Search found 197 matches

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: 27
Views: 2376

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: 2052

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: 2445

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: 1680

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: 31
Views: 2271

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: 384

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: 234

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: 590

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: 1513

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: 642

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: 1278

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: 1565

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: 288

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: 556

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: 301

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: 12
Views: 1365

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: 792

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: 462

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: 1132

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: 3257

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: 363

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: 899

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: 1014

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: 1061

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: 629

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: 628

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: 387

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: 516

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: 477

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: 573

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: 573

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: 659

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 ...
by Ace1
Thu Feb 22, 2018 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on Intial SS Filing
Replies: 8
Views: 972

Re: Advice on Intial SS Filing

Vested, The welcome letter we received (after the welcome email) for my spouse indicated we could complete a form W4V, which is a voluntary withholding form. This can be mailed or dropped off at any SS office. So I completed one for my spouse and one for me, which I will be taking to one of the near...
by Ace1
Thu Feb 22, 2018 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Advice on Intial SS Filing
Replies: 8
Views: 972

Re: Advice on Intial SS Filing

Vested1 I filed a restricted application for spousal benefits last week. In the section for when to start benefits was this question .... “If eligible for both retirement and spouses benefits, delay receipt of retirement benefit ?” To which I of course answered yes. In addition, I also used similar ...
by Ace1
Sun Feb 18, 2018 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Quick W4 Question
Replies: 3
Views: 333

Re: Quick W4 Question

Good chance you each are in the 2017-15% tax bracket when the withholding occurs, but when you combine your incomes, you cross into the 2017-25% bracket. 2017 25% bracket starts at taxable $75,900 for MFJ. Everything above that number is at a marginal rate of 25%. Yes, you should probably change to ...
by Ace1
Sun Feb 18, 2018 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: I think we can swing this! ($1M retirement home)
Replies: 27
Views: 3582

Re: I think we can swing this! ($1M retirement home)

One Ping
Nice plan!
However, I dont believe you can make a qcd from a 401k, only from an ira.
You will have to nail the timing of roth conversions and the rollover of 401k for the
purpose of the qcd.
And you must be 70 1/2 to make a qcd, not allowed before 70 1/2.
Ace
by Ace1
Sun Feb 18, 2018 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Question about changes to personal mortgage deductions.
Replies: 11
Views: 961

Re: Question about changes to personal mortgage deductions.

Previous posts have a couple issues with regard to new (2018) tax rules .... 1) Real estate and income taxes are limited to $10,000 total. (I mean, lets say $10K each in mortgage interest and property taxes and $5,000 in state income taxes is just $25,000, only $1000 more than the standard one. And ...
by Ace1
Sun Feb 18, 2018 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Did I make a horrible mistake with my 401a rollover?
Replies: 8
Views: 702

Re: Did I make a horrible mistake with my 401a rollover?

If it helps you work thru it in TT,
split the 1099r into 2 for data entry purposes...
One with 40k in both 1 and 5 with code g, and one with 5k in box 1 only and code g.
by Ace1
Sun Feb 18, 2018 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Did I make a horrible mistake with my 401a rollover?
Replies: 8
Views: 702

Re: Did I make a horrible mistake with my 401a rollover?

Copilot,
Open the actual 1099r form, scroll down to page 2 and make sure the box for line B1 is “X”d.
The code G in box 7 should take care of that.
Ace
by Ace1
Sat Feb 17, 2018 11:49 pm
Forum: Personal Finance (Not Investing)
Topic: help me figure out best way to deduct
Replies: 1
Views: 297

Re: help me figure out best way to deduct

JGR Section 179 affords the opportunity to fully depreciate / expense an asset in the year of acquisition. The limit is $510,000, but there are purchase limitations. This is covered in the instructions for form 4562 Depreciation. If you would have taken advantage of the low income year of 2017, you ...
by Ace1
Fri Feb 16, 2018 6:41 am
Forum: Personal Finance (Not Investing)
Topic: Tax filing status for international family
Replies: 3
Views: 390

Re: Tax filing status for international family

The 1040 instructions pages 14-20 discuss filing status. Also in pub 501. You are either married (use MFJ or MFS) or unmarried (use Single or HOH). You can qualify to use HOH if you provided more than half of a qualifying child’s support. You should carefully review the above listed pages which disc...
by Ace1
Wed Feb 14, 2018 12:22 am
Forum: Personal Finance (Not Investing)
Topic: Turbotax: How Do You Re-Order Interest & Dividends?
Replies: 4
Views: 580

Re: Turbotax: How Do You Re-Order Interest & Dividends?

Re-entering is inefficient.
Open the forms, select sch B, get the cursor on the list, then click the edit menu item,
and select sort the rows.
It will be alphabetic.
This usually works for any table in the forms.
Ace
by Ace1
Mon Feb 12, 2018 10:19 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor roth - I might have messed up
Replies: 6
Views: 683

Re: Backdoor roth - I might have messed up

You will want to review form 8606 and its instructions. If you contributed to tIRA and deducted it on each years respective returns, when you converted to roth, you needed to “re-tax” the amount. If you did not deduct the original contributions, you still need to report the contribution and conversi...
by Ace1
Fri Feb 09, 2018 5:34 pm
Forum: Investing - Help with Personal Investments
Topic: Prime MM returns
Replies: 6
Views: 810

Re: Prime MM returns

Yield is annual.
Divide by 12 for monthly.
by Ace1
Wed Feb 07, 2018 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 318
Views: 26309

Re: free dinner investing seminar

Fire Chief

“At the last one, I really enjoyed cutting through the BS with one simple question of the "expert" presenter. “
Would you please share the question you posed ?

Thanks,
Ace
by Ace1
Tue Feb 06, 2018 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on lawsuit settlement
Replies: 5
Views: 899

Re: Taxes on lawsuit settlement

JSD
You may have missed it.....
Read the lines again beginning with “Economic injury” .

Ace
by Ace1
Mon Feb 05, 2018 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on lawsuit settlement
Replies: 5
Views: 899

Re: Taxes on lawsuit settlement

From irs.gov pub 334 page 24 Damages. You must include in gross income compensation you receive during the tax year as a result of any of the following injuries connected with your business. Patent infringement. Breach of contract or fiduciary duty. Antitrust injury. Economic injury. You may be enti...
by Ace1
Mon Feb 05, 2018 12:37 pm
Forum: Investing - Help with Personal Investments
Topic: IRA contribution question. Can my dad contribute?
Replies: 6
Views: 485

Re: IRA contribution question. Can my dad contribute?

Yes, you cannot contribute to tIRA once you reach age 70.5.
See irs pub 590A.
by Ace1
Tue Jan 30, 2018 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 76
Views: 12534

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

As livesoft points out, you are “wasting” some child tax credits.
If I were you, I would redirect some of the tIRA contributions to Roth
to the extent you would use all the unused (800+/-) child tax credit.
by Ace1
Mon Jan 29, 2018 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Help Joint vs Separate
Replies: 18
Views: 908

Re: Tax Help Joint vs Separate

Jehovasfitness +1 to the suggestion from neurosphere as to the process. But when you prepare the first joint return, open the what if worksheet, check the joint versus split box, and see what the result is. What if sheet allows you to move the deductions around, splitting them in a way that is most ...