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
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.
Main difference is that CMA cannot have margin or trade options. CMA has more favorable terms for ATM rebates. --vtMaps
Rather than sell stocks to make a charitable contribution, why not donate the stock and let the charity realize the capital gains tax free?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.
Do you itemize your deductions, including charitable contributions? If not, then you should do QCDs. --vtMapsjim125 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.
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.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?
Vanguard to Vanguard... All you need to do is form 8606.
Depending on how you did your conversion, you only need to fill out form 8606.
Sorry to have confused you. It's in a section of the 1099-Consolidated called "Details of 1099-DIV Transactions". --vtMaps
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.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??
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.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.
I don't care what the IRS says, I believe what Alan S. says in this thread: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.
--vtMapsif a 1099R is issued there is a reportable distribution and exposure to the one rollover limit.
Box 1 is the amount of the "rollover". Box 2 is $0.00arcticpineapplecorp. 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?
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.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?
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.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?
Your understanding is correct. Also beware that if it's a rollover they may withhold taxes. --vtMaps
You will not get a 1099 mailed to you by treasury direct. You must log onto your account and download the 1099.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 report it in 2025. You will have a 1099-R from the originating custodian.
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.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"?
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?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.
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.
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.
Oh My! How did I miss those?ehh wrote: ↑Tue Jan 09, 2024 4:43 pm An oft asked question.
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