Search found 215 matches

by Ace1
Tue Dec 11, 2018 12:00 pm
Forum: Investing - Help with Personal Investments
Topic: Keepsake Savings Bonds?
Replies: 9
Views: 575

Re: Keepsake Savings Bonds?

If it is a small enough denomination, you could just keep it and not cash it in.
Stops earning after 30 years, but this way you could frame it and pass it on to an heir.
by Ace1
Tue Dec 04, 2018 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Reuqesting Help With Managing of Winnings
Replies: 37
Views: 3665

Re: Reuqesting Help With Managing of Winnings

Henry, Congrats on the gambling successes. I will address some of your questions. Structuring has to do with cash transactions that start at $10k. ACH or checks are no problem here. Transfer as much or as little as you want. If you want to test the process, move 10k. When you see how it works, move ...
by Ace1
Fri Nov 30, 2018 5:53 am
Forum: Investing - Help with Personal Investments
Topic: When to cash in EE Savings Bonds
Replies: 16
Views: 1622

Re: When to cash in EE Savings Bonds

Retired I agree with you... cash in the bonds this year since your least tax cost is this year, 2018. Beginning in 2019, you will probably jump from 12 to 22% marginal rate if you add in the bond interest to your other taxable income. Remember not all the bond is taxable, only the interest it has ea...
by Ace1
Tue Nov 20, 2018 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Forgot to file Municipal Income Tax
Replies: 14
Views: 1083

Re: Forgot to file Municipal Income Tax

Identity, You have run into the situation of a cpa who is unfamiliar with filing requirements for a different area/state than he is familiar with. Yes, generally you would think these professionals SHOULD know, but the taxpayer should know too! I am not sticking up for your cpa, he at the very least...
by Ace1
Tue Nov 20, 2018 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Forgot to file Municipal Income Tax
Replies: 14
Views: 1083

Re: Forgot to file Municipal Income Tax

Identity If you used a local tax preparer in Ohio, he should have filed a city return for you the first partial year you were there. If you used the same preparer the year you moved away, he would/should have filed a return indicating you moved out and the date. If you did not use that preparer, but...
by Ace1
Thu Nov 08, 2018 12:38 am
Forum: Investing - Help with Personal Investments
Topic: Individual stocks in Traditional IRA...
Replies: 2
Views: 436

Re: Individual stocks in Traditional IRA...

vss All investments held inside a tira, whether it be individual stocks, bonds, stock or bond mutual funds, etf’s, cd’s etc, and the income they generate, whether it is interest or dividends or gains (or losses) of any kind, are ALL taxed as ordinary income when you take a distribution from the tira...
by Ace1
Fri Nov 02, 2018 12:15 am
Forum: Investing - Help with Personal Investments
Topic: Estimating SS benefits between FRA and age 70
Replies: 10
Views: 874

Re: Estimating SS benefits between FRA and age 70

According to this table, anyone born 1943 and after, the delayed retirement
credit IS 8% per year.

https://www.ssa.gov/OACT/ProgData/ar_drc.html

In the OP’s question, s/he is asking about MY benefit... I didn’t see any reference to spousal benefit.
Ace
by Ace1
Thu Nov 01, 2018 10:45 pm
Forum: Investing - Help with Personal Investments
Topic: Estimating SS benefits between FRA and age 70
Replies: 10
Views: 874

Re: Estimating SS benefits between FRA and age 70

DebiT
Yes...it is 8/12 of 1% every month from 66 to 70, or 8% per year.
Ace
by Ace1
Fri Oct 12, 2018 9:37 pm
Forum: Personal Consumer Issues
Topic: Census [Received form in mail]
Replies: 21
Views: 1798

Re: Census

Smells like phishing scam to me.
Doubt the US Census bureau would followup that fast.
You might consider calling the local census office to find if this is legitimate,
especially when they are asking for a SSN.
by Ace1
Thu Sep 20, 2018 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Claiming Strategy review
Replies: 19
Views: 1666

Re: Social Security Claiming Strategy review

Spidey, Check this link... https://www.ssa.gov/planners/retire/deemedfaq.html I believe your spouse, born on or after Jan 2, 1954, is deemed (required) to file for maximum benefit (In this case spousal, and since before FRA, reduced), whenever she files. Yes, you are grandfathered, however you must ...
by Ace1
Mon Sep 17, 2018 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question - Roth Conversion
Replies: 3
Views: 402

Re: Tax Question - Roth Conversion

Charles, The short answer is yes, but you should use a tax calculator to see what happens. The 22% bracket for married joint for 2018 tops out at $165,000 of taxable income. You can convert however much tIRA to roth that gets you to that number after adding up all other taxable income and subtractin...
by Ace1
Mon Sep 10, 2018 11:08 pm
Forum: Investing - Help with Personal Investments
Topic: Avoid Capital Gains on Real Estate
Replies: 9
Views: 1168

Re: Avoid Capital Gains on Real Estate

Maniac,
Looking a bit deeper... pub 523 page 5 ... provided you meet all the tests, I now think
your plan has merit.
But your are wise to consult a local tax expert.
Ace
by Ace1
Mon Sep 10, 2018 10:26 pm
Forum: Investing - Help with Personal Investments
Topic: Avoid Capital Gains on Real Estate
Replies: 9
Views: 1168

Re: Avoid Capital Gains on Real Estate

Maniac, I think once you split the original parcel and sell the vacant land, it is no longer part of your residence. However, why not sell all of it (house and land) to the developer, at the same time, which would then allow you to legitimately apply the residential sale gain exemption of the 500k? ...
by Ace1
Mon Sep 10, 2018 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Amending old state tax returns
Replies: 2
Views: 266

Re: Amending old state tax returns

Pancake, The state activity will only affect your 2018 federal return, assuming you make the payment and receive the refund in 2018. The payment will be an itemized deduction in 2018 if you itemize and subject to the new limitations. The refund will be an addition to income IF you itemized and deduc...
by Ace1
Fri Sep 07, 2018 10:05 pm
Forum: Investing - Help with Personal Investments
Topic: Check my Roth conversion math
Replies: 4
Views: 736

Re: Check my Roth conversion math

Heyyou, The cap gains income DO count towards your total income, they are only taxed differently. If you want to have zero cap gains tax, the 53k of space will need to INclude the cap gains. If you have tax software, I encourage you to do a whatif and review the capital gains tax worksheet your soft...
by Ace1
Wed Aug 29, 2018 11:55 am
Forum: Investing - Help with Personal Investments
Topic: retired. should i convert my pre tx 401k to a roth
Replies: 13
Views: 1200

Re: retired. should i convert my pre tx 401k to a roth

Not enough info to make a proper decision... such as how much longer will wife work, does she have a 401k, does she have a pension, do either of you have any other ira, and most important WHEN did you take the 100k.. 2018 or prior year. HOWEVER, 55k pension + 21.25k taxable SS + 4k divs + 150k wage ...
by Ace1
Thu Aug 23, 2018 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: IRA Taxes with non deductible contributions
Replies: 4
Views: 474

Re: IRA Taxes with non deductible contributions

Since you have non deductible contributions, you should be familiar with form 8606.
The answer to your question is found on lines 10 thru 15c.
The non taxable amount is a percentage of the distribution.
by Ace1
Thu Aug 16, 2018 9:57 pm
Forum: Investing - Help with Personal Investments
Topic: Helping elderly mother with her finances - 2 issues
Replies: 17
Views: 1830

Re: Helping elderly mother with her finances - 2 issues

Stick My mom was 80 when she applied for and got a 30 mortgage back around 2001-2002. It would be a stretch to service a 15 year mortgage on your mom’s income, but a 30 year is do-able and locks in a better interest rate. You might also see if a 20 year term might work? A $207,000 mortgage at 4% for...
by Ace1
Thu Jul 12, 2018 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare [Can I contribute to a Health Savings Account?]
Replies: 29
Views: 2887

Re: Medicare [Can I contribute to a Health Savings Account?]

Rob54
You become eligible for medicare in May 2019 when you turn 65.
There can be no retroactive 6 months before this, so you are eligible
to contribute to the HSA through April 2019... ie 4/12 of appropriate amounts.
by Ace1
Sun Jun 17, 2018 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security advice needed
Replies: 28
Views: 2248

Re: Social Security advice needed

Your SS at 70 calculates to around $1800 per month.
That will matter to the second one of you to pass since that is the amount the survivor gets.
I suggest you find one of the optimizers and see what your numbers work out to.
by Ace1
Wed Jun 13, 2018 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: best way to receive large sum of money from another country
Replies: 34
Views: 2644

Re: best way to receive large sum of money from another country

Sil If you want to hold some CAD in a Canadian bank, you should. There is at least one thread in the forum discussing this from a currency risk standpoint. You might consider the amount as it relates to your total nest egg though, but I certainly get your wanting to hold it for a more favorable exch...
by Ace1
Mon Jun 04, 2018 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Tax software for 2018
Replies: 20
Views: 1864

Re: Tax software for 2018

You will find the what if worksheet in the (federal) forms list.
by Ace1
Mon May 28, 2018 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Another Social Security for Widow Question
Replies: 32
Views: 2740

Re: Another Social Security for Widow Question

The op will file as mfj in the year of death of spouse.
The only way qualifying widow/er applies is IF there is a dependant child,
otherwise tax filing status will be single.

+1 to dodecahedrons response.
by Ace1
Tue Apr 24, 2018 11:02 am
Forum: Personal Finance (Not Investing)
Topic: deposit IRS refund in estate or beneficiary account?
Replies: 4
Views: 439

Re: deposit IRS refund in estate or beneficiary account?

I believe the correct answer is it depends on how the OP completed part 1 of the 1310 he filed with the decedents final 1040. If he filed it as the executor, it goes in the estate/trust account. If he filed as an individual other than the personal representative/executor, then it goes in his persona...
by Ace1
Mon Apr 16, 2018 9:22 pm
Forum: Investing - Help with Personal Investments
Topic: Need advice with 2017 Roth IRA contribution
Replies: 2
Views: 284

Re: Need advice with 2017 Roth IRA contribution

Everlearning,
The previous poster is correct... get the cash in now...reposition later.
I think, especially given your age, you should have growth oriented assets in the Roth.
You want growth more than income since it grows without any taxes.
Ace
by Ace1
Thu Apr 12, 2018 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 and Turbotax
Replies: 7
Views: 657

Re: Form 8606 and Turbotax

Wrongfunds, BruceM has the right dea, however, IF you have the desktop version of TT, you can simply open last years file, save it with a different filename, and then open the forms menu and get the 8606. Complete it to match the handwritten version you filed, save the new return, and pick the new r...
by Ace1
Sun Apr 08, 2018 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: How to report a brokerage promotion bonus on Turbotax?
Replies: 20
Views: 1648

Re: How to report a brokerage promotion bonus on Turbotax?

HMW
Open the 1099 Misc form, and in either box 3 or box 7, wherever the amount shows up,
click (x) the box labeled other income.
Should move the dollars to line 21 on the 1040.
Ace
by Ace1
Fri Apr 06, 2018 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Tax withholding allowances
Replies: 6
Views: 737

Re: Tax withholding allowances

There should be a withholding table on your states tax department website.
by Ace1
Fri Apr 06, 2018 10:07 pm
Forum: Personal Consumer Issues
Topic: How to sell a diamond?
Replies: 8
Views: 1371

Re: How to sell a diamond?

TxAg, You could try the jeweler you bought it from or any small local jeweler, however at best you might get a wholesale value of 1/2 the retail/purchase price. Jewelry resale like this usually never get anywhere close to retail. Perhaps it would be better if you had it mounted in a ring or a pendan...
by Ace1
Tue Apr 03, 2018 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Question [spousal benefit]
Replies: 24
Views: 1831

Re: Social Security Question [spousal benefit]

If you were born on or after Jan 1, 1954, when you file for social security you will be deemed to have filed for your full benefit calculated at whatever age you file. So if you file at 64, you will be at a reduced rate, and not eligible to file for a larger benefit at 70. If you want the 24% higher...
by Ace1
Sat Mar 31, 2018 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1041 reporting
Replies: 3
Views: 338

Re: Form 1041 reporting

Okie, Just some thoughts.... A 1099R box 5 is a non taxable return of contributions/roth/insurance premiums... it is NOT tax exempt income. So I believe only distributions of taxable income to the estate should be on sch B, line 1,7,8 as you have stated. A simple trust is a trust where one must dist...
by Ace1
Fri Mar 30, 2018 8:17 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Foreign Tax Credit in Turbotax
Replies: 8
Views: 604

Re: Help with Foreign Tax Credit in Turbotax

Kappy,
The $25.72 is the proper answer.
It will also ask for country, but since this is from a mutual fund,
there is a check box for RIC ... registered investment company.
You will also want to link the 1099 to the 1116.
Ace
by Ace1
Thu Mar 29, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Roth contributions with only Canadian earned income?
Replies: 2
Views: 353

Re: Roth contributions with only Canadian earned income?

Generally, students who are away from home "temporarily" to attend school are still considered residents of that home state. In order to take the foreign income exclusion on 2555/2555ez, you need to pass a number of tests that include physical presence and bona fide residence tests. You will need to...
by Ace1
Thu Mar 29, 2018 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: SS Taxation -Please Clarify
Replies: 16
Views: 2080

Re: SS Taxation -Please Clarify

Vested1 Spouse and I also just started receiving ss/spousal benefits and am mystified why the tax withholding is on the net after medicare B... but it is what it is. I think you have erred in that the 85% taxable ss is on the total ss benefit, not the 50%. Therefore for your forward tax planning, in...
by Ace1
Mon Mar 26, 2018 11:38 am
Forum: Investing - Help with Personal Investments
Topic: CD Ladder in Tax Sheltered Account?
Replies: 14
Views: 845

Re: CD Ladder in Tax Sheltered Account?

You can buy CD’s from all over inside the IRA at TDA. There is a search engine for cd’s for time periods beginning with 1 month to several years. But if you want to get out from TDA perhaps for the insurance limits, then rollover the amount you wish from the TDA account to the bank, credit union, et...
by Ace1
Sun Mar 25, 2018 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Cloud-based church management software
Replies: 3
Views: 508

Re: Cloud-based church management software

I can recommend two. We use both at my church. Used primarily for the church management of donations, membership etc, our church uses ShepherdStaff. It does have an accounting module, however I felt it was very weak. A previous pastor favored SS, which is why it is used for all except the accounting...
by Ace1
Sat Mar 24, 2018 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: Newly retired tax strategy for Roth conversions and SS
Replies: 15
Views: 1302

Re: Newly retired tax strategy for Roth conversions and SS

You can download the form .... irs.gov or ssa.
Its a W4-V
Then mail it in or drop it off at the local ss office.
by Ace1
Sun Mar 18, 2018 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Discovered mistake on 2014 return—owe money
Replies: 23
Views: 3365

Re: Discovered mistake on 2014 return—owe miney

Puppynewf, You have 3 years from the due date (or extended due date) to file an amended return. So a 2014 return can be amended up to April 15 2018 ( or Oct 15 if you extended). So you can prepare the amended return in TT and get it filed by April 15. You can include an explanation of cause, which m...
by Ace1
Sun Mar 18, 2018 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax/How to account for 2017 payment?
Replies: 4
Views: 410

Re: Turbo Tax/How to account for 2017 payment?

There is a tax payments form that you enter it on, as an estimated payment.
Find it on the forms menu.
by Ace1
Sun Mar 18, 2018 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Tax Exemptions, W-4s, and Tax Liability
Replies: 12
Views: 1150

Re: Tax Exemptions, W-4s, and Tax Liability

Chapman, Sounds like you need to review the last few years of your tax returns to find out where things changed. If you use Turbotax, there is a 5 year tax history report that lets you compare the primary lines of your return. It is found on the forms menu. The last line also notes your marginal rat...
by Ace1
Thu Mar 15, 2018 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax- Foreign Tax question.
Replies: 8
Views: 1103

Re: Turbo Tax- Foreign Tax question.

Ram,
I agree, the tax credit is almost always better than an itemized deduction.
You should link the credit to the 1116, column a, and on your 1099 div, capture the foreign dividends
that caused the foreign taxes to be withheld. They will be taxes paid and you can simply use 12/31 as the date.
Ace
by Ace1
Thu Mar 15, 2018 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Check my Fed Tax Math Please
Replies: 11
Views: 1135

Re: Check my Fed Tax Math Please

Arsenal I believe your situation is covered in pub 550 chapter 4, probably page 48 ... Corporate stocks. I believe you have a partly taxable, partly non taxable exchange. The new stock assumes the basis of your old stock (100k), and the cash received is taxable. https://www.irs.gov/pub/irs-pdf/p550....
by Ace1
Tue Mar 13, 2018 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: TT Roth Contribution [TurboTax]
Replies: 10
Views: 701

Re: TT ROTH Contribution

Mitchell, Silk is correct and the Roth contributions are not usually shown on a tax form, however as his link points out, there are reasons you can/ should enter the roth data into the tax software. In Turbotax, there is both an IRA contributions worksheet and an IRA info worksheet that are used for...
by Ace1
Wed Mar 07, 2018 10:49 am
Forum: Personal Finance (Not Investing)
Topic: ESPP - Merill Lynch Cost Basis Tax issue
Replies: 9
Views: 699

Re: ESPP - Merill Lynch Cost Basis Tax issue

Football Fan Typically for an ESPP, you would receive a form 3922 that contains the details of each stock purchase for each year you made a purchase. This document contains all the data you need to determine your basis. There are 2 components to calculating your basis. First part is the discount you...
by Ace1
Sun Mar 04, 2018 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes for deceased w/ SS and VA income
Replies: 2
Views: 405

Re: Taxes for deceased w/ SS and VA income

First, sorry for your loss. I believe you are correct in that the va benefits are not taxable. Since ss income is all thats left, she did not need to file federal tax returns. However, selling the remaining stocks will generate a 1099 and you will need to file the proper tax return. If you sold them...
by Ace1
Sat Mar 03, 2018 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Finance in Canada - Tools for a New Citizen
Replies: 5
Views: 598

Re: Personal Finance in Canada - Tools for a New Citizen

Try the canadian sister website Finiki.org
by Ace1
Sat Mar 03, 2018 11:13 am
Forum: Investing - Help with Personal Investments
Topic: complicated roth conversion
Replies: 5
Views: 527

Re: complicated roth conversion

Nevergiveup I think what you want to do would be let both bank A cd’s mature, and leave them in cash(savings acct). Instruct the bank to convert the $75k of tira into the roth savings at that time. Then you open two accounts at the online bank of your choice and rollover both the $104k roth cash (sa...
by Ace1
Sat Feb 24, 2018 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Guardian Compensation - Miscellaneous or Self Employment?
Replies: 5
Views: 743

Re: Reporting Guardian Compensation - Miscellaneous or Self Employment?

Aristotelian,
Yes, as the executor, I have the estate issue the 1099 to myself.
Perhaps unnecessary, but I want to make sure there is a formal record in the event
there is any question, especially from the probate court.
Ace
by Ace1
Sat Feb 24, 2018 12:16 am
Forum: Personal Finance (Not Investing)
Topic: Reporting Guardian Compensation - Miscellaneous or Self Employment?
Replies: 5
Views: 743

Re: Reporting Guardian Compensation - Miscellaneous or Self Employment?

aristotelian, I have a similar situation as an executor of an estate. In pub 17, page 97, ...if you are not in the profession of being an executor (or trustee), you report the income on line 21, with no SE tax. I dont think the irs would stop you from reporting on sch c and paying se tax. I prepare ...
by Ace1
Fri Feb 23, 2018 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on changing withholding for 2018? Complicating factors!
Replies: 7
Views: 721

Re: Thoughts on changing withholding for 2018? Complicating factors!

BB, The new irs publication 15 is available on the irs.gov site. It is for determining fed tax withholding. They have not updated the new w4 calculator but it should be available by the end of Feb. Your comment that charitable contributions are no longer deductible is not correct. Taxes are limited ...