

Re: Fidelity as a one stop shop

tj wrote: Sun Mar 17, 2024 6:19 pm The CMA is a full feature brokerage account, just has a crappy sweep option.
Not full featured, no margin no options.
Sweep is crappy, but it is FDIC insured.

--vtMaps
by vtMaps
Sat Mar 09, 2024 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: QCD sweet spot?
Replies: 31
Views: 2982

Re: QCD sweet spot?

Despite what several have posted in this thread, it is certainly possible that giving to a charity by QCD can raise your taxes compared to giving the same donation from your taxable account.

This counter-intuitive tax consequence occurs when the charitable donation is sufficient to move you from standard deduction to itemized deductions. This tax effect may affect those who make QCDs before they are required to take RMDs, and it may affect those whose QCDs are greater than their RMDs.

--vtMaps
by vtMaps
Fri Mar 08, 2024 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Has Anyone Had This Scenario/Situation With The IRS
Replies: 21
Views: 3057

Re: Has Anyone Had This Scenario/Situation With The IRS

MarkNYC wrote: Fri Mar 08, 2024 11:19 am I don't think the financial institution will provide a copy of the cancelled check unless the customer requests it.

Several years ago I requested Fidelity and Ally to include check images on my monthly statements. I only made the requests once and now images of any check I write show up on my statements. I think it's mentioned somewhere in the unreadably long Fidelity one-stop-shop thread.

--vtMaps
by vtMaps
Mon Mar 04, 2024 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: QCDs before age 73?
Replies: 30
Views: 2493

Re: QCDs before age 73?

GenawithanE wrote: Mon Mar 04, 2024 5:40 pm If you are selling taxable assets like stocks to generate the funds, you don’t need to, and thus you avoid having the capital gains as income.
Rather than sell stocks to make a charitable contribution, why not donate the stock and let the charity realize the capital gains tax free?

--vtMaps
by vtMaps
Mon Mar 04, 2024 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: QCDs before age 73?
Replies: 30
Views: 2493

Re: QCDs before age 73?

jim125 wrote: Mon Mar 04, 2024 2:00 pm Are there any advantages or disadvantages to taking qualified charitable distributions as soon as one is able to do so at age 70 1/2 instead of waiting until required minimum distribution age? DW and I have the overwhelming majority of our IRAs converted to Roth's but purposely left some IRA monies in traditional for future QCDs in lieu of taxable RMDs. The QCDs would replace current charitable contributions made with checks. It is time for a decision and we are undecided about starting QCDs before RMD age 73.
Do you itemize your deductions, including charitable contributions? If not, then you should do QCDs. --vtMaps
by vtMaps
Mon Feb 26, 2024 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

Re: HR Block line 4b 'See attached'

Mjl714 wrote: Mon Feb 26, 2024 5:42 pm I have both a QCD and rollover within 60 days of distribution and HRB indicates that I cannot efile due to more than one IRA “exception.”
So if you paper file, does HR Block print out the attachment? --vtMaps
by vtMaps
Sun Feb 25, 2024 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 6053
Views: 1037414

Re: Fidelity as a one stop shop

roamingzebra wrote: Sun Feb 25, 2024 12:59 pm Couldn't any random person with your account and routing number transfer money out of your account?
Not any random person, but any bank can do so for their customers. The bank must know their customers, and the bank that initiates the transfer is on the hook if the transfer is fraudulent. I think lockdown is to prevent transfer of shares or assets from one account to another outside of the ACH system that debit cards use.

--vtMaps
by vtMaps
Fri Feb 23, 2024 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: RMD's - Calendar Year Sequencing
Replies: 56
Views: 3890

RMD and Roth--How does IRS know which came first?

[I merged vtMaps’ new topic into the ongoing discussion - moderator ClaycordJCA.]

This is my first year of RMDs and a year from now I will be doing my taxes with RMD distributions and possibly a Roth conversion. It is my impression that the dates of IRA distributions and Roth conversions is not reported to the IRS. Is that correct? If so, how would the IRS know if I improperly did a Roth conversion before taking my RMD distribution?

I believe that penalties may be onerous for doing a Roth conversion before taking RMD distributions. But as a practical matter, if the RMD was fully distributed in the same tax year as the Roth conversion, does the IRS know or care which came first?

--vtMaps
by vtMaps
Fri Feb 23, 2024 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: How do I report Roth conversion after RMD
Replies: 16
Views: 1266

Re: How do I report Roth conversion after RMD

PinotGris wrote: Fri Feb 23, 2024 4:10 pm It was removed from IRA and Posted to his Roth IRA account. Vanguard has a button on the screen to do this when in the IRA account page.
Vanguard to Vanguard... All you need to do is form 8606.

By the way, was any tax withheld? If yes, there are consequences and you have (or had) the option (within 60 days) to increase your Roth conversion by the amount of the taxes withheld. If no, there are consequences and you need to think about how/when to pay the taxes on the conversion.

--vtMaps
by vtMaps
Fri Feb 23, 2024 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: How do I report Roth conversion after RMD
Replies: 16
Views: 1266

Re: How do I report Roth conversion after RMD

PinotGris wrote: Fri Feb 23, 2024 3:26 pm After taking out our RMD and withholding taxes, we withdrew 10K and converted to Roth. How is this reported when doing my taxes?
Depending on how you did your conversion, you only need to fill out form 8606.

How did you do the conversion? Did you actually withdraw $10k from your IRA account and then send a check for $10k to the custodian of your Roth? If so, that will involve a bit more effort to account for.

--vtMaps
by vtMaps
Sat Feb 17, 2024 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: I don't understand my 1099-DIV
Replies: 10
Views: 850

Re: I don't understand my 1099-DIV

jebmke wrote: Sat Feb 17, 2024 1:09 pm Edit: I see that OP is referring to supplementary detail information that follows the 1099-Div. His OP incorrectly implies that this information is on the 1099-Div which it likely is not.
Sorry to have confused you. It's in a section of the 1099-Consolidated called "Details of 1099-DIV Transactions". --vtMaps
by vtMaps
Sat Feb 17, 2024 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: I don't understand my 1099-DIV
Replies: 10
Views: 850

Re: I don't understand my 1099-DIV

livesoft wrote: Sat Feb 17, 2024 12:51 pm What box number of your 1099-DIV has a "dividend distribution"?
It's a Fidelity Consolidated 1099.

There is no box number for the "dividend distribution". --vtMaps
by vtMaps
Sat Feb 17, 2024 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: I don't understand my 1099-DIV
Replies: 10
Views: 850

I don't understand my 1099-DIV

I have both ITOT and VTI in a taxable account. The ITOT got there when I did a tax loss harvest of VTI. I am surprised at how different their dividends are. My 1099-DIV shows: ITOT total ordinary dividends = $759.01 [100%] dividend distribution = $50.20 [6.61%] qualified dividends = $680.29 [89.63%] 199A dividends = $28.52 [3.76%] VTI does not have a dividend distribution, its qualified dividends are 94.68%, and its 199A dividends are 5.32%. I am surprised by how much more tax efficient VTI is than ITOT (because of the qualified dividends), but actually, I don't fully understand what I am reading... My question is what is the $50.20 dividend distribution from ITOT ? Judging by the percentages, the $50.20 dividend distribution is not a quali...
by vtMaps
Sat Feb 17, 2024 9:14 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2023 incorrectly reporting taxable IRA distribution
Replies: 141
Views: 19203

Re: H&R Block 2023 incorrectly reporting taxable IRA distribution

grogu wrote: Sat Feb 17, 2024 8:50 am I'm not sure how many of their other updates impacted information that I previously inputted (i.e., other software errors that I wasn't aware existed). Do I need to go through all of the interview questions again in case there were other errors fixed by other updates??
Depends. Do you have independent verification of HR Block's numbers? I do my taxes on a spreadsheet and then use HR Block to print the forms I mail in (I don't efile). If HR Block disagrees with my spreadsheet and I can't figure out why, I post here on Bogleheads. I find that posting here is much more effective than HR Block support. :D

--vtMaps
by vtMaps
Fri Feb 16, 2024 2:43 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2023 incorrectly reporting taxable IRA distribution
Replies: 141
Views: 19203

Re: H&R Block 2023 incorrectly reporting taxable IRA distribution

EagertoLearnMore wrote: Thu Feb 15, 2024 2:28 pm HR Block update available today, a day early.
The inherited IRA from non-spouse bug is now fixed so e-file is permitted. I am finding other bugs that weren't there before so they fixed one thing and changed others.
No, it's not fixed. I still have to lie and tell the software that the IRA was not inherited or it won't ask me about QCDs from the inherited IRA.

--vtMaps
by vtMaps
Tue Feb 13, 2024 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

Re: HR Block line 4b 'See attached'

FactualFran wrote: Tue Feb 13, 2024 10:26 am I don't know of any statement by the IRS that indicates that a 1099-R is not issued for an IRA trustee to IRA trustee transfer.
I don't care what the IRS says, I believe what Alan S. says in this thread:

viewtopic.php?p=7487087#p7487087
if a 1099R is issued there is a reportable distribution and exposure to the one rollover limit.
--vtMaps
by vtMaps
Tue Feb 13, 2024 7:16 am
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

Re: HR Block line 4b 'See attached'

The fact that a printed return does not include the statement should be reported as an error to HR Block. Understood. I've never attached a statement to a tax return. If HR Block doesn't fix this, is there some format that I should use to make my own statement? (obviously the statement would have my SS# along with the amount of the QCD and the rollover). A distribution with code G on a 1099-R is not included in the 1-year waiting period required between rollovers Where did you find that? My impression (from IRS instructions, and another thread) was that plan rollovers were unlimited but IRA to IRA rollovers (direct or indirect) were limited to 1 per year. I think the problem is that the IRS considers an IRA trustee to IRA trustee transfer ...
by vtMaps
Mon Feb 12, 2024 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

Re: HR Block line 4b 'See attached'

arcticpineapplecorp. wrote: Mon Feb 12, 2024 9:41 pm what is listed on box 1 and 2 on the 1099-R?

And is 2b (both taxable amount not determined and total distribution) checked or unchecked on the actual 1099-R?
Box 1 is the amount of the "rollover". Box 2 is $0.00
Box 2b is not checked.

--vtMaps
by vtMaps
Mon Feb 12, 2024 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

Re: HR Block line 4b 'See attached'

Alan S. wrote: Mon Feb 12, 2024 8:57 pm Having both a rollover and a QCD in the same year is not that unusual. Decent tax programs should handle it OK with or without an explanatory statement. "See attached" suggests that a statement has been included, but perhaps you need to call HRB to find how you can see the statement to make sure it is correct. Are the amounts on 4a and 4b correct?
The amounts are correct. I do not eFile. When I print my tax return from HR Block, there is no attached statement. I think there is room for me to write both "rollover" and "QCD" on line 4b, or I could make my own attached statement.

--vtMaps
by vtMaps
Mon Feb 12, 2024 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: Treasury MM dividends and HR Block
Replies: 10
Views: 1027

Re: Treasury MM dividends and HR Block

the program actually says that if you have dividends with U.S. interest you should enter each separately with their separate %. I noticed that (see my OP). Maybe I will transfer my FDLXX over to my Cash Management account. Then next year my CMA 1099 will get a 1099-DIV which is all government obligations. I calculated that the total amount of state tax that it would save me by taking advantage of U.S. interest was less than about $20. Since I wasn't sure why the program said what it did and didn't want to bother doing it, I just decided not to check the U.S. interest box altogether. I also stand to gain about $20 if I check the box. At this point, since I've spent a couple of hours figuring it out (with help from this forum), I will check ...
by vtMaps
Mon Feb 12, 2024 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

Re: HR Block line 4b 'See attached'

toddthebod wrote: Mon Feb 12, 2024 4:59 pm If TIAA and Fidelity both think it's a rollover, why do you think it's not? Was it an ACATS transfer, or did they mail a check made out to Fidelity?
A check was mailed from TIAA to Fidelity. It was, in fact, a trustee to trustee transfer. But TIAA gave it a code G on line 7 of the 1099. Therefore, as far as the IRS is concerned, it is a direct rollover.

No tax was withheld and no tax will be owed.

--vtMaps
by vtMaps
Mon Feb 12, 2024 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Treasury MM dividends and HR Block
Replies: 10
Views: 1027

Re: Treasury MM dividends and HR Block

Thanks for the replies.
So if my total dividends were $2,000 of which $200 was FDLXX dividend, and FDLXX was 96% government obligations, then I would tell the software that 200 ÷ 2000 x .96 = 9.6% of my dividends were government obligations.
--vtMaps
by vtMaps
Mon Feb 12, 2024 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

Re: HR Block line 4b 'See attached'

The distribution code is "G". It was in fact a trustee to trustee transfer and there should be no 1099-R. It's not worth fighting with TIAA to get them to withdraw the 1099. Also, Fidelity has coded it as a rollover contribution to my Fidelity IRA. As long as I do not do another rollover within a year, it should not matter.

So therefore the difference between line 4a and 4b is the sum of the "rollover" and the QCD. Why can't HR Block write "rollover" and "QCD" next to line 4b? It says "see attached" next to line 4b and I can't find any attachment to the tax return that HR Block prints.

--vtMaps
by vtMaps
Mon Feb 12, 2024 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Treasury MM dividends and HR Block
Replies: 10
Views: 1027

Treasury MM dividends and HR Block

In 2023 I decided to stop rolling short term treasuries and instead invest in FDLXX (Fidelity Treasury only Money Market fund). So, for the first time I have dividends that are exempt from state tax, and for the first time I am trying to figure out how to enter those dividends into HR Block software.

It looks like I have to take Fidelity's consolidated 1099-DIV and manually break it up into two 1099-DIVs, one for FDLXX and one for all other securities. Then I have to look up what percent of FDLXX's dividends are federal obligations and enter that into the 1099-DIV for FDLXX.

Am I on the right track here?

--vtMaps
by vtMaps
Sun Feb 11, 2024 5:11 pm
Forum: Personal Investments
Topic: Transfer trustee to trustee Fidelity pull Payflex
Replies: 1
Views: 209

Re: Transfer trustee to trustee Fidelity pull Payflex

Paullmas wrote: Sun Feb 11, 2024 5:08 pm Would I need to fill out any forms during tax season if Fidelity initiates cash (not close) trustee pull from Payflex HSA?
My understanding if I do a 60 day rollover (Payflex sends me the check), I would have a bunch of extra tax documents.
Your understanding is correct. Also beware that if it's a rollover they may withhold taxes. --vtMaps
by vtMaps
Sun Feb 11, 2024 10:52 am
Forum: Personal Finance (Not Investing)
Topic: HR Block line 4b 'See attached'
Replies: 20
Views: 2363

HR Block line 4b 'See attached'

In 2023 we did some QCD, and also a trustee to trustee non-reportable IRA transfer that got reported as a rollover. Rather than fight with the custodians about the 1099-R which is wrong, I have decided to just live with it because I don't plan to do another rollover within a year.

So line 4a is larger than line 4b. To explain the discrepancy, I think you are supposed to write "QCD" or "Rollover" on line 4b. HR Block has written "see attached" on line 4b. When I print the forms I don't see any attachment that explains about the QCD and Rollover.

Has anyone encountered this?

--vtMaps
by vtMaps
Sun Feb 11, 2024 10:20 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2023 incorrectly reporting taxable IRA distribution
Replies: 141
Views: 19203

Re: H&R Block 2023 incorrectly reporting taxable IRA distribution

gavinsiu wrote: Sun Feb 11, 2024 10:01 am After the most recent update, it now report Death Distribution from 1099R as income, so it appears to be working.
Yes, but it still won't allow you to take a QCD from an inherited IRA. --vtMaps
by vtMaps
Sun Feb 11, 2024 7:36 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversions in the year before my RBD
Replies: 10
Views: 1227

Re: Roth conversions in the year before my RBD

When I model our situation, Roth Conversions after starting RMDs are a wash at best. Conversions are also a wash for us (plural). The reason we are doing conversions now is not for us, but for one of us (the survivor). When one of us is a survivor, the survivor's income will go down (loss of one social security payment), the tax bracket will go up, and many expenses will stay the same (property tax, home maintenance, car, etc). Therefore we feel that doing Roth conversions is a wash while we're both alive, but a great benefit for the survivor's tax management. Another consideration for us is Vermont income tax. There is a large Social Security tax hump in Vermont, no SS income is taxed until AGI hits $65k, and then the SS income is fully t...
by vtMaps
Sat Feb 10, 2024 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversions in the year before my RBD
Replies: 10
Views: 1227

Re: Roth conversions in the year before my RBD

Thanks all,
my course is set. 2024 RMD before 2024 Roth conversion. --vtMaps
by vtMaps
Sat Feb 10, 2024 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 INT issued to wrong person
Replies: 11
Views: 1586

Re: 1099 INT issued to wrong person

Astronaut4 wrote: Sat Feb 10, 2024 2:19 pm Meanwhile, I erred in stating I cashed no bonds in 2023. I did cash one I bond, that was in my name alone and Treasury Direct deposited the redemption to my individual account (happens to be at the same bank as relative).
You will not get a 1099 mailed to you by treasury direct. You must log onto your account and download the 1099.

--vtMaps
by vtMaps
Sat Feb 10, 2024 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: When to report an IRA 60-day rollover
Replies: 10
Views: 602

Re: When to report an IRA 60-day rollover

Because it was done as a rollover, you cannot do another rollover from any IRA for a year. If you have done a rollover in any account in the past year, you are in trouble. Doesn’t that only apply to indirect (60-day) rollovers? I am unsure. Apparently there is no such thing as a direct rollover from one IRA to another IRA. It is a trustee to trustee transfer, And is not reportable. If they call it a direct rollover, it will be treated as a rollover and it will be reported to the IRS. I went through this with a TIAA --> Fidelity transfer that was coded by TIAA as a rollover, even though a check was sent from TIAA to Fidelity and no taxes were withheld. I think the only way the OP can fix this is to pay the withheld taxes to his new custodia...
by vtMaps
Sat Feb 10, 2024 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: When to report an IRA 60-day rollover
Replies: 10
Views: 602

Re: When to report an IRA 60-day rollover

Old Guy wrote: Sat Feb 10, 2024 12:24 pm The question is, when do I report it? When I do my 2024 taxes in 2025 or during the 2024 calendar year? If the latter, how do I report it?
You report it in 2025. You will have a 1099-R from the originating custodian.

Unfortunately you could have done this as a non reportable trustee to trustee transfer, rather than a rollover. No taxes would have been withheld and there would be nothing to report on your tax return. Because it was done as a rollover, you cannot do another rollover from any IRA for a year. If you have done a rollover in any account in the past year, you are in trouble.

--vtMaps
by vtMaps
Sat Feb 10, 2024 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversions in the year before my RBD
Replies: 10
Views: 1227

Re: Roth conversions in the year before my RBD

You could do as you suggest also, but most people seem to think that taking two RMDs in a single year creates a "pulse" of higher income which can have undesirable taxation. If I do a RMD and a Roth conversion in 2024, and a RMD in 2025, that will create a "pulse" of 2024 taxable income. If I do a Roth conversion in 2024 and two RMDs in 2025, that will create a "pulse" of 2025 taxable income. Safest and usually best course of action, then, would be to take your 2024 RMD this year, then do any Roth conversion you want. That meets your RMD/RBD requirements, prevents two RMDs next year, and supports your desire to do a Roth conversion. I agree, that is safest. If I do the Roth conversion in 2024 before the RMD an...
by vtMaps
Sat Feb 10, 2024 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversions in the year before my RBD
Replies: 10
Views: 1227

Roth conversions in the year before my RBD

I turn 73 this year and must take my 2024 RMD (from an IRA) before my Required Beginning Date (RBD) which is April 1, 2025.

Question: Can I do a Roth conversion in 2024 if I do not take my first RMD until 2025?

--vtMaps
by vtMaps
Thu Feb 08, 2024 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2023 incorrectly reporting taxable IRA distribution
Replies: 141
Views: 19203

Re: H&R Block 2023 incorrectly reporting taxable IRA distribution

In the 2023 version, the QCD option now appears even when I specify that I inherited a non-spousal IRA. But when I select Qualified Charitable Distribution and complete the entry, the program deducts twice the amount of the distribution -- 1 for the same problem everyone else is experiencing with this flakey Inherited IRA, and a 2nd for calling it a QCD. This all but wipes out my entire taxable IRA total. To solve the problem, I end up doing the exact same process as the past 3 years, I refrain from calling it an Inherited IRA and claim the QCD. So I eagerly await the outcome with the rest of you faithful taxpayers --- See if Block can work their way out of this fiasco or file with what works. I am finding (after today's update) that if I ...
by vtMaps
Wed Feb 07, 2024 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 6053
Views: 1037414

Re: Fidelity as a one stop shop

ParlayBogle wrote: Wed Feb 07, 2024 12:27 pm Is there no limit to the amount of accounts Fidelity will let me open? Does Fidelity allow me to give the accounts alias names like "Property Insurance"?
At least regarding IRA accounts, I find it useful to have multiple accounts. Each account can have its own contingent beneficiary (my wife is primary beneficiary of all accounts). So one account can be for the nieces & nephews, another can be for a charity, and another for whatever, etc.

--vtMaps
by vtMaps
Mon Feb 05, 2024 7:26 am
Forum: Personal Finance (Not Investing)
Topic: [2023 Treasury Direct 1099-INT now available, how to print]
Replies: 59
Views: 7436

Re: [2023 Treasury Direct 1099-INT now available, how to print]

I file my taxes with paper. Any 1099 forms that show tax withheld are supposed to be attached to my tax return. Fortunately I did not have tax withheld from my ibond redemptions. I would not be happy attaching multipage 1099 forms to my tax return.

--vtMaps
by vtMaps
Sat Feb 03, 2024 3:20 pm
Forum: Investing - Theory, News & General
Topic: Treasury Note prices on secondary market
Replies: 10
Views: 1067

Re: Treasury Note prices on secondary market

The value of a note changes with the interest rate, but also changes with expectations of where the interest rate is going and when. I don't think there's a good equation for expectations.

--vtMaps
by vtMaps
Thu Feb 01, 2024 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: When is a business no longer a business? [IRS Schedule C]
Replies: 34
Views: 3483

Re: When is a business no longer a business? [IRS Schedule C]

The only thing I can think of - how a schedule C might benefit me - is that I pay my own monthly HMO health plan, which (at one point) I could apply as a business expense, and it can bring my business profit to zero - but maybe that no longer exists. Your thoughts? If you are schedule C and self employed, then you can take the self-employed healthcare premium deduction. It is an adjustment to your income that lowers your AGI. You can take it for your whole family's healthcare premiums (including medicare). My wife takes the deduction and completely offsets her income tax on her self-employed income. The self-employed healthcare premium deduction is an income adjustment on form 1040, similar to a deductible IRA contribution. It is NOT a bus...
by vtMaps
Tue Jan 30, 2024 11:18 am
Forum: Personal Finance (Not Investing)
Topic: TIAA-->Fidelity Reportable rollover vs. non-reportable transfer UPDATED
Replies: 15
Views: 2139

Re: TIAA-->Fidelity Reportable rollover vs. non-reportable transfer UPDATED

UPDATE
I got a 1099-R from TIAA. The distribution code is "G".

If I understand correctly, code G means it is a direct rollover, even though it was a direct trustee to trustee transfer.

The Fidelity form 5498 says it is a "rollover contribution". It does not indicate that it was a direct or an indirect rollover.

Question: If I want to transfer more money from TIAA IRA to Fidelity IRA, must I wait 365 days from the last transfer/rollover?

--vtMaps
by vtMaps
Mon Jan 29, 2024 10:23 am
Forum: Personal Finance (Not Investing)
Topic: 1099 INT issued to wrong person
Replies: 11
Views: 1586

Re: 1099 INT issued to wrong person

Astronaut4 wrote: Mon Jan 29, 2024 10:08 am Round 2 went into relative’s money market of which I am a co-owner on record, but I do not touch this account.
This may be the problem if your SS number is the first number on the jointly owned account. Does the $4k of interest correspond to the bonds redeemed in Round 2?

--vtMaps
by vtMaps
Tue Jan 23, 2024 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 6053
Views: 1037414

Re: Fidelity as a one stop shop

bmstrong wrote: Tue Jan 23, 2024 9:59 am Do you recommend powering through the thread of is there a better place to start?
Have you looked at the wiki? --vtMaps
by vtMaps
Mon Jan 15, 2024 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Using Roth to buy 2nd Home
Replies: 27
Views: 3056

Re: Useing Roth to buy 2nd Home

vest74 wrote: Mon Jan 15, 2024 12:29 pm Was wondering your thoughts on using a Roth IRA 400K to buy another home in FL?
I take it as given, but just want to make sure: Are you planning to take money out of the Roth to buy the house? (as apposed to having the Roth account buy the house) --vtMaps
by vtMaps
Mon Jan 15, 2024 4:04 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2023 software offer
Replies: 246
Views: 39301

Re: H&R Block 2023 software offer

pdr wrote: Sun Jan 14, 2024 10:46 pm If I just click "Activate Now", the border on all the required fields change to red - waiting for entry. How can I download the software without personal info. Then install software using the "activation code" I purchased?
You can't. HR Block knows who its customers are. Why is that a problem? Just because they know you purchased the software doesn't mean they know anything about the data you enter into your tax return.
--vtMaps
by vtMaps
Fri Jan 12, 2024 8:34 pm
Forum: Personal Consumer Issues
Topic: Help Finding Lower Cost Carrier WIRELESS = CONSUMER CELLULAR
Replies: 19
Views: 1844

Re: Help Finding Lower Cost Carrier WIRELESS = CONSUMER CELLULAR

epictetus wrote: Fri Jan 12, 2024 4:31 pm Might check out Tracfone. If you usage is pretty light you can do each phone for $100/year.
My wife and I just switched from tracfone to Tello. The main reason was that Tracfone does not allow us to make phone calls over wifi. We're very happy with our $7 per month Tello plans. Tello uses the T-mobile network.

--vtMaps
by vtMaps
Tue Jan 09, 2024 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: We got three SSA-1099 forms
Replies: 3
Views: 553

Re: We got three SSA-1099 forms

ehh wrote: Tue Jan 09, 2024 4:43 pm An oft asked question. :happy

viewtopic.php?p=6469724

viewtopic.php?t=368808
Oh My! How did I miss those? :oops: