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single2019

My understanding from this forum is you will eventually pay the proper IRMMA for your AGI of that year. Regardless of an appeal, you will get a refund if you paid too much some time after you file your taxes the following year. Likewise, if you don't pay enough, you will get a bill for the underpayment of after you file your taxes the following year. An appeal simply allows allows you to lower your current Medicare payment to the anticipated correct payment due to a life changing event (LCE) regardless how this LCE affected your AGI. Work stoppage is a LCE and thus you can appeal. In the appeal, you predict your AGI for the period of the appeal. If you misjudge your AGI either by underestimating or overestimating, Medicare will eventually ...

single2019

Some of your questions are answered here:

https://www.irs.gov/businesses/gifts-fr ... ign-person

single2019

NiceUnparticularMan wrote: ↑Mon Feb 20, 2023 10:54 am In reviewing various Medigap conversations over time, this seems like a not uncommon pricing situation.

Is is possible that folks with high deductible use less medical services, thereby increasing the profits of the insurance company?

single2019

toddthebod wrote: ↑Fri Feb 10, 2023 11:23 am
tibbitts wrote: ↑Fri Feb 10, 2023 11:01 am
jlg wrote: ↑Fri Feb 10, 2023 9:44 am OR, will we require a QDRO to make the 401ks equal and separate transfer to make the Trad IRAs equal?
I'm not an expert but I don't believe there is any way to transfer retirement assets without a legal order to do so. Obviously you can transfer taxable shares to anyone without any implications, but not retirement assets.
A QDRO is required for 401(k)'s, but it looks like Fidelity will accept a copy of the divorce decree for an IRA:

https://institutional.fidelity.com/app/ ... 871204.PDF

This is accurate and I used it successfully. Medallion signature guarantee was required. The other option was for both of us to be at the Fidelity office together

single2019

single2019 wrote: ↑Sun Jan 22, 2023 8:12 pm
DrTobiasFunke wrote: ↑Sun Jan 22, 2023 7:51 am First off, I am not trying to avoid taxes on the brokerage account.

I have $6,500 FZROX in a brokerage account. I want to transfer the amount to Fidelity IRA.

As I understand it, I have to sell it in the brokerage on Day 1 COB, and buy it in the IRA on Day 2 COB.

Is there any way to do this without the one day lag time and potential gain/loss on that lag?
Deleted

single2019

First off, I am not trying to avoid taxes on the brokerage account. I have $6,500 FZROX in a brokerage account. I want to transfer the amount to Fidelity IRA. As I understand it, I have to sell it in the brokerage on Day 1 COB, and buy it in the IRA on Day 2 COB. Is there any way to do this without the one day lag time and potential gain/loss on that lag? In-kind transfer You cannot contribute to an IRa in kind. What you can do is put in the sell order, and call or live chat to ask if they will make an exception to let you do your contribution the same day so you are not out of the market. Or you could temporarily transfer in cash from the bank (which will let you buy same day), and transfer the sale proceeds back out a few days later Than...

single2019

DrTobiasFunke wrote: ↑Sun Jan 22, 2023 7:51 am First off, I am not trying to avoid taxes on the brokerage account.

I have $6,500 FZROX in a brokerage account. I want to transfer the amount to Fidelity IRA.

As I understand it, I have to sell it in the brokerage on Day 1 COB, and buy it in the IRA on Day 2 COB.

Is there any way to do this without the one day lag time and potential gain/loss on that lag?

Deleted

single2019

HiHo wrote: ↑Thu Jan 19, 2023 9:06 pm
muddgirl wrote: ↑Thu Jan 19, 2023 8:08 pm My understanding of Uber rides is that, even if you put a destination in the app when you order a ride, the "meter" keeps running until the driver terminates the trip. So while a cleaning fee is a risk, there is also the risk thst someone asks for a ride to X destination, you order the Uber, and they have the Uber take them much, much further away. You booked the ride and you are on the hook.
I was wondering about this too. Can Uber charge the extended trip even it is unauthorized by the account holder ?

From personal experience, the answer is yes

single2019

I don't know if I agree anymore. That's why I'm asking. Did you ever find the amount withheld for each individual? Is it really worth renegotiating at this point or are you looking for new ideas for 2022 taxes? Yes, I have access to the (unfiled) MFS returns for each of us, which include amount withheld for each of us. I've posted for help with this for both purposes. Did I miss where you shared the relationship between amount withheld and total tax liability with us? From the MSF returns... Me: 38040 fed withheld, 21986 state/city withheld Her: 13498 fed withheld, 7523 state/city withheld Do you mean total tax liability per person from the MFS returns? Curious to know as to how much money did you jointly save by filing MFJ vs MFS?

single2019

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single2019

GolfGal wrote: ↑Sat Jan 07, 2023 12:36 pm I was playing some 'what if' games using TT 2021 but forecasting 2022 activity.

I just purchased TT 2022 and would like to import the entire return so I can use the 2022 tax tables. Every time I try, I seem to only get the demographic info, etc...no amounts are transferred.

This should be possible right?

Contrary to many of the responses above, the dummy file is transferred exactly like the prior year filled taxes. When you transfer a “real” return, obviously most of the numbers will be blank because you are expected to enter the new numbers. Carryover information (like carry forward capital losses), should be transferred identically in both cases.

single2019

stocknoob4111 wrote: ↑Sun Dec 11, 2022 10:29 am I paid $55 last year for TT Premier 2021 download from Amazon, right now I see TT Premier 2022 as $83, so does this mean it's gone up 51% or is this going to get discounted soon enough?

I wonder if they removed some functionality from Deluxe version, to justify the significantly higher price for Premier

single2019

unclescrooge wrote: ↑Sun Dec 11, 2022 7:23 am I'm using the images of my kids for advertising my business.

The ads run weekly online. I'd like to pay them about $2500/year for this.

What is the best way to pay them?

Business is set up a California S-Corp, with about $250k gross revenue. Household income is about $600k.

I think California wants everyone to be a W2, but I'm not sure if this counts. Thoughts?

Please feel free to derail the topic by saying not the pay them, or to search the forums for outdated tax advice.

If they were not your kids, you would have issued a 1099. Why not do the same? Have the kids file taxes as needed and encourage them to open a Roth IRA

single2019

peterfell wrote: ↑Sat Dec 10, 2022 9:31 am Hi - sorry if this is addressed somewhere but could not find anything via the search. Here's the situation: I will receive a substantial company pension (publicly listed fortune 500) when I plan to retire in about 2 years at age 58. I don't plan to claim social security until 70. so, is my pension income then subject to the SSA tax and will it add to my earnings history until I claim social security? am trying to figure out both my taxes as well as my social security income for cash flow planning. Thanks much!

No and no

single2019

nisiprius wrote: ↑Tue Dec 06, 2022 7:07 am I love the SPIVA reports. I sometimes wonder how much credit they should get for the shift to indexing...

but...

To be fair,For example--unlikely, I'm just pointing out the conceptual problem--if 89.38% of all funds underperformed the S&P 500 index, but only by a tiny amount, and 10.62% outperformed it, but by huge amounts... then a sane investor might say "well, it's sort of like buying a lottery ticket

You nailed it for me. While I am a passive indexer (now), I wonder why I can’t be in that 10%.

single2019

tomd37 wrote: ↑Mon Dec 05, 2022 9:38 am I see most comments say to carry the losses forward and use them in as you can on future returns over the years. When filing a joint federal return what happens to the carryover amount if one of the spouses passes and can the survivor continue to use the carryover amount in future years? The carryover loss was created through a transaction in a jointly held taxable investment account. Both taxpayers are in mid-80s and carryover loss to next year will be about $8K.

Survivor can use $3000 carryover. Only time the limit is halved is if married and filing separately

single2019

No, ACATS will not work for 401k account. Your 401k plan admin will send a check to you or your IRA custodian, but they cannot use ACAT for this. checks from multiple retirement plans can be rolled to same IRA. While ACATS may not have worked for you, that statement is incorrect. Within the last few years I have seen direct transfers from multiple 401K plan administrators to Fidelity and Vanguard Rollover IRAs (different individuals). I believe it depends on the 401K plan terms. If your 401k had public funds, yes maybe that is feasible. But many have CIT or collective investment trusts. These simply cannot be transferred, must be liquidated and only cash can be transferred. As many 401ks are setup this way, I think many admins do not do AC...

single2019

beyou wrote: ↑Tue Nov 29, 2022 10:49 pm No, ACATS will not work for 401k account.
Your 401k plan admin will send a check to you or your IRA custodian, but they cannot use ACAT for this.

checks from multiple retirement plans can be rolled to same IRA.

While ACATS may not have worked for you, that statement is incorrect. Within the last few years I have seen direct transfers from multiple 401K plan administrators to Fidelity and Vanguard Rollover IRAs (different individuals). I believe it depends on the 401K plan terms.

single2019

Hello Bogleheads. As the title says, rather than talking to a financial planner, insurance salesman, or anyone else who has a vested interest in selling me something, I would like to get the unbiased opinions of the "anonymous internet strangers" here😀. In a nutshell, my current term insurance is about to expire and I need to decide if I need to renew for another term period or possibly consider whole life as an alternative (not a fan of this but give it your best shot 😀) I am almost 53, wife will be 52 next week. We have 2 children, 23 year old daughter, and an 18 year old son that graduates Army Basic training this week. Daughter graduated college, has a good job and will probably be married in a couple of years. We currently h...

single2019

Yes. If you provide in your Will for the Class C and Class D beneficiaries to take in trust rather than outright, that will substantially reduce the New Jersey inheritance tax, especially if the trust is fully discretionary and doesn't mandate any distributions. That's because the tax is considered contingent until the principal is distributed, which could be in the distant future (or never, since New Jersey has repealed its rule against perpetuities). New Jersey would rather get some money now than wait a long time, and the executors would rather resolve the tax now as well. So New Jersey will offer a compromise tax, which the executors are free to accept or reject. However, in all of my New Jersey estates, the state's compromise offer wa...

single2019

This is specific to New Jersey. I am trying to learn prior to meeting an estate attorney

Question: Would a trust help In reducing/avoiding NJ inheritance tax for Class C and Class D beneficiaries?

Thanks

single2019

For the OP, I don't recall hearing their ages, or timing for withdrawing from their retirement accounts. But if they make "too much money" now from the dividends/interest off their taxable accounts, they are going to make far more money when RMDs kick in. And that will be increasingly true depending on how many years their retirement accounts get to grow before withdrawal/RMD (although they are I believe 100% bonds - which will limit some of the growth). Let's say their $930k in IRA recovers to a nice round $1M, and gains just 3% a year going forward, and does so for 20 years; they could have around $1.8M in the IRA. That could be roughly $66.5k of RMD + social security + any other pensions in addition to the "already too mu...

single2019

Nate79 wrote: ↑Sat Nov 12, 2022 11:03 am
rkhusky wrote: ↑Sat Nov 12, 2022 9:07 am
Nate79 wrote: ↑Sat Nov 12, 2022 8:41 am When you convince the IRS let us know. They don't appear to agree with you.
You have a reference for that?
Sure, here is your reference. We are aware of many audits where they were not included as part of wash sale review. We are not aware of a single one where 401ks were included. If you are aware of a single case let everyone know. Don't forget to sign the book and movie deal because it will be a huge news worthy event.

Ignoring the 401K arguments.

In the audits that you mention, were there any that included IRAs?

single2019

I'm not sure I'll keep this card long term. I have other cards that are better for gas, just as good for restaurants, and travel, and can get 2.5% flat on everything else. There's no longer anything special about the card that makes it worth keeping. For me, I agree there are other cards with higher category perks, but this seems the best single all-in-one card for my spending habits, and since I frequent Costco gas purchases, having the combined membership/payment card saves time swiping 2 cards at the pump. The card doubling as a Costco membership card does make it 'special' in that regard ;) I've never actually used extended warranty coverage, so that's not a deal breaker for me. If they dropped CDW for rental cars though, which it seem...

single2019

I'm not sure I'll keep this card long term. I have other cards that are better for gas, just as good for restaurants, and travel, and can get 2.5% flat on everything else. There's no longer anything special about the card that makes it worth keeping. For me, I agree there are other cards with higher category perks, but this seems the best single all-in-one card for my spending habits, and since I frequent Costco gas purchases, having the combined membership/payment card saves time swiping 2 cards at the pump. The card doubling as a Costco membership card does make it 'special' in that regard ;) I've never actually used extended warranty coverage, so that's not a deal breaker for me. If they dropped CDW for rental cars though, which it seem...

single2019

Gerard wrote: ↑Sun Nov 06, 2022 11:56 am Looking for a calculator where a lifetime monthly payout can be determined using variable data such amount invested, age, inflation option and interest rate.
Would like to be able to change interest rate and monthly payout for various options.
Any suggestions?

See if this what you are looking for

https://www.bankrate.com/investing/annuity-calculator/

single2019

Duplicate deleted

single2019

If OP i is just going to pay the claim, no legal advice is necessary. For all other scenarios, legal advice is necessary. Even if op wants to pay the claim, legal advice is advised. I'm looking to be educated. Could you provide an example of why a Trustee would need an attorney to pay a typical estate invoice? Such as cable bill, utility, dentist, hospital, gardener, credit card, auto mechanic? (Credit card balance is my guess on the debt collector.) I find it a bit odd that on a forum where people are encouraged to manage multi-million dollar portfolios and navigate our complex tax code on their own, so many people think a $70 cable bill for a deceased relative requires the services of an attorney to settle. I find it rather odd that peop...

single2019

Do they meet the citizenship/residency requirements to be considered dependents?

single2019

I have mutual funds that have a combination of covered and non covered shares. Vanguard provides me info for average cost of the shares, separately for covered and non-covered. I have not sold any of the shares. I selected Specific ID after MF account was converted to Brokerage.

What cost basis would they show if I convert MF to ETF? My MFs do have equivalent ETFs.

Thanks

single2019

Thank you all -- a few notes/clarifications based on questions from prior posts: 1) Insurance can only be converted at job separation 2) Given expenditure, would need substantial insurance (current is 13x annual expenditure) though not sure how much. None of current coverage is permanent except theoretically the existing whole life policy (~1M) 3) I looked at Zander.com and unfortunately no one would insure me for life insurance given cancer/transplant/renal failure within last 5 years (last 2 permanently on record going forward) even though not on dialysis or anything like that and currently working with no bad health habits 4) Requested an in-force illustration of WL as recommended. Not sure what I will do with it though so since given #...

single2019

Will you have a refund or will you owe taxes? If you have paid all your tax liability by April 15, you will not have a penalty, no matter how late you file. There will be a penalty if you don’t file within 60 days. “ If you owe tax and don't file on time, there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $435 (for tax returns required to be filed in 2022) or 100 percent of the tax owed. See Topic No. 304 for information about extensions to file, if you can't file on time.” I bolded the firs...

single2019

newacct wrote: ↑Fri Oct 14, 2022 7:38 pm Will you have a refund or will you owe taxes? If you have paid all your tax liability by April 15, you will not have a penalty, no matter how late you file.

There will be a penalty if you don’t file within 60 days.

“If you owe tax and don't file on time, there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $435 (for tax returns required to be filed in 2022) or 100 percent of the tax owed. See Topic No. 304 for information about extensions to file, if you can't file on time.”

single2019

retiredjg wrote: ↑Fri Oct 14, 2022 11:42 am Quarterly payments are not needed if you use the withholding method. But you still want to get into a safe harbor.

Why does OP need safe harbor if the taxes were withheld and sent at distribution?

single2019

Lee_WSP wrote: ↑Thu Oct 13, 2022 8:22 pm While you need to correct the SEP, unless you’re able to. correct it before the deadline, I don’t believe you’ll be able to deduct it for 2021 regardless, so there might not actually be any corrections to the schedule c.

To reiterate, the issue isn’t the return. It’s your plan isn’t compliant.

OP should make the required contributions by Oct 15 and file a return within 60 days

single2019

Did you pay enough taxes when you filed for extension? If that is the case, why do you need to meet the Oct 15 deadline? If I were you, I would make the right contributions for yourself and for eligible employees and then file the correct taxes, even at the risk of missing the Oct 15 deadline. “If you owe tax and don't file on time, there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $435 (for tax returns required to be filed in 2022) or 100 percent of the tax owed. See Topic No. 304 for info...

single2019

Did you pay enough taxes when you filed for extension? If that is the case, why do you need to meet the Oct 15 deadline? If I were you, I would make the right contributions for yourself and for eligible employees and then file the correct taxes, even at the risk of missing the Oct 15 deadline. “If you owe tax and don't file on time, there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $435 (for tax returns required to be filed in 2022) or 100 percent of the tax owed. See Topic No. 304 for info...

single2019

The ones that want to start over are on the right track. Did you pay enough taxes when you filed for extension? If that is the case, why do you need to meet the Oct 15 deadline? If I were you, I would make the right contributions for yourself and for eligible employees and then file the correct taxes, even at the risk of missing the Oct 15 deadline. “If you owe tax and don't file on time, there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $435 (for tax returns required to be filed in 2022) o...

single2019

I think you need to scrap the idea of an sep for 2021. Your tax preparer is clueless. The only possible way would be to spoon feed the schedule c and other line items for him. Then setup the plan yourself and do the contributions. It’s not that hard. Probably. I'd owe an additional ~10,000 if I scrap the idea, but it is what it is at this point. I'm waiting on Vanguad to process paperwork for a multi-participant account, since I opened a single-participant SEP-IRA like my CPA advised, but I'll probably miss the 10/15 date. As for the tax forms, I have no comment, I don't even know if there are any consequences for not mentioning both employer and employee total SEP contributions on my tax return; at the moment it only mentions mine. When I...

single2019

Fidelity is automatically calculating my RMD on my inherited traditional IRA and on my inherited ROTH IRA. Schwab is not calculating any RMD. My mom died in 2021 (she took her RMD for 2021). Her IRAs were inherited from my father who died in 2014...Does this make a difference to my required distributions?? From my understanding regarding an inherited ROTH IRA as explained by a Fidelity & Schwab reps, I can simply transfer it all of the inherited ROTH into my own ROTH IRA any time before year 10. Is that incorrect? To me, if that's correct, it's safer to put it in my own ROTH now than keep in in the inherited and gamble if they change the ROTH rules down the line. You cannot transfer inherited Roth IRA to your own Roth IRA. PS: Roth is ...

single2019

ram wrote: ↑Mon Oct 10, 2022 8:02 pm No. You are not.

But consider what the costs would be if you continue to modestly juggle and use Uber/lyft.

+1

Try Uber/Lyft for a week and see what it cost you vs rental

single2019

ram wrote: ↑Mon Oct 10, 2022 8:02 pm No. You are not.

But consider what the costs would be if you continue to modestly juggle and use Uber/lyft.

+1

Try Uber/Lyft for a week and see what it cost you vs rental

single2019

I think you need to scrap the idea of an sep for 2021. Your tax preparer is clueless. The only possible way would be to spoon feed the schedule c and other line items for him. Then setup the plan yourself and do the contributions. It’s not that hard. Probably. I'd owe an additional ~10,000 if I scrap the idea, but it is what it is at this point. I'm waiting on Vanguad to process paperwork for a multi-participant account, since I opened a single-participant SEP-IRA like my CPA advised, but I'll probably miss the 10/15 date. As for the tax forms, I have no comment, I don't even know if there are any consequences for not mentioning both employer and employee total SEP contributions on my tax return; at the moment it only mentions mine. When I...

single2019

How secure is your job? Delaying the distribution would help in case of involuntary unemployment

single2019

mptfan wrote: ↑Sat Oct 01, 2022 7:47 am
celia wrote: ↑Wed Sep 28, 2022 6:08 pmI’m pretty sure that a married person’s own IRA must list their spouse as the only primary beneficiary unless the spouse consents otherwise in writing.
I don't think this is true.

You both are correct. The rules are different for community property states (where spousal consent is required for non-spouse beneficiary)

single2019

Have you considered any alternative plan like SEP IRA? There are pros and cons.

single2019

OP: you would get better responses if you name your brokerage.

If it’s Vanguard, I suggest you change the cost basis to specific ID ASAP

single2019

student wrote: ↑Mon Sep 12, 2022 9:20 pm
one_speed wrote: ↑Mon Sep 12, 2022 4:10 pm The answer is clear.

OP and friend need to get married.
Best reply.

Bad advice.
Divorce can be very expensive. Ask me how I know

single2019

Which bank was this?

single2019

My stepson was killed in an accident last week in California. Sorry for your loss. I just read that your stepson didn't leave a will. With children and an ex-wife, that is extremely unfortunate. We are hoping to do something with the little that is available and want to start something for his kids for their future, such as educational expenses. We also want to ensure that the grandkids mother (stepson’s ex-wife) can't get her paws on the money under any circumstances. We are starting to explore, but this is still very fresh (memorial hasn’t even happened yet). We have several relatives who want to chip in and help. What options could we pursue? TIA When you write "the little that is available", you are talking about your own mon...

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