Search found 244 matches

by Ace1
Thu May 14, 2020 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting Medicare insurance premiums
Replies: 25
Views: 1529

Re: Deducting Medicare insurance premiums

Zoey, That is two questions.... 1) Were you eligible for Medicare ? Or 2) Were you covered by an employer plan where employer paid a portion of the premium ? Sort of independant questions... I will add most employer plans usually are shared cost between employer and employee, so the answer more ofte...
by Ace1
Tue May 12, 2020 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting Medicare insurance premiums
Replies: 25
Views: 1529

Re: Deducting Medicare insurance premiums

Zoey and OAG, The Ohio form IS a searchable form, however it uses the name Health Care expenses and MSA wks. You only need type in health to have it surface under the Ohio forms. However I recommend you pull up the federal form to slot in your medical by all the categories that are available on the ...
by Ace1
Tue May 12, 2020 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting Medicare insurance premiums
Replies: 25
Views: 1529

Re: Deducting Medicare insurance premiums

Zoey, Please review the Ohio medical worksheet line by line. The first thing you must answer is if you were eligible for Medicare either ALL, Partial, or None of the year. The first 3 lines on Ohio worksheet are for unreimbursed premiums while NOT covered by Medicare or employer plans. If you are el...
by Ace1
Mon May 11, 2020 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Deducting Medicare insurance premiums
Replies: 25
Views: 1529

Re: Deducting Medicare insurance premiums

Zoey,
Kenkat is correct.. on the Ohio return, medical that exceeds 7.5% is a deduction.
There is a worksheet in the Ohio instructions that works through this.
(Or in your tax software if you use one).
However, long term care insurance IS deductible without regard to the 7.5%.
Ace
by Ace1
Sat Jan 25, 2020 11:13 am
Forum: US Chapters
Topic: Happy Birthday Taylor! 96 years young!
Replies: 139
Views: 4021

Re: Happy Birthday Taylor! 96 years young!

Taylor,
Wishing you a very happy birthday.
Thank you for all you do, and thank you for your service to our country.
And as a well known tv/movie character would say...
“Live long and prosper”.
by Ace1
Thu Jan 23, 2020 6:21 pm
Forum: US Chapters
Topic: Sad news: LadyGeek's husband has passed
Replies: 352
Views: 26556

Re: Sad news: LadyGeek's husband has passed

Lady Geek
My sincere condolences to you and your family.
May Peace be with you.
Ace
by Ace1
Sun Jan 05, 2020 2:45 pm
Forum: Investing - Theory, News & General
Topic: My Wishlist for Vanguard
Replies: 72
Views: 5402

Re: My Wishlist for Vanguard

Re: My Wishlist for VanguardQuote sport
by sport » Sun Jan 05, 2020 1:55 pm

I would like Vanguard to withhold income taxes for my state. They will for those states that require it, but not for others.

+1000
by Ace1
Wed Jan 01, 2020 8:36 pm
Forum: Investing - Theory, News & General
Topic: OFFICIAL REGISTRATION FOR THE 2020 BOGLEHEAD CONTEST
Replies: 684
Views: 20522

Re: OFFICIAL REGISTRATION FOR THE 2020 BOGLEHEAD CONTEST

Post by Ace1 » Wed Jan 01, 2020 9:11 am

My estimate for 2020 is
3456.7
by Ace1
Wed Jan 01, 2020 9:11 am
Forum: Investing - Theory, News & General
Topic: [Announcement for upcoming 2020 Boglehead Contest]
Replies: 73
Views: 3939

Re: 2020 Boglehead Contest

My estimate for 2020 is
3456.7
by Ace1
Mon Nov 11, 2019 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Doing your own taxes and finding errors from past preparer and company!
Replies: 15
Views: 872

Re: Doing your own taxes and finding errors from past preparer and company!

Ruby, I cannot comment on your 2210 issue since you did not indicate what state....however, if you believe there is an error, you should go back to that cpa to rectify the issue. I will comment on the w2 hsa withholding. ALL employers correctly show what is withheld from the employees pay as “compan...
by Ace1
Mon Aug 19, 2019 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Discover cash back Credit Card - Interest charges
Replies: 36
Views: 1950

Re: Discover cash back Credit Card - Interest charges

Jello, To actually get this cleared up, you need to pay a little extra over the statement balance. Once you are in the interest situation, additional interest is accruing from the statement cut date to the date your payment is credited. If you think there will be $1.00 plus in interest, pay $2.00 ex...
by Ace1
Mon Jul 22, 2019 10:21 am
Forum: Personal Consumer Issues
Topic: Cruise advice?
Replies: 45
Views: 3543

Re: Cruise advice?

Yolli, A polo with slacks/dockers is perfect for the dining room. On RC, the dinner dining times are 530 and 800pm. The mytime is anywhere between 5 and 8. Your cruise document should indicate what your scheduled time is. If you want to change the time, you can talk to the maitre’d and they usually ...
by Ace1
Sun Jul 21, 2019 6:52 pm
Forum: Personal Consumer Issues
Topic: Cruise advice?
Replies: 45
Views: 3543

Re: Cruise advice?

Yolli My spouse and I took this exact cruise 2 months ago in May, and other than the colder temps in Maine, New Brunswick and Nova Scotia, was an excellent trip. I might add the excursion to Peggys Cove in NS. well worth the cost. Park at the Baltimore port...its a secure lot and $15 a night. When y...
by Ace1
Thu Jul 11, 2019 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Can Spousal SS Benefit EVER be greater that 50% of Spouses PIA??
Replies: 18
Views: 1712

Re: Can Spousal SS Benefit EVER be greater that 50% of Spouses PIA??

One Ping,
You are correct...LES spousal does get reduced if spousal is filed for before LES FRA.
And there may even be a deemed filing event for LES triggered once HES files for HES benefit.

Ace
by Ace1
Thu Jul 11, 2019 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Can Spousal SS Benefit EVER be greater that 50% of Spouses PIA??
Replies: 18
Views: 1712

Re: Can Spousal SS Benefit EVER be greater that 50% of Spouses PIA??

One Ping HES spousal benefit will be $500 which is 50% of LES PIA of $1000. Cannot get any more than that as spousal. Further, when HES files for HES own benefit at 70, LES should then be eligible to file for LES spousal benefit.That should be calculated as 50% x 2500 - 1000, or an additional $250 a...
by Ace1
Thu Jul 11, 2019 10:16 am
Forum: Personal Investments
Topic: Withholding related question.
Replies: 1
Views: 276

Re: Withholding related question.

Frotec Two possibilities.... 1) Backup withholding which occurs because your tax id is not on file with the payor, or you elected withholding. 2) Foreign tax withholding, which occurs if the security is a foreign ( non US) company and that country requires a fixed percent of tax to be withheld. When...
by Ace1
Wed Jun 19, 2019 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Penalty for working past 70 ?
Replies: 8
Views: 1673

Re: Social Security Penalty for working past 70 ?

oembogle, The penalty you are referring to only applies prior to FRA. That income limit is a bit over $17,000 in 2019, where there is an SS reduction of $1 for every $2 over the limit. There is a quirky formula for the year of FRA. After reaching FRA, you can earn as much as you can or want with NO ...
by Ace1
Mon Jun 03, 2019 11:32 pm
Forum: Personal Consumer Issues
Topic: Moderately Priced Hotel by Great Lakes within 3 Hours Drive of Detroit?
Replies: 18
Views: 1087

Re: Moderately Priced Hotel by Great Lakes within 3 Hours Drive of Detroit?

Kennedy,
Check out Sawmill Creek in Sandusky.
Plus there is a Kalahari in the area as well.
Ace
by Ace1
Sat May 04, 2019 2:46 pm
Forum: Personal Investments
Topic: Combining Roth IRAs from different sources?
Replies: 13
Views: 875

Re: Combining Roth IRAs from different sources?

lakpr Your response is only correct IF you are 59.5 or older. Under 59.5 Roth earnings are subject to tax and penalty.... This table has been referenced often.... Here is the table version of the Roth Conversion chart that many here reference: Re: Roth IRA Rules - Table Approach Posted by: KAWill (I...
by Ace1
Thu Mar 28, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Unexpected Check from IRS
Replies: 17
Views: 3003

Re: Unexpected Check from IRS

Sport It is most likely a return of an overpayment on your account. Now how or why it occurred is what will be in the document following. My guess is you did not include a rollover of prior year refund, or an estimated payment you made and did not pickup on your return. There could be other reasons,...
by Ace1
Sun Mar 24, 2019 7:11 am
Forum: Personal Investments
Topic: RMD and QCD Tax Filing Question
Replies: 17
Views: 1103

Re: RMD and QCD Tax Filing Question

jb
Yes it is eligible to be an itemized charitable deduction, however it is subject
to the 50% of AGI limit. Donations in excess of 50% are carried over.
Ace
by Ace1
Fri Mar 22, 2019 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: No 5498 form for Roth account
Replies: 3
Views: 298

Re: No 5498 form for Roth account

Monster
The 5498 usually is only issued when there are current Roth contributions.
Roth IRA’s do NOT have RMD’s unless it is inherited by a non spouse beneficiary.
Ace
by Ace1
Wed Mar 13, 2019 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Tax reporting sports ticket sales
Replies: 15
Views: 1777

Re: Tax reporting sports ticket sales

bs1027
Schedule C is for use if you are in the busness of buying and reselling the tickets.

You sold a personal asset for a gain, which has a cost/basis and selling expenses.
Report it on schedule D, probably short term.

1099k is an IRS form, so it should have been reported to the IRS.
Ace
by Ace1
Tue Feb 19, 2019 6:21 pm
Forum: Personal Investments
Topic: Quick Social Security question
Replies: 11
Views: 1079

Re: Quick Social Security question

King
As an alternative to unfreezing your credit, you can go into the local
ss office ( no appointment needed), and they will give you a temporary password
to “bypass” the credit freeze snag that prevents setting up the account.
Ace
by Ace1
Sat Feb 16, 2019 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question (Roth Conversion)
Replies: 2
Views: 265

Re: Tax question (Roth Conversion)

Multiply your marginal tax rate (federal) times the $7700.
Do the same for your state income tax using your state tax rate.
Ace
by Ace1
Wed Jan 09, 2019 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: One Year Out from Retirement
Replies: 7
Views: 1060

Re: One Year Out from Retirement

Grandmacassie A huge +1 to bloom’s comment...you have “won the game”...retire tomorrow! A $4.6M retirement account has a first year RMD of $167,900, which is on the doorstep of the first IRMAA threshold. You likely wont get much relief from an appeal. QCD’s should definitely be in your game plan. Co...
by Ace1
Wed Dec 26, 2018 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Should I invest in a ROTH to the top of the 12% tax bracket
Replies: 10
Views: 1273

Re: Should I invest in a ROTH to the top of the 12% tax bracket

Alaskan Make sure you are clear on your terminology. You want to CONVERT from tIRA (traditional) to Roth. From your post, you have already CONTRIBUTED to a tIRA and contributions to an IRA (Roth or traditional) are limited to $5500 per person per year (plus $1000 if over age 50). To answer your ques...
by Ace1
Sat Dec 15, 2018 6:09 pm
Forum: Personal Consumer Issues
Topic: Adult Games / Board Games - Recommendations
Replies: 55
Views: 4372

Re: Adult Games / Board Games - Recommendations

Fishandgolf
Highly recommend “Mexican Train Dominoes”.
Great for groups of 4 to 8.
Ace
by Ace1
Tue Dec 11, 2018 12:00 pm
Forum: Personal Investments
Topic: Keepsake Savings Bonds?
Replies: 9
Views: 707

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: 4118

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: Personal Investments
Topic: When to cash in EE Savings Bonds
Replies: 16
Views: 2001

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: 1144

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: 1144

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: Personal Investments
Topic: Individual stocks in Traditional IRA...
Replies: 2
Views: 503

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: Personal Investments
Topic: Estimating SS benefits between FRA and age 70
Replies: 10
Views: 953

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: Personal Investments
Topic: Estimating SS benefits between FRA and age 70
Replies: 10
Views: 953

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: 1905

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: 1788

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: 435

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: Personal Investments
Topic: Avoid Capital Gains on Real Estate
Replies: 9
Views: 1282

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: Personal Investments
Topic: Avoid Capital Gains on Real Estate
Replies: 9
Views: 1282

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: 302

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: Personal Investments
Topic: Check my Roth conversion math
Replies: 4
Views: 828

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: Personal Investments
Topic: retired. should i convert my pre tx 401k to a roth
Replies: 13
Views: 1257

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: 507

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: Personal Investments
Topic: Helping elderly mother with her finances - 2 issues
Replies: 17
Views: 1922

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: 39
Views: 4128

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: 2405

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: 2944

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...