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HueyLD

TD is not the IRS.

You select the tax reporting option on form 1040.

HueyLD

texasgal47 wrote: ↑Tue Apr 20, 2021 8:06 pm No, the 1040 clearly shows QCD in the taxable amount.

The amount of QCD should not be included as taxable income!

HueyLD

Texasgal,

Did you donate about $30,000 to charities using QCD withdrawal from your IRAs? Did you by any chance report the $30k as income in error?

HueyLD

Vanguard says:

“ After the trade: Changing your mind

You can cancel a trade online through the Order status link or by calling us.
We'll do our best to meet your request but can't guarantee that a given trade can be changed or canceled, especially during volatile markets.”

Give Vanguard a call.

HueyLD

— Distributions from the IRA are taxed as pro rated between basis and earnings; distributions from the annuity are earnings first until exhausted, then basis. One exception. If one annuitizes the VA in lieu of withdrawing random amounts, the annuity payments will include pro rated basis and earning...

HueyLD

A family member moved from a well known high tax state to a low tax state and sold her home, etc. in the high tax state. And she established her domicile in the new state by following the rules carefully. However, her children and grandchildren are still in the high tax state and she returns there o...

HueyLD

(Note: This is not intended as a political post - I'm just stating a couple of important facts that are germane to the overall discussion.) Why are people lopping together Taiwan and China as if they are one entity in the EM Index country weightings? Taiwan has had its own currency since 1949 and i...

HueyLD

With a brokerage account, deposits have to go thru the settlement account first. Mobile deposits require additional time for collection. Even Fidelity can hold your mobile deposit for up to four business days. “ Deposits are generally available for withdrawal or to purchase securities online within ...

HueyLD

Previously when I made a mobile check deposit through vanguard app on my phone into my taxable account and indicated which funds the money needs to be allocated into ; it used to be done same day . But now vanguard will only deposit it in settlement fund and then I have to wait till it shows up in ...

HueyLD

tenkuky wrote: ↑Sat Apr 17, 2021 11:54 am State allows transferor to choose either 18 or 21 as age of transfer.

Are you in California?

HueyLD

How one go about buying MYGA in MA? There are a number of online sources. Go to blueprintincome.com Thanks Stinky, B++ MYGA for my state pays 2.8% for 5 years. B+ MYGA pays 3% for 5 years I wouldn't go over my state guarantee association's max. For Commonwealth of MA: “ Are all policies fully prote...

HueyLD

Same answer. 1031 exchange involves real estate. OP asked about a simple 1035 exchange between two VA policies.

Apple and orange.

HueyLD

1031 is not 1035.

HueyLD

I bought a variable annuity in 1995 from company X with $50,000 in one purchase. I have never put any more into it. In 2010 I did a 1035 to a Vanguard annuity. At that time, it was worth $125,000. (I’m using fake numbers just for the question.) Today, it is worth $200,000. When I begin to take mone...

HueyLD

Taxslayer won the prize. thanks. good to know. All you need to do is to manually work thru the Qualified Dividend and Capital Gain Tax Worksheet. In a nutshell: $24,800 of LTCG is taxed at zero%. $55,250 of LTCG is taxed at 15% = 8,280 in tax $55,250 of ordinary income is taxed at 10% and 12% = 6,2...

HueyLD

Taxslayer won the prize.

HueyLD

This thread makes me wonder. If you transfer stock from a joint account to an individual and you are the beneficiary upon death, is there a STEP UP in the cost basis if it moves back to you upon death? Seems like this would present an easy way to "Game" the Long term Capital Gains Tax If ...

HueyLD

tfb wrote: ↑Tue Apr 13, 2021 10:05 pm
tipswatcher wrote: ↑Tue Apr 13, 2021 8:06 pm The fixed rate could be odd or even
I thought the fixed rate had always been only one decimal place, i.e. even when taken to two decimal places.

Yes, they are. All the way back to 1998.

https://www.treasurydirect.gov/indiv/re ... dterms.htm

HueyLD

SnowBog said: “ But you could list your trust as secondary owner...”

No no!! A secondary owner must be an INDIVIDUAL.

“ The purchaser must be named in the registration as the primary owner with another individual as secondary owner.”.

https://www.law.cornell.edu/cfr/text/31/363.20

HueyLD

That’s a very important function of a trust.

You must have a good reason to create a trust and I assume that it will be a revocable living trust. Yes, transfer all non-retirement assets to your trust so that you don’t waste money creating the RLT. Let the RLT do what it is supposed to do.

HueyLD

palciparum wrote: ↑Tue Apr 13, 2021 8:23 pm I want to transfer stocks held in our combined account in vanguard to her individual account in ameritarde. Hence wondering if any tax implications?

Do you live in a community property state?

HueyLD

WolfgangPauli asked: “ Are you sure about that? I believe they go by SSN and since your SSN is tied to both you personally and your trust I think you may be overbuying. Can you reference something that would tell us what you are doing works? - I mean I do not doubt that you can do it as they likely ...

HueyLD

My limited understanding of MYGAs is that they pay a fairly minimal (1%) commission to anyone selling them. As a buyer of the MYGA you don't save anything if you buy them directly or pay extra going through someone collecting a commission. At least that is what I've been told. “ Yes, we do make a c...

HueyLD

I'm currently a fan of MYGAs. As I have mentioned elsewhere, I have constructed a "MYGA ladder" of various maturities for myself, similar to a CD ladder. I also hold bond funds, but my MYGA balance is currently larger than my bond fund balance. My MYGA purchases began about six months ago...

HueyLD

I personally don't see any reason to wait until May; I'm planning on buying my annual limit on April 30. There is a 0% chance that Treasury will increase the fixed rate in May. If you buy on April 30, hold for 14 months + 1 day, and sell on July 1, 2022, you're guaranteed minimum return is roughly ...

HueyLD

With March 2021 non-seasonally adjusted CPI-U of 264.877, the new composite rate will be 3.54% with fixed rate of zero.
Woo hoo!

P.s. 264.877 - 260.280 = 4.597 / 260.280 = 1.77% x 2 = 3.54%

https://www.bls.gov/news.release/pdf/cpi.pdf

HueyLD

I am considering buying savings bonds, too. I was thinking to go with EE bonds as they are guaranteed to double in 20 years, which is a ~3.5% annual interest rate. I bonds don't have that guarantee, so are people favoring I bonds because they assume that inflation will be substantial and they will ...

HueyLD

Anon investor, See this very good article https://www.savingforcollege.com/article/how-to-rollover-us-savings-bonds-into-a-529-plan “ If the total proceeds from redeeming eligible U.S. savings bonds is less than or equal to the adjusted qualified education expenses, then the savings bond interest is...

HueyLD

Does each SSN have its own account with different logins, etc. or can I use one login to rule them all? Thanks. As far as I know, the account number is the login ID, so you get one per SSN. Thanks for your response You can get more than one login per SSN. One for you as an individual. Another one f...

HueyLD

SnowBog said: “ In the individual account, the bonds are titled for co-owners of "SnowBog" and "spouse".” Please note there is no co-ownership registration for electronic savings bonds on TD. The buz word is “primary owner” WITH “secondary owner” and the secondary owner has no re...

HueyLD

Ultimately we have a TD account each plus a TD account for each of our living trusts; for each spouse that means 2 accounts tied to the same SSN. All 4 accounts are tied to and funded from the same joint "checking" account. So far this has not been a problem. Did everything online, no ext...

HueyLD

Does she receive a pension based on earnings not subject to social security? “The Government Pension Offset (GPO) applies to a spouse's Social Security benefit for any month the spouse receives a pension based upon his or her own government employment not covered under Social Security. ... A pension...

HueyLD

Indexfundfan said: “ When I applied in Jan, Canvas does not allow you to specify a contingent beneficiary in the application. And it's been a pain for me trying to add the contingent beneficiary after the policy was issued.”

What is the pain?

HueyLD

The OP commented further that: “ The amount that was purchased was much higher than the $6000 IRA limit, and it was done all at once, so I assume it's a non-IRA variable annuity? What's funny is on the statement, it has a "Retirement Reserves Contract Number".” Oops, it looks like Fido’s m...

HueyLD

Have you called the TSP? Try that on Monday because they do answer the phone.

HueyLD

Oicuryy wrote: ↑Sun Apr 11, 2021 10:44 am Should we tell him about the 10% tax penalty on early withdrawals?

Ron

Yes, absolutely!

HueyLD

YOUR OWN government pension will not affect survivor benefits.

However, if the survivor also receives government pension, the the GPO will apply.

https://www.ssa.gov/pubs/EN-05-10045.pdf

https://www.ssa.gov/pubs/EN-05-10007.pdf

HueyLD

Hi All, We have a couple of CDs maturing and thinking about using those funds to invest in I Bonds. Given the 10K limit, can we also invest in our kids names or do you see any issues with that? Per Treasurydirect.gov: “ You can give gift bonds to adults or children. A child under 18 can have a Trea...

HueyLD

SO has an annuity that she’s had since childhood. Received a statement in the mail this month. Surprisingly, the statement is from Fidelity. It shows investments in about 5-6 “VIP” funds like contrafund, growth, high income, overseas, etc. The annuity seems to be 75% equity and 25% bonds. I’m confu...

HueyLD

While I could not access my Vanguard accounts this morning, I was able to access other financial websites such as another brokerage and banks.

Maybe Vanguard websites are made unavailable on weekends?

HueyLD

I could not access my holdings or transaction history this morning using Safari.

It works now though.

HueyLD

Did you save a copy of the confirmation after making the payment?

HueyLD

Are those CD's available at Fidelity that are call protected and FDIC insured safe? This will be my first venture into CD's and I guess my concern is that I'm not familiar with the bank names offering the ones with the best rate. Of course I did ask a Fidelity rep about them and was told they are s...

HueyLD

hudson wrote: ↑Fri Apr 09, 2021 7:27 am Flobes,
Did you get it resolved?

Please update us, Flobes.

HueyLD

Just give it a try and report back.

You can also call the TD at 1-844-284-2676 for expert assistance.

HueyLD

This section discusses addition of a secondary owner. Try the steps to “change” and it most likely will work. “ How do I add a secondary owner or beneficiary to my securities? Adding a secondary owner or beneficiary to securities registered in single ownership form is simple in TreasuryDirect. You c...

HueyLD

“ Items Not Supported Foreign employment income (Form 2555) Nonresident alien returns (Form 1040NR) Customers or preparers living outside the United States when they file their taxes At-risk limitations (Form 6198) Casualty or theft gain or loss for business and income producing property Donations o...

HueyLD

“ SPRINGFIELD, Mass., Feb. 8, 2021 – Massachusetts Mutual Life Insurance Company (MassMutual) today announced the acquisition of Blueprint Income, Inc., a leading online annuity marketplace, from Stone Ridge Holdings Group. Blueprint Income offers an online marketplace where users can purchase simpl...

HueyLD

She will be fine. Here is what the IRS instruction says for Form 1040, line 30: “ Line 30 Recovery Rebate Credit The recovery rebate credit was paid out to eligible individuals in two rounds of advance payments called economic impact payments. The economic impact payments were based on your 2018 or ...

HueyLD

I suggest that the OP read these two official publications for his own benefit:

https://www.law.cornell.edu/uscode/text/26/183

https://www.irs.gov/pub/irs-utl/irc183a ... profit.pdf

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