If there is a penalty, here is how to apply for a waiver.
https://www.irs.gov/payments/penalty-re ... ive-waiver
Search found 695 matches
- Fri Mar 15, 2024 11:03 am
- Forum: Personal Finance (Not Investing)
- Topic: How best to make up for the failure to file a tax return
- Replies: 38
- Views: 2636
- Tue Mar 05, 2024 6:20 am
- Forum: Personal Finance (Not Investing)
- Topic: Dropping Long Term Care Insurance
- Replies: 2
- Views: 662
Re: Dropping Long Term Care Insurance
CCRC contracts sometimes charge a lot more for long term care. Some don’t charge extra. You may want long term care insurance or not. Here is information about different CCRC contracts.
https://www.actsretirement.org/retireme ... crc-types/
https://www.actsretirement.org/retireme ... crc-types/
- Wed Feb 14, 2024 12:25 pm
- Forum: Personal Finance (Not Investing)
- Topic: Help with Taxes and Owing More than I Can Afford
- Replies: 36
- Views: 3165
Re: Help with Taxes and Owing More than I Can Afford
I have never done this, but if you have made a loan to someone and it is not recoverable then the amount of the loan is deductible as a capital loss. Perhaps your CPA can help with this. If I am wrong please correct me.
https://www.irs.gov/taxtopics/tc453
https://www.irs.gov/taxtopics/tc453
- Fri Feb 09, 2024 8:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Question for tax preparers with Massachusetts experience
- Replies: 6
- Views: 497
Re: Question for tax preparers with Massachusetts experience
Is your money market fund in an IRA?
- Fri Feb 09, 2024 7:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Question for tax preparers with Massachusetts experience
- Replies: 6
- Views: 497
Re: Question for tax preparers with Massachusetts experience
Massachusetts DOR says income from US obligations is tax exempt.
https://www.mass.gov/technical-informat ... bligations
https://www.mass.gov/technical-informat ... bligations
- Mon Jan 01, 2024 12:12 pm
- Forum: Personal Finance (Not Investing)
- Topic: Harvard RD Financial Aid
- Replies: 19
- Views: 3099
Re: Harvard RD Financial Aid
This is what Harvard says:
We make a promise to every admitted student: your financial circumstances will not keep you from Harvard. With our generous financial aid program, a commitment to economic diversity, and a breadth of tools and resources, our office helps make sure nothing stands in the way of your Harvard education.
- Fri Dec 29, 2023 8:55 am
- Forum: Personal Finance (Not Investing)
- Topic: RMD and LTC taxation
- Replies: 8
- Views: 1114
Re: RMD and LTC taxation
If you are chronically ill as defined by IRS then the entire nursing home expense will be deductible as medical expense.
- Thu Dec 28, 2023 7:36 pm
- Forum: Personal Finance (Not Investing)
- Topic: RMD and LTC taxation
- Replies: 8
- Views: 1114
Re: RMD and LTC taxation
IRA withdrawals are not tax exempt when used to pay for LTC expenses. Qualified Long term care expenses may be tax deductible as a medical expense. Long-Term Care You can include in medical expenses amounts paid for qualified long-term care services and certain amounts of premiums paid for qualified long-term care insurance contracts. Qualified Long-Term Care Services Qualified long-term care services are necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, rehabilitative services, and maintenance and personal care services (defined later) that are: Required by a chronically ill individual, and Provided pursuant to a plan of care prescribed by a licensed health care practitioner. Chronically ill individual. An indivi...
- Fri Dec 01, 2023 7:06 am
- Forum: Personal Finance (Not Investing)
- Topic: Money does grow on trees!!
- Replies: 12
- Views: 2202
Re: Money does grow on trees!!
There is unrest in the forest Trouble with the trees For the maples want more sunlight And the oaks ignore their pleas The trouble with the maples (And they're quite convinced they're right) They say the oaks are just too lofty And they grab up all the light But the oaks can't help their feelings If they like the way they're made And they wonder why the maples Can't be happy in their shade There is trouble in the forest And the creatures all have fled As the maples scream, "Oppression" And the oaks just shake their heads So the maples formed a union And demanded equal rights They say, "The oaks are just too greedy We will make them give us light" Now there's no more oak oppression For they passed a noble law And the tre...
- Thu Sep 14, 2023 7:34 pm
- Forum: Personal Finance (Not Investing)
- Topic: Social Security and survival benefits
- Replies: 14
- Views: 2199
Re: Social Security and survival benefits
I disagree with ehh. Deemed filing doesn’t apply to survivor benefits. B. Policy For Deemed Filing Deemed filing applies to: • retirement insurance benefits (RIB), and • spouse’s, divorced spouse’s, and independently entitled divorced spouse’s (AUXSPO) benefits. When totalization benefits are involved, the claimant entitled to RIB and AUXSPO benefits must file for totalization benefits if they want to receive any social security benefits. Deemed filing does not apply to survivor benefits. For example, when a claimant becomes entitled to widow(er)’s benefits (WIB), they are not deemed to file for RIB. The claimant may restrict the WIB application and delay filing for RIB. For instructions on handling a surviving divorced spouse claim based o...
- Sun Aug 27, 2023 4:08 pm
- Forum: Personal Consumer Issues
- Topic: Curious Amazon Fraud?
- Replies: 26
- Views: 4168
Re: Curious Amazon Fraud?
Amazon would like you to report unordered deliveries to them. Here is how.
https://us.amazon.com/gp/help/customer/ ... QPUV79Z2ZC
You can keep the package.
https://us.amazon.com/gp/help/customer/ ... QPUV79Z2ZC
You can keep the package.
- Fri Aug 25, 2023 12:42 pm
- Forum: Personal Finance (Not Investing)
- Topic: Medicare Advantage Plan / Dr. Ordered Test "Denied"
- Replies: 102
- Views: 9350
Re: Medicare Advantage Plan / Dr. Ordered Test "Denied"
Here is information on Medicare coverage for CT of the heart
https://www.cms.gov/medicare-coverage-d ... leId=56691
It says
2. Medicare does not cover a screening CCTA for asymptomatic patients, for risk stratification or for quantitative evaluation of coronary calcium.
https://www.cms.gov/medicare-coverage-d ... leId=56691
It says
2. Medicare does not cover a screening CCTA for asymptomatic patients, for risk stratification or for quantitative evaluation of coronary calcium.
- Fri Aug 25, 2023 12:03 pm
- Forum: Personal Finance (Not Investing)
- Topic: Medicare Advantage Plan / Dr. Ordered Test "Denied"
- Replies: 102
- Views: 9350
Re: Medicare Advantage Plan / Dr. Ordered Test "Denied"
OP Update: After discussing my situation with 2 "Medicare Brokers" (for confirmation), many Insurance companies providing Medicare Advantage (MA) Plans use Evicore as their 3 party screener for Prior Approvals. Evicore uses a Standard Medicare Guideline for Approval/Denial of a requested test. That Said: Under Non MA Plans (G, N, ), no Prior Approvals by Evicore or the Insurance Company is required. If a Patients has a G,N Plan, and their Doctor orders a test... It does not require a Prior Approval by Evicore.... The test will be done. I hope this is accurate information? I don’t think this information is accurate. Some procedures or tests must be preapproved by original Medicare in order to be paid. I don’t think that original M...
- Tue Aug 01, 2023 1:41 pm
- Forum: Personal Investments
- Topic: Total bond fund vbtlx
- Replies: 79
- Views: 9862
Re: Total bond fund vbtlx
30 day SEC yield
4.46%
A
as of 07/28/2023
- Thu Jul 06, 2023 8:05 am
- Forum: Personal Consumer Issues
- Topic: American Air Miles: transferring to another person
- Replies: 18
- Views: 1200
Re: American Air Miles: transferring to another person
This may be true.
Where Can I Transfer My American Airline Points?
The American Airlines program only allows you to transfer miles to another account, such as a friend's or a family member. The minimum transfer amount is 1000 miles, and the maximum is 200,000 miles per year.
It costs 1.25 cents per mile to transfer, plus a $15-$40 processing fee.
Where Can I Transfer My American Airline Points?
The American Airlines program only allows you to transfer miles to another account, such as a friend's or a family member. The minimum transfer amount is 1000 miles, and the maximum is 200,000 miles per year.
It costs 1.25 cents per mile to transfer, plus a $15-$40 processing fee.
- Thu Jul 06, 2023 7:34 am
- Forum: Personal Investments
- Topic: Tax Loss deduction question
- Replies: 3
- Views: 315
Re: Tax Loss deduction question
Yes if you sell a mutual fund at a loss it is a capital loss. But Loss on mutual fund shares held 6 months or less. If you sell shares of a mutual fund at a loss, and those shares have been held for 6 months or less, then there are special rules that may alter the loss you claim. First, if those shares produced any tax-exempt interest, then the loss is reduced, dollar for dollar, by that interest. Second, if those shares were held while the fund distributed (long term) capital gains, then the loss is treated as a long term loss up to the dollar amount of the distribution those shares produced.[1][2] Vanguard, and likely most other brokerages, will not make the correct adjustment on your IRS Form 1099-B, so you will have to correct it yourse...
- Sat Jun 10, 2023 7:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Spousal Benefit: Social Security
- Replies: 16
- Views: 1675
Re: Spousal Benefit: Social Security
Here's our plan for tapping into Social Security benefits, if my understanding of SS rules are correct: 1. Me (age 67 and 7 months): Age 70, receive $4,628 per month (per my SS account on SSA.gov) 2. Wife (age 58 and 10 months): Age 62, receive $1,251 per month (per her SSA.gov account, using Spousal Benefit and my PIA of $3,825 per month) She does not have the 40 work credits (and don't bother suggesting she go back to work and get the two credits she needs to qualify :happy ). Her Spousal Benefit is estimated to increase to $1,913 per month if she waits til age 67 (no increases estimated beyond age 67). Are we maximizing our SS benefits? Yes, please comment on her maximum SS benefit should I pass away anytime between now and/or after the...
- Tue May 02, 2023 5:05 am
- Forum: Personal Investments
- Topic: Tax Question
- Replies: 15
- Views: 1630
Re: Tax Question
In my opinion up to $3000 capital loss can be used on line 7 of form 1040 to reduce any income not just earned income.DONZI wrote: ↑Tue May 02, 2023 2:23 am I think that I follow all this okay, in conclusion am I correct?
- no $ limit on short or long term capitol gains which can be offset by matching losses
short term gains <-> short term losses
long term gains <-> long term losses
no short <-> long combinations
- up to $3000 losses in excess of above TLH pairs can be used to reduce earned income (only?)
Thanks!
- Tue Apr 18, 2023 9:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Tax ? [No federal income tax due. Is this correct?]
- Replies: 12
- Views: 1873
Re: Tax ? [No federal income tax due. Is this correct?]
- Mon Apr 17, 2023 6:26 am
- Forum: Personal Finance (Not Investing)
- Topic: Tax ? [No federal income tax due. Is this correct?]
- Replies: 12
- Views: 1873
Re: Tax ?
Are you eligible for earned income tax credit of $3733 refundable?toddthebod wrote: ↑Sun Apr 16, 2023 4:42 pm71,000 - 41,000 - 6,000 = 24,000.
24,000 - 12,950 (standard deduction) = 11,050.
Tax on 11,050 = 1,124.
Child tax credit = 2,000.
They should owe you money.
- Mon Apr 10, 2023 1:07 pm
- Forum: Personal Consumer Issues
- Topic: Best Shower Curtain? (no Chemical Off-Gassing and Mold Resistant)
- Replies: 22
- Views: 3362
Re: Best Shower Curtain? (no Chemical Off-Gassing and Mold Resistant)
I disagree with glass shower doors. About one in one thousand spontaneously explodes. It happened to me and caused thousands of dollars of glass laceration injury. It happened to my friend when it spontaneously exploded when he was in another room. You can search the internet if you wish.
- Sun Apr 09, 2023 3:47 pm
- Forum: Personal Finance (Not Investing)
- Topic: Estimated tax software?
- Replies: 28
- Views: 1980
Re: Estimated tax software?
I like this:
https://www.dinkytown.net/java/1040-tax-calculator.html
It is simple and user friendly.
https://www.dinkytown.net/java/1040-tax-calculator.html
It is simple and user friendly.
- Mon Feb 06, 2023 5:59 am
- Forum: Personal Finance (Not Investing)
- Topic: Suspending Medicare A
- Replies: 4
- Views: 849
Re: Suspending Medicare A
Does this help?Generally speaking, if you (or your spouse) have group coverage at a company with 20 or more employees, you can delay signing up for Medicare. ... Even if you sign up for Medicare at age 65, you can drop it later if you want to switch to qualifying employer-based coverage.
More info here:
https://insuredandmore.com/can-you-susp ... e-coverage
- Sun Feb 05, 2023 2:01 pm
- Forum: Personal Finance (Not Investing)
- Topic: NC income taxes
- Replies: 11
- Views: 845
Re: NC income taxes
Read form D-401 which is the instructions for form D-400.
- Mon Jan 09, 2023 12:50 pm
- Forum: Personal Finance (Not Investing)
- Topic: Tax Filing Question re UTMA Account
- Replies: 5
- Views: 495
Re: Tax Filing Question re UTMA Account
There is a small advantage to filing a separate return for the child.
Rate may be higher. If your child received qualified dividends or capital gain distributions, you may pay up to $110 more tax if you make this election instead of filing a separate tax return for the child. This is because the tax rate on the child's income between $1,100 and $2,200 is 10% if you make this election. However, if you file a separate return for the child, the tax rate may be as low as 0% because of the preferential tax rates for qualified dividends and capital gain distributions.
The above from pub 929Parents are married. If the child's parents file separate returns, use the return of the parent with the greater taxable income.
- Mon Dec 05, 2022 1:18 pm
- Forum: Personal Finance (Not Investing)
- Topic: Social Security Spousal Question
- Replies: 18
- Views: 2170
Re: Social Security Spousal Question
Here are the rules 2. Reduced RIB and AUXSPO with different months of entitlement Mary filed 12/21/2015 and becomes entitled to reduced RIB effective 02/2016. Later, based on a 06/10/2016 filing, her husband becomes entitled to RIB effective 04/2016. One-half of his Primary Insurance Amount (PIA) is greater than Mary’s PIA: • Mary’s DOB is January 2, 1954 or later: Mary is deemed to have filed retroactively for the reduced spouse’s benefits with a MOET of 04/2016, because deemed filing can occur in any month. • Mary’s DOB is prior to January 2, 1954: We would not invoke the deemed filing rule for Mary retroactively because she was not eligible for spouse’s benefits in the first month of her RIB entitlement. I interpret this to mean that sin...
- Fri Oct 21, 2022 8:57 am
- Forum: Personal Finance (Not Investing)
- Topic: Low-cost Donor advised fund
- Replies: 16
- Views: 1389
Re: Low-cost Donor advised fund
Charityvest is a DAF that charges 0.45% annual fee. I have never used them and don’t know the quality of the service.martint wrote: ↑Wed Oct 19, 2022 8:47 pm I currently use BoA’s DAF (donor advised fund) and recently got a notice they are increasing fees to 0.9% of account balance per year plus investment fund fees. I’m considering switching to another DAF provider for an upcoming contribution.
I see Fidelity and Schwab both have 0.6% yearly fees. Does anyone have experience with either of their DAF options?
Are there any lower cost options out there I should consider?
- Tue Sep 20, 2022 5:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Social Security - Spousal
- Replies: 2
- Views: 526
Re: Social Security - Spousal
I am 65 and plan to take my Social Security at age 67. My wife is 64 and has been receiving Social Security since she turned 62. My Social Security will be more than hers, so she plans to take spousal whenever I take my Social Security at 67. My question is, Should I, or can I be taking spousal social security from her Social Security at this time? No Can I apply only for spouse’s benefits and delay filing for my own retirement benefit in order to earn delayed retirement credits? (En español) Views: 120093 No, if you turn age 62 on or after January 2, 2016, you are required or “deemed” to file for both your own retirement and for any benefits you are due as a spouse, no matter what age you are. Deemed filing means that when you file for ei...
- Mon Sep 19, 2022 6:05 pm
- Forum: Personal Finance (Not Investing)
- Topic: social security question
- Replies: 17
- Views: 2540
Re: social security question
Reminder: Your full retirement age for retirement benefits may not match your full retirement age for survivors benefits.
- Fri Sep 09, 2022 3:18 pm
- Forum: Personal Investments
- Topic: Wash Sale Question
- Replies: 9
- Views: 567
Re: Wash Sale Question
These stocks are not substantially identical. This not a wash sale.Infinity13 wrote: ↑Fri Sep 09, 2022 3:14 pm I fear I might accidentally triggered wash sale activity.
Would selling a technology sector/semiconductor industry stock (NVDA) at a loss and then buying another technology sector/software-infrastructure industry stock (PLTR) the next day trigger a wash sale?
Did I screw up and negate the capital loss I was trying to take (to offset some gains I already had)?
- Sat Aug 06, 2022 8:12 am
- Forum: Personal Investments
- Topic: Death of Investment Spouse options
- Replies: 48
- Views: 5152
Re: Death of Investment Spouse options
My plan, once retired, is to maintain our accounts at Fidelity. Once we are both at RMD age (in 2037), the idea is to move everything to a very simplified plan, and auto-generate the RMDs (sell ~5% of portfolio in January, sweep cash to MM account, and then 1/12th will be transferred to the local bank account each month). (Note: In checking the new RMD/Life Expectancy schedules, at age 72, the divisor is 17.2 - which is closer to 5.7% - so we may need to adjust the RMD percentage based on the then-current Life Expectancy Table. We'll set that up when we get there, and I am sure that Fidelity can assist). At this time, we are planning on all investment account holdings will have been moved to Vanguard Wellington, Admiral Shares - (VWENX) - ...
- Mon Jul 04, 2022 7:08 am
- Forum: Investing - Theory, News & General
- Topic: Tax planning query using fund pages
- Replies: 6
- Views: 651
Re: Tax planning query using fund pages
This is more information from Vanguard. Perhaps it may answer your questions. More about realized & unrealized gains & losses Understand the tax implications A fund's realized and unrealized capital gains and losses can provide helpful information about the tax implications of holding a particular fund in a taxable account. (These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.) Realized gains & losses A realized capital gain (or loss) is an increase (or decrease) in the value of a security that is "real" because the security has been sold by the portfolio manager. The capital gains and losses are "realized" by the fund,...
- Mon Jun 06, 2022 8:59 am
- Forum: Personal Investments
- Topic: Muni state tax
- Replies: 9
- Views: 654
Re: Muni state tax
If you pay Utah income tax then municipal bond interest from Florida or other states with no state income tax is free from Utah state income tax.Oak&Elm wrote: ↑Mon Jun 06, 2022 7:54 am If you purchase a muni bond in a state with no state income tax is that equivalent to buying a muni in your own state? If that is accurate I could avoid the state tax by including state’s like Florida in my search for municipal bonds, just heard this for the first time today.
Also, interest from US territory municipal bonds is exempt from all state and federal income tax.
- Tue May 31, 2022 4:05 pm
- Forum: Personal Investments
- Topic: How much should I contribute to a 529 plan?
- Replies: 46
- Views: 4426
- Mon May 16, 2022 8:49 am
- Forum: Personal Finance (Not Investing)
- Topic: Low Income in Retirement
- Replies: 28
- Views: 4955
Re: Low Income in Retirement
You may be eligible for food stamps (SNAP). This never crossed my mind. I assume there may be differences from state to state, but do you know, generally speaking, how they account for assets, not just income? Mostly I am curious. it may differ by state but in states that don't apply asset tests except in certain circumstances, the rule is: if you're 60 or older and your income is under 200% fpig ($25,760/year) then there is no asset test for SNAP. If your income is above 250% fpig then there is an asset test. you may qualify for low income heating energy assistance type programs (subsidy for heat/electric). please post according to the link in my signature below to get a strategy from where to draw assets from. The USDA site lists resourc...
- Mon May 16, 2022 7:03 am
- Forum: Personal Finance (Not Investing)
- Topic: Low Income in Retirement
- Replies: 28
- Views: 4955
Re: Low Income in Retirement
You may be eligible for food stamps (SNAP). This never crossed my mind. I assume there may be differences from state to state, but do you know, generally speaking, how they account for assets, not just income? Mostly I am curious. it may differ by state but in states that don't apply asset tests except in certain circumstances, the rule is: if you're 60 or older and your income is under 200% fpig ($25,760/year) then there is no asset test for SNAP. If your income is above 250% fpig then there is an asset test. you may qualify for low income heating energy assistance type programs (subsidy for heat/electric). please post according to the link in my signature below to get a strategy from where to draw assets from. The USDA site lists resourc...
- Sun May 15, 2022 12:22 pm
- Forum: Personal Finance (Not Investing)
- Topic: Low Income in Retirement
- Replies: 28
- Views: 4955
Re: Low Income in Retirement
At age 65 you may qualify for tax credit for elderly.
https://www.irs.gov/publications/p524
https://www.irs.gov/publications/p524
- Sun May 15, 2022 8:42 am
- Forum: Personal Finance (Not Investing)
- Topic: Low Income in Retirement
- Replies: 28
- Views: 4955
Re: Low Income in Retirement
You may be eligible for food stamps (SNAP).
- Tue Apr 12, 2022 12:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: Paying Taxes as a Dependent
- Replies: 7
- Views: 613
Re: Paying Taxes as a Dependent
Reading on in pub 501 perhaps one of these apply to who must file Other Situations You may have to file a tax return even if your gross income is less than the amount shown in Table 1 or Table 2 for your filing status. See Table 3 for those other situations when you must file. Table 3. Other Situations When You Must File a 2021 Return You must file a return if any of the conditions below apply. 1. You owe any special taxes reported on Schedule 2 (Form 1040), including any of the following (see the instructions for Schedule 2 (Form 1040)). a. Alternative minimum tax. b. Additional tax on a qualified plan, including an individual retirement arrangement (IRA), or other tax-favored account. c. Social security or Medicare tax on tips you didn't ...
- Mon Apr 11, 2022 7:26 pm
- Forum: Personal Finance (Not Investing)
- Topic: Cap gains on home sale - estimated tax scenario
- Replies: 8
- Views: 687
Re: Cap gains on home sale - estimated tax scenario
Wow, really? We could just pay 110% of our 2021 taxes and not have to worry about a penalty even though we had an influx of cap gains taxes? Seems like a no-brainer that we'd hold onto the cash through the end of the year if that's possible. Carefully review the safe harbor rules for estimated taxes (copied below). Just make sure you pay 110% of your 2021 tax due and relax. This rule is altered slightly for high-income taxpayers. If the Adjusted Gross Income (AGI) on your previous year’s return is over $150,000 (over $75,000 if you are married filing separately), you must pay the lower of 90% of the tax shown on the current year’s return or 110% of the tax shown on the return for the previous year. You will have to pay the 110% of your 202...
- Sun Mar 27, 2022 9:01 am
- Forum: Personal Finance (Not Investing)
- Topic: Making Large Withdrawal From Retirement Savings
- Replies: 28
- Views: 3769
Re: Making Large Withdrawal From Retirement Savings
She should request a courtesy advance on her property damage insurance payment in writing.
https://ezinearticles.com/?Insurance-Cl ... id=1250540
Apparently, this is a common solution to her problem.
https://ezinearticles.com/?Insurance-Cl ... id=1250540
Apparently, this is a common solution to her problem.
- Wed Mar 23, 2022 12:29 pm
- Forum: Personal Investments
- Topic: Tax and Investment Question
- Replies: 1
- Views: 243
Re: Tax and Investment Question
You must claim the loss when the stock becomes worthless.
There is 7 year statute of limitations to make the claim.
I don’t see how you qualify.
https://fairmark.com/investment-taxatio ... ecurities/
There is 7 year statute of limitations to make the claim.
I don’t see how you qualify.
https://fairmark.com/investment-taxatio ... ecurities/
- Thu Feb 17, 2022 5:17 pm
- Forum: Personal Finance (Not Investing)
- Topic: Long term nursing care tax deduction
- Replies: 8
- Views: 903
Re: Long term nursing care tax deduction
Here is a brief summary of the situation I have. My step brother and I are powers of attorney for my step mom. When my dad passed away, we put money aside to pay for her long term care. She was already in long term care for dementia at the time of my fatherś death three years ago. My question is can one of us use these payments as a tax deduction. I know that only one person can claim it, and the first 7.5% of our AGI would not be deductible. I have not been able to get this question answered. Since the money is in both of our names, can one of us still use the tax deduction. Thanks for any help My understanding is that if she is in a locked dementia facility for her safety, then no other ADL(s) is needed for the cost to be deemed medicall...
- Wed Jan 26, 2022 12:03 pm
- Forum: Personal Investments
- Topic: UTMA Tax question
- Replies: 3
- Views: 381
Re: UTMA Tax question
The answer is in pub 501.
Your son does not have to file a return.
You do not have to report the $56.
Under who must file for a dependent
Your son does not have to file a return.
You do not have to report the $56.
Under who must file for a dependent
Single dependents—Were you either age 65 or older or blind? No. You must file a return if any of the following apply.
1. Your unearned income was more than $1,100.
2. Your earned income was more than $12,550.
3. Your gross income was more than the larger of—
a. $1,100, or
b. Your earned income (up to $12,200) plus $350.
- Sat Oct 30, 2021 7:53 pm
- Forum: Personal Investments
- Topic: Tax Loss Harvesting: Vanguard Intermediate-Term Tax-Exempt Fund
- Replies: 42
- Views: 5932
Re: Tax Loss Harvesting: Vanguard Intermediate-Term Tax-Exempt Fund
VWIUX is daily accrual. The reference is in a past discussion. When I get time, I'll look it up. Here's it is in the Wiki: https://www.bogleheads.org/wiki/Tax_loss_harvesting#Fine_points_about_tax_loss_harvesting I'm still looking for the reference. The prospectus states Fund Distributions Each Fund distributes to shareholders virtually all of its net income (interest less expenses) as well as any net short-term or long-term capital gains realized from the sale of its holdings. From time to time, the Fund may also make distributions that are treated as a return of capital. Income dividends generally are declared daily and distributed monthly. Capital gains distributions, if any, generally occur annually in December. In addition, each Fund ...
- Thu Sep 30, 2021 12:53 pm
- Forum: Personal Finance (Not Investing)
- Topic: Social Security - Spouse Eligibility Question?
- Replies: 7
- Views: 907
Re: Social Security - Spouse Eligibility Question?
Google SSA survivor benefits and widow benefits. It can get complicated but usually the widow is entitled to the amount that you were receiving when you died, probably higher than spouse benefits.
- Wed Sep 29, 2021 3:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: California to Massachusetts. Capital gains, ACA, etc.
- Replies: 27
- Views: 2342
Re: California to Massachusetts. Capital gains, ACA, etc.
Thank you. I should re-word my question. CA will apply capital gains tax on my CA house upon sale. Our plan is to move to MA and then sell our CA house. MA would be our state of residency when the CA house sells. Would we have to pay 5.2% MA taxes on the capital gains of our CA home since we would be selling the CA home as MA residents ? Also, with that one-time $700k capital gains, does that count as "income" towards ACA calculations. Not that we need a subsidy but curious what our taxes, health insurance would look like Year 1, 2 and 3 after CA to MA move. Thank you. My understanding is you must pay 5.2% MA tax but you get credit for tax paid to CA so the net tax is zero on the residence. The $700k is included in federal AGI th...
- Wed Sep 29, 2021 3:32 pm
- Forum: Personal Finance (Not Investing)
- Topic: California to Massachusetts. Capital gains, ACA, etc.
- Replies: 27
- Views: 2342
Re: California to Massachusetts. Capital gains, ACA, etc.
If you live in California or Massachusetts or anywhere else the sale of your California home will require you to pay California income tax on the capital gain on the residence
See ftb pub 1031.Real estate sales. The source of any gain or loss from the sale of real estate is the state in which the property is located. California therefore taxes nonresidents on gains from the sale of their California real estate.
- Sat Sep 11, 2021 11:10 am
- Forum: Personal Finance (Not Investing)
- Topic: Inherited IRA from My Aunts Trust: RMD or Secure Act
- Replies: 8
- Views: 1515
Re: Inherited IRA from My Aunts Trust: RMD or Secure Act
Thank you SuzBanyan.
You are correct. I missed that there is no designated beneficiary.
You are correct. I missed that there is no designated beneficiary.
- Sat Sep 11, 2021 9:19 am
- Forum: Personal Finance (Not Investing)
- Topic: Inherited IRA from My Aunts Trust: RMD or Secure Act
- Replies: 8
- Views: 1515
Re: Inherited IRA from My Aunts Trust: RMD or Secure Act
I think you are correct. See here
https://www.irs.gov/retirement-plans/pl ... tions-rmds
Designated beneficiaries, who are not an eligible designated beneficiary, must withdraw the entire account by the 10th calendar year following the year of the employee or IRA owner’s post-2019 death.
https://www.irs.gov/retirement-plans/pl ... tions-rmds
Designated beneficiaries, who are not an eligible designated beneficiary, must withdraw the entire account by the 10th calendar year following the year of the employee or IRA owner’s post-2019 death.