Search found 90 matches

by willift
Sun Sep 06, 2020 7:04 am
Forum: Personal Finance (Not Investing)
Topic: What is Best Path to Buy House in Retirement
Replies: 4
Views: 881

Re: What is Best Path to Buy House in Retirement

Yea...So my layman's understanding is that if you take a direct Rollover to yourself and redeposit it into an IRA in 60 days than that action does not cause a taxable event. Miss the 60 day period and you'll have taxable event (absent some sort of appeal to the IRS). If it interests you there are a ...
by willift
Sat Sep 05, 2020 9:48 am
Forum: Personal Finance (Not Investing)
Topic: What is Best Path to Buy House in Retirement
Replies: 4
Views: 881

Re: What is Best Path to Buy House in Retirement

Short term if the existing house sale doesn't produce cash proceeds in time to pay for new property, there's the 60 day IRA rollover move that could provide a "bridge" loan of sorts. It would involve some accurate timing and maybe hoop jumping but 60 days for your IRA and then 60 days for ...
by willift
Sun Apr 05, 2020 8:54 am
Forum: Personal Finance (Not Investing)
Topic: No RMD in 2020 means Changes my ACA
Replies: 16
Views: 1683

Re: No RMD in 2020 means Changes my ACA

Yes, I was issued a "Special Enrollment Period" I was able to change my Income (MAGI) from approx. 375% FPL down to approx. 180% FPL. That change driven by removing our RMD from the income equation opened up the 'Cost Sharing Plans" to me. So if I shift over to a Silver plan I can tak...
by willift
Sat Apr 04, 2020 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: No RMD in 2020 means Changes my ACA
Replies: 16
Views: 1683

Re: No RMD in 2020 means Changes my ACA

I want to change to a Cost Sharing plan. Zero deductible vs. $7,150 deductible. Basically the same Medical Groups. If I stayed with the high deductible I’d just sort it out at tax time in 2021 but the plan change triggers the information request by the Government
by willift
Sat Apr 04, 2020 10:46 am
Forum: Personal Finance (Not Investing)
Topic: No RMD in 2020 means Changes my ACA
Replies: 16
Views: 1683

Re: No RMD in 2020 means Changes my ACA

Thanks for the input. I think you're on the right path about a simple descriptive letter.
Willift
by willift
Sat Apr 04, 2020 10:04 am
Forum: Personal Finance (Not Investing)
Topic: No RMD in 2020 means Changes my ACA
Replies: 16
Views: 1683

Re: No RMD in 2020 means Changes my ACA

MAGI includes all of the Social Security not just the Federally Taxable amount, and the total Social Security keeps me above the 138% Medicaid Cliff. Hopefully the $1,200 COVID Checks will not be included in MAGI (I'm pretty sure they're a credit against 2020 taxes) My challenge is that when I appli...
by willift
Sat Apr 04, 2020 7:51 am
Forum: Personal Finance (Not Investing)
Topic: No RMD in 2020 means Changes my ACA
Replies: 16
Views: 1683

Re: No RMD in 2020 means Changes my ACA

My Qualifying Life Event is the reduction in income by not taking our RMD (actually it's my wife's RMD) Filled out the information on the Marketplace Website and I have been approved for a Special Enrollment, now I'm concerned about the reporting issues that they request.
by willift
Sat Apr 04, 2020 6:38 am
Forum: Personal Finance (Not Investing)
Topic: No RMD in 2020 means Changes my ACA
Replies: 16
Views: 1683

Re: No RMD in 2020 means Changes my ACA

I'm planning on changing my coverage. I am able to lower my MAGI into the "Cost Sharing" brackets so I am going to pickup a Zero Deductible kind of policy. I've got 8 months till Medicare and I figured I change away from the crazy $7,000 deductible that probably has prevented me from any k...
by willift
Sat Apr 04, 2020 5:57 am
Forum: Personal Finance (Not Investing)
Topic: No RMD in 2020 means Changes my ACA
Replies: 16
Views: 1683

No RMD in 2020 means Changes my ACA

With the "Covid19 Emergency" elimination of the RMD for 2020 I have an opportunity to have a "qualifying life event" Without my wife's RMD our income puts us into a much better pricing bracket for my existing ACA Insurance. The Governments, understandably, wants me to prove my re...
by willift
Sun Mar 29, 2020 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: RMDs May Not Be Required for 2020
Replies: 142
Views: 10089

Re: RMDs May Not Be Required for 2020

Thanks I think that clears things up.
My take away.
As long as you're 70+ a half you can make a QCD of up to 100k annually without adding to taxable income.

Willift
by willift
Sun Mar 29, 2020 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: RMDs May Not Be Required for 2020
Replies: 142
Views: 10089

Re: RMDs May Not Be Required for 2020

..................................................... A question about QCDs. If I don't have any RMD for 2020, doesn't that imply that I wont have any money available for a QCD. I thought QCDs were limited to your RMD $ total or 100K whichever was smaller. Your last statement is not correct. https:...
by willift
Sun Mar 29, 2020 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: RMDs May Not Be Required for 2020
Replies: 142
Views: 10089

Re: RMDs May Not Be Required for 2020

Your RMD for 2020 was just changed to $0 and you have now completed it. So, convert away! [ quote fixed by admin LadyGeek] A question about QCDs. If I don't have any RMD for 2020, doesn't that imply that I wont have any money available for a QCD. I thought QCDs were limited to your RMD $ total or 1...
by willift
Fri Feb 21, 2020 5:19 pm
Forum: Investing - Theory, News & General
Topic: Does anybody use Wellesley Income, LifeStrategy Conservative Growth, or LifeStrategy Income instead of Total Bond?
Replies: 27
Views: 2588

Re: Does anybody use Wellesley Income, LifeStrategy Conservative Growth, or LifeStrategy Income instead of Total Bond?

Our target AA is 40/60 Equity/Bonds and we use Wellesley 42% and Life Conservative Growth 50% and some Ultra Short Bond Fund and some VTI I can't sell until 2021 to create that mix. The short bonds are our annual spending money and the other two funds have performed well and stop me from overthinkin...
by willift
Sun Jan 12, 2020 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Veteran Aid and Attendance Benefit
Replies: 9
Views: 659

Re: Veteran Aid and Attendance Benefit

Can't comment on the specifics of your financial numbers but on the surface it looks like you should be able to qualify for some benefit. Our family got it for my Dad a few years back and used one of the local "advocates" to help file claim. Found this website after a quick search. Wouldn'...
by willift
Sat Nov 16, 2019 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Equal Inheritance for Children
Replies: 109
Views: 11146

Re: Equal Inheritance for Children

Alternatively, put $15K per year in a separate account that you make TOD to the child that isn't getting the advance gifts. I would go a step further. I would separate all account types into 2. Each type of account has a separate beneficiary. Only use the account earmarked for that child when makin...
by willift
Sat Aug 31, 2019 9:02 am
Forum: Personal Consumer Issues
Topic: Any Happy DVC owners here? [Disney Vacation Club]
Replies: 63
Views: 6375

Re: Any Happy DVC owners here?

Not sure if I have anything specifically to add on Disney. What I will recommend is, you check out Time Share Users Group for a wealth if TIMESHARE detail. The website I've used extensively is https://tug2.net/. Look for the Users Forums and you'll find specific groups dedicated to the Disney Produc...
by willift
Sun Jul 28, 2019 8:13 am
Forum: Investing - Theory, News & General
Topic: Should Roth & Traditional accounts be invested similarly?
Replies: 16
Views: 1453

Re: Should Roth & Traditional accounts be invested similarly?

Here's what has me thinking. From the perspective of tax consequences, some of the losses in my tIRA could be seen as paid for by the IRS in a reduced tax burden, but all of my losses in a ROTH are paid for by me. I see the ROTH as being a beneficial tool in providing a buffer when approaching a &qu...
by willift
Wed Mar 13, 2019 7:15 pm
Forum: Personal Consumer Issues
Topic: Secondary sump pump needed?
Replies: 39
Views: 2367

Re: Secondary sump pump needed?

Your constant or frequent pump running issue might be improved using a 2 stage switch. My pump ran too often because the float kicked on before the pit really got filled up. Watch your pumps on/off process and if it looks like you could let more water enter the pit before it needs to be emptied this...
by willift
Mon Jan 07, 2019 11:54 am
Forum: Personal Consumer Issues
Topic: Water seepage in basement
Replies: 23
Views: 1742

Re: Water seepage in basement

Thanks everyone, much appreciated. I am going to get several quotes from reputable contractors and then decide what to do next. I'm inclined to do just the one wall with the interior drain tile system and have a sump installed, while also improving the grading under the deck. The fun of home owners...
by willift
Wed Nov 21, 2018 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Question about qualified charitable distribution (QCD)
Replies: 11
Views: 756

Re: Question about qualified charitable distribution (QCD)

A timely article in the WSJ yesterday. I'm gathering info on this topic, in the hopes of persuading my favorite charity to focus some of their fundraising efforts toward this great tax saving section of the IRS Code. Any success stories would be appreciated https://blogs.wsj.com/experts/2018/11/20/t...
by willift
Wed Oct 17, 2018 7:16 am
Forum: Personal Investments
Topic: Transfer VTSAX & VTIAX to Chase You Invest?
Replies: 31
Views: 4686

Re: Transfer VTSAX & VTIAX to Chase You Invest?

Thanks for the link. Heading over to Chase this week
by willift
Wed Oct 17, 2018 6:47 am
Forum: Personal Investments
Topic: Transfer VTSAX & VTIAX to Chase You Invest?
Replies: 31
Views: 4686

Re: Transfer VTSAX & VTIAX to Chase You Invest?

Does anybody have a link for the PROMO?
How long does the money have to sit in the account? Can't find anything on Chase.
by willift
Sun Jul 22, 2018 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Decumulation Sequencing
Replies: 8
Views: 1578

Re: Decumulation Sequencing

One of the things that I think needs to be considered concerning RMDs and the taxes associated with them is the likelihood that a number of couples Married Filing Jointly today will be unfortunately Widowed/Widowers filing Single by the time RMDs kick in. The tax consequences of that life event chan...
by willift
Mon Apr 09, 2018 8:47 am
Forum: Personal Consumer Issues
Topic: Best credit card for earning free airfare?
Replies: 12
Views: 7438

Re: Best credit card for earning free airfare?

I believe the "Sign Up Bonus" is the place to get the best bang for your travel buck. Chase Sapphire is nice because it's Chase Rewards are transferable to other Airlines (United, Southwest and others). A strategy I have used is get a card to an Airline I want to use (United) reap the sign...
by willift
Sat Mar 10, 2018 2:05 pm
Forum: Personal Consumer Issues
Topic: Sump Pump Issues - What can I do, if anything?
Replies: 31
Views: 7422

Extended Runtime Switch

I've got a unusually narrow and deep sump pit and I was experiencing short cycling on my Zoeller pump. Installed a pump controller gizmo from HydoCheck and it works great. It's a dual probe/contact type switch. You can set the on and off levels at any desired heights. Both contacts wet=pump on, both...
by willift
Mon Mar 05, 2018 8:22 pm
Forum: Personal Investments
Topic: Retirement Questions - Vanguard Personal Advisor Services
Replies: 11
Views: 1289

Re: Retirement Questions - Vanguard Personal Advisor Services

Does Vanguard PAS use investor class shares or Admiral Shares?

You mention Admiral Shares but listed Investor Shares tickers. The expenses on the Investor Shares seems higher .15 vs .04 on the Total Stock. Do it yourself and stick with the Admiral Shares
by willift
Thu Mar 01, 2018 12:22 pm
Forum: Personal Investments
Topic: How to Avoid Selling Depreciated Stocks When Retired
Replies: 48
Views: 3316

Re: How to Avoid Selling Depreciated Stocks When Retired

Consider someone in retirement and pulling funds from a balanced fund (Life Strategy, Target Retirement, etc), to meet expenses. Say the stock market declines 50%. Aren’t you forced into selling some depreciated stocks to meet expenses? quote] When selling a Balanced Fund in a down equity market co...
by willift
Wed Jan 03, 2018 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Ally Bank 11 month [No-Penalty CD]
Replies: 382
Views: 43871

Re: Ally Bank 11 month [No-Penalty CD]

I just had a similar experience with the 12month 2% CDs. Opened on the 29th funded on the 3rd.Before I funded online they were identified as 2% CDs once funded they changed to 1.35%. Via a CHAT conversation my rep said that because of the "10Day" thing they do these should change beck to 2...
by willift
Sun Dec 24, 2017 11:31 am
Forum: Personal Investments
Topic: Looking to take out Roth IRA money for house down payment.
Replies: 66
Views: 6430

Re: Looking to take out Roth IRA money for house down payment.

Don't know the specifics of your situation but...
You can take your contributions out of a ROTH IRA tax & penalty free for any reason and any time. The 1st home issue is related to the Traditional IRA products.
by willift
Sat Dec 23, 2017 10:56 am
Forum: Personal Finance (Not Investing)
Topic: 7.5% medical deduction for 2017 on billed amount or payed amount?
Replies: 14
Views: 893

Re: 7.5% medical deduction for 2017 on billed amount or payed amount?

I believe the key is when the expense was paid. Paying with a Credit Card is paying for the expense, it makes no difference when the Credit Card is paid. Therefore you could charge in 2017 a medical expense on a Credit Card and deduct that expense on your 2017 return and pay the credit card whenever...
by willift
Fri Dec 22, 2017 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: ACA Premiun Tax Credit REPAYMENT
Replies: 1
Views: 297

ACA Premiun Tax Credit REPAYMENT

It looks like I am going to have to repay some of my ACA Premium Tax credit. I took some Long Term Capital Gains that will move my MAGI up, still below the 400% threshold. My question concerns the Deductibility of my Insurance Premium. If I have to repay some of the credit, my annual premium for med...
by willift
Sat Dec 09, 2017 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Ally Bank 11 month [No-Penalty CD]
Replies: 382
Views: 43871

Re: Ally Bank raises 11 month ($25k min) No Penalty CD from 1.5% to 1.6%

According to everything I've seen your taxable event would happen when the interest is accrued and therefore available to you. "The answers on how the CD account holder and the bank should report the interest to the IRS is in the IRS Publication 550. This excerpt from page 6 provides some of th...
by willift
Sat Dec 09, 2017 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Ally Bank 11 month [No-Penalty CD]
Replies: 382
Views: 43871

Re: Ally Bank raises 11 month ($25k min) No Penalty CD from 1.5% to 1.6%

Maybe I'm wrong but I thought these CDs only pay interest at maturity, 11mo. But if you exchange for a new CD before the end of the year, you'll owe tax for 2017 on the accumulated interest, no? Otherwise I thought the interest would be due for 2018. There are options on how you take the accrued in...
by willift
Wed Nov 08, 2017 8:04 am
Forum: Personal Finance (Not Investing)
Topic: 60 day rollover
Replies: 4
Views: 679

Re: 60 day rollover

Yes, the restriction on one rollover total per 12 month period includes both (traditional, SEP or SIMPLE) IRA -> (traditional, SEP or SIMPLE) IRA and Roth IRA -> Roth IRA. Conversions from (traditional, SEP and/or SIMPLE) IRA -> Roth IRA are not included or limited. Help me out. I'm not sure what t...
by willift
Tue Nov 07, 2017 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Borrowing $ from Wife to Receive Premium Tax Credit
Replies: 12
Views: 2340

Yes, my goal is to keep Line 37 under $63,500.

You posted on another thread Yes, my goal is to keep Line 37 under $63,500. You can read more about it here - Maybe this has been discussed before but ACA Premium Tax Credits are based on Modified Adjusted Gross not line #37 Adjusted Gross Income From what I saw regardless of the lending money back ...
by willift
Tue Nov 07, 2017 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: ACA MAGI planning
Replies: 64
Views: 8858

Re: ACA MAGI planning

SUSA, thanks for the input on the IRA conversions. The perspective was refreshing. I had not looked at the low end of the tax bracket and the benefits from that income range. Too focused on staying below the 399% level. I am grateful for the insight.
Willift
by willift
Mon Nov 06, 2017 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: ACA MAGI planning
Replies: 64
Views: 8858

Re: ACA MAGI planning

If you are eligible to make a Roth conversion, make it and recharacterize the exact amount to keep yourself in the ACA zone. Another strategy is to take an IRA distribution in December and return the necessary sum before the 60 day period elapses. Trying to get closer than <90% without post Decembe...
by willift
Mon Oct 30, 2017 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 ACA rates now live....
Replies: 228
Views: 21669

Re: 2018 ACA rates now live....

A number of income sources are potentially available. Taxable Brokerage Accounts can produce a lot of spendable dollars that don't increase your MAGI beyond Poverty thresholds. ROTH IRA dollars could add to that spendable bucket of money. Plan old savings accounts and IRA withdrawals properly calcul...
by willift
Mon Oct 30, 2017 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to pay for part-time care for grandfather?
Replies: 14
Views: 1463

Re: Best way to pay for part-time care for grandfather?

Aid & Attendance Benefit has nothing to do with what Doctors you use. It's designed to help cover the cost of help for the Veteran. If his costs exceed his expenses he should be eligible. Look into this thing deeper, your Grandfather likely has benefits due him Google it here's a link http://www...
by willift
Sat Oct 28, 2017 7:15 am
Forum: Personal Finance (Not Investing)
Topic: 2018 ACA rates now live....
Replies: 228
Views: 21669

Re: 2018 ACA rates now live....

... It's AGI but you add back any tax-exempt income that wasn't counted. Here's a complete list. PJW On that "COMPLETE LIST" link Healthcare.gov lists "Qualified Medical Expenses" above 10% of AGI as a deduction to income. That doesn't seem right. Does anybody have experience de...
by willift
Mon Oct 23, 2017 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Best way to pay for part-time care for grandfather?
Replies: 14
Views: 1463

Re: Best way to pay for part-time care for grandfather?

If your Grandfather is a Veteran who had Wartime Service, there is a VA Benefit called "Aid & Attendance". This benefit greatly helped my Dad with a tax free payment of almost $1,700 monthly. GOOGLE "Aid & Attendance" There are a lot of people trying to get paid to help y...
by willift
Sat Mar 04, 2017 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Is there a combined RMD and SS tax calculator?
Replies: 13
Views: 1877

Re: Is there a combined RMD and SS tax calculator?

+1 on the estimated Social Security Income $14,712 type number.
That SS needs to include your Medicare Premium
by willift
Fri Dec 09, 2016 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance without knowing income
Replies: 31
Views: 4444

Re: Health Insurance without knowing income

On the Cap Gains issue. You might want to realize some of those Gains in 2016 avoiding adding to your 2017 MAG income. You could rebuy your positions if need be, that might even give you some 2017 losses to reduce your MAGI. In the 300-400% poverty level the credit factor is 9.69% so 1000 dollars mo...
by willift
Fri Dec 09, 2016 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance without knowing income
Replies: 31
Views: 4444

Re: Health Insurance without knowing income

The 1 Person Household Adjusted Gross Income limit is 47,520 (400% of Poverty Level) Estimate your income below that and you will qualify for a Subsidy Credit. You must buy your ACA Insurance on the MarketPlace in order to qualify for a credit. If you buy your insurance on the MarketPlace and don’t ...
by willift
Sun Jun 19, 2016 7:37 am
Forum: Personal Finance (Not Investing)
Topic: Paying for Mothers assisted living- gift tax, other issues?
Replies: 11
Views: 2062

Re: Paying for Mothers assisted living- gift tax, other issues?

+1 on the VA Benefits. They appear to be a financial Life Saver if you qualify. My Dad's is in the process of applying, and I'll say that it's more complicated than we would like, but it's understandable when you look at the potential benefit and the potential fraud abuse that exists. http://www.ben...
by willift
Sun May 31, 2015 9:20 am
Forum: Personal Investments
Topic: Mutual Fund Fee's- American Funds 5.75% Load
Replies: 16
Views: 6050

Re: Mutual Fund Fee's- American Funds 5.75% Load

I was stuck with American Funds Loads for 2 years via a company SIMPLE IRA, but got out after the govt waiting period. What caught my attention here is why compare the American Fund with VTSAX. I'm not sure if that is an equal comparison. When I looked at the portfolio makeup in Morningstar they are...
by willift
Sat Apr 04, 2015 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Paying federal taxes on social security benefits??
Replies: 7
Views: 1287

Re: Paying federal taxes on social security benefits??

Married Filing Jointly. Standard Deductions and Exemptions plus 1 senior exemptions puts your Provisional Income at 51K, taxable SS approx 12K and your Federal Tax due in 2015 approx. 3K. Check your wife's withholding and adjust accordingly. If it were me, assuming there would be no underpayment pen...
by willift
Fri Apr 03, 2015 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Unwanted distribution from Roth
Replies: 23
Views: 2999

Re: Unwanted distribution from Roth

I just experienced a similar situation at Vanguard. They don't really use a "Sweep Account" like other Custodians do. Vanguard tells me, that because I didn't have any position (money) in their Money Market account and their minimum purchase for the MM is $3000, any distributions that wer...