Search found 1425 matches

by earlyout
Wed Nov 12, 2008 11:24 am
Forum: Personal Investments
Topic: Mutual fund distribution, tax loophole?
Replies: 7
Views: 1545

EDIT: Original post deleted. I checked the instructions for form 1040 re capital gain distributions. Short term capital gain distributions are not reported as capital gain but are included as ordinary dividends on the 1099-DIV (and taxed as regular income). The short term capital loss in this case w...
by earlyout
Tue Nov 11, 2008 9:24 pm
Forum: Investing - Theory, News & General
Topic: Question about Turbo Tax...
Replies: 19
Views: 4213

And any version of TT will let you enter your stock sales and generate the Schedule D. You do not need to spend money on the more expensive versions of the program.

EO
by earlyout
Fri Oct 31, 2008 11:06 am
Forum: Personal Investments
Topic: IRA to Roth Conversion - tax paperwork
Replies: 37
Views: 7094

Re: OK, Parthenon and On Approach

Beth wrote:can you/will you share with us your Excel Spreadsheet. It goes w/o saying that I am incompetent in that arena. Regards, Beth
Beth,

An excel spreadsheet I put together for calculating income taxes on a Roth conversion is here.

EO
by earlyout
Thu Oct 30, 2008 9:51 am
Forum: Personal Investments
Topic: IRA to Roth Conversion - tax paperwork
Replies: 37
Views: 7094

Use Turbo Tax

I have done this with TurboTax for the past 4 or 5 years without any problems. Your IRA custodian should send you a 1099R coded that this was a Roth conversion. Just enter the info from the 1099 in TurboTax. It is that simple.

EO
by earlyout
Tue Oct 07, 2008 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare as secondary payer
Replies: 2
Views: 860

Charlie, First of all your friend should check with his benefits administrator on what happens when an employee or the employee's spouse turns 65. In most cases, Medicare becomes the primary payer and the employer's insurance becomes the secondary insurer. Even when the working spouse is not yet 65,...
by earlyout
Sat Sep 20, 2008 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion 2010
Replies: 4
Views: 1461

I = Individual

The IRA is an individual account. You must consider all of your IRAs when you make a conversion but you do not include your spouse's IRAs in determining the ratio of before tax and after tax contributions.

EO
by earlyout
Wed Sep 17, 2008 10:46 am
Forum: Personal Consumer Issues
Topic: New Furnace - Now or Later?
Replies: 20
Views: 3749

Cost of efficiency

You may want to think twice about the 95% efficient furnace unless you are in a very cold location. The Carrier (or Bryant) web sites show typical gas costs for their various furnaces in various parts of the country. You can use this info to calculate the incremental savings for a 90 vs 95% efficien...
by earlyout
Tue Sep 16, 2008 8:08 pm
Forum: Personal Investments
Topic: Calculator for Roth conversion?
Replies: 5
Views: 1728

Roth Taxes

Clementine, A spreadsheet I put together a few years ago may work for you. It's available here . This is an Excel spreadsheet and you must have Excel installed on your PC to be able to use it. The tax calculations use macros so you may have to grant permission for the macros to run on your PC. I'll ...
by earlyout
Thu Sep 04, 2008 8:01 pm
Forum: Investing - Theory, News & General
Topic: Roth IRA conversion 2010 - not so simple
Replies: 18
Views: 4136

Withdrawals from your Roth IRA will be tax free assuming you meet the age and holding requirements. What you can't do is just convert your deductible IRA contributions. To the IRS you only have 1 traditional IRA, it makes no difference how many different IRA accounts you have or what kind of funds y...
by earlyout
Thu Sep 04, 2008 7:34 pm
Forum: Investing - Theory, News & General
Topic: Roth IRA conversion 2010 - not so simple
Replies: 18
Views: 4136

All IRAs considered

When you convert part of your traditional IRAs to a Roth, you have to consider all of your IRAs as part of the pool. You can't consider your deductible IRAs separate from your non-deductible IRAs or vice-verse. The amount you convert to a Roth can only be part deductible and part non-deductible in t...
by earlyout
Thu Aug 28, 2008 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security spousal benefits, Medicare and SS#
Replies: 5
Views: 2748

SS No

Nonnie, If your are collecting spousal benefits, your medicare number is the spouse's SSN with the appropriate suffix. I started Medicare with my own SSN and then when I started to receive spousal benefits, they sent me a new medicare card with my wife's SSN and the "B1" suffix. You can fi...
by earlyout
Mon Aug 18, 2008 7:48 pm
Forum: Personal Investments
Topic: Social Security Survivor Benefits
Replies: 17
Views: 3401

GG I found the info below on the SSA website . It looks like the 10 year rule does not apply. _____________________________________________________ How remarriage affects survivors benefits ... If you remarry after age 60 (50 if disabled), you can still collect benefits on your former spouse's recor...
by earlyout
Thu Aug 14, 2008 4:18 pm
Forum: Forum Issues and Administration
Topic: Saving PM messages?
Replies: 4
Views: 2378

Message route

Taylor, When your write and send a PM it is posted to your Outbox. It stays in your Outbox until it is picked up by the addressee. When it disappears from your Outbox you know that it has been received. While the message remains in your Outbox you can edit your message or delete it. After the messag...
by earlyout
Sat Aug 09, 2008 8:27 pm
Forum: Personal Investments
Topic: the 3 R's - retirement, roth, rebalancing
Replies: 17
Views: 3737

Re: the 3 R's - retirement, roth, rebalancing

... i suppose you could have more than 1 mutual fund in an attempt to shift dollars from equities to fixed income or visa versa as needed. --- tom Tom, I think you answered your own question. Assume your target asset allocation is 30% equities and 70% fixed income. If your Roth is 75% of your entir...
by earlyout
Sat Aug 09, 2008 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: DIv/Cap gains
Replies: 1
Views: 896

Basis does not change

If I understand the situation, the dividends and capital gain distributions from fund A were deposited in your MM account. You then paid income taxes on that income. Those distributions do not change the basis in the shares you sold. The long term capital gain will be the net proceeds from the sale ...
by earlyout
Sat Aug 09, 2008 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: How to transfer a large amount of money to a Mexican bank?
Replies: 13
Views: 4215

Talk to receiving bank

Perhaps one of the best things to do would be to call your wife's bank in Mexico and get their suggestion on how it should be done. That bank has to accept the deposit.

EO
by earlyout
Mon Jul 28, 2008 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Stopping SS benefits for Credits
Replies: 5
Views: 1523

Did you mean Medicare Part B ? I'm sure Lbill is referring to Part B since very few pay a premium for Part A. Also, you mentioned 8% per annum. If you just reached FRA you were born in 1942. Your delayed retirement credit is 7.5%/12 for each month you delay receiving benefits. For 50 months this is...
by earlyout
Mon Jul 28, 2008 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Stopping SS benefits for Credits
Replies: 5
Views: 1523

Options

There have been numerous threads here on Bogleheads and on the M* Investing During Retirement forum about options available with SS. Links to some recent threads are given below. There are links to other good conversations and sites in the first thread. You could also search Bogleheads for additiona...
by earlyout
Sun Jul 27, 2008 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Social Security: Recalculations of Monthly Benefit
Replies: 14
Views: 3370

SS Calculator

It takes a little effort to set it up the first time but the SSA's AnyPIA Calculator will show you how much your benefit will change.

EO
by earlyout
Tue Jul 22, 2008 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: IRS notice re: my 2006 tax forms (mortgage interest related)
Replies: 9
Views: 2315

Check the 1098

Before you send in your documentation, make certain that there are no mistakes in the SSNs, names, addresses, etc. on the 1098s. Sounds like the IRS did not recognize the 80% loan. You can try to get a corrected 1098 or just make certain you explain any discrepencies in your reply to the IRS.
by earlyout
Wed Jul 09, 2008 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Cash or Credit at gas pumps?
Replies: 47
Views: 8037

Don't most gas stations try to sell gasoline at some fixed increment (x cents per gallon) over what they pay for the gasoline? This increment does not change as the wholesale price of gasoline varies. Credit card fees are a percentage of the sale, so as the price per gallon gets larger, the credit c...
by earlyout
Tue Jul 01, 2008 3:13 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

IRS instructions say you should take the one that results in the lowest tax. See IRS Publication 17 for 2007, p. 81, "Repayment More Than Gross Benefits".

EO
by earlyout
Tue Jul 01, 2008 2:14 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Depending on the individual situation, only a small percentage of the social security benefits received from age 62 to age 70 may have been subject to income tax. In that case the amount that was taxed was taxed at a low rate. This could occur if their other taxable income was not significant. The t...
by earlyout
Mon Jun 30, 2008 6:59 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Refundable credit

Nonnie, There are two methods of recovering income taxes paid. You can either use the itemized deduction you describe above or you can take the amount of the incremental tax you paid on your SS income as a refundable credit on your income taxes. The IRS instructions say to figure it both ways and to...
by earlyout
Sat Jun 28, 2008 9:36 am
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Re: New benefit

My benefits have been direct deposited with no tax withholdings so my records of deposits should also be accurate as far as what would need to be repaid, correct? How do Medicare premiums that were paid enter into the mix? Bob Sorry, but I don't think this is a way to avoid paying for Medicare. The...
by earlyout
Fri Jun 27, 2008 4:34 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

New benefit

... In other words can SS tell me the amount (or a close approximation) of the amount that will have to be paid back and what my new benefit amount will be when I reapply? And if this question has already been answered I would appreciate a pointer to the response. Bob (Another Spartan, by the way) ...
by earlyout
Wed Jun 25, 2008 8:13 pm
Forum: Personal Investments
Topic: Social security widow's benefits
Replies: 1
Views: 979

Survivor benefit

Nonnie, There has been quite a bit written about starting spousal benefits at FRA and getting delayed retirement credits until you reach age 70. However, I do not recall seeing anything about receiving survivor benefits while waiting for age 70. It seems like survivor benefits should work the same b...
by earlyout
Mon Jun 23, 2008 5:09 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Does anyone else agree that many or most are overstating the benefit of the repayment technique by including an annuity analysis instead of simply looking at the interest-free loan aspect? Does anyone else agree that some are overstating the interest-free loan benefit? Does anyone else agree that t...
by earlyout
Sat Jun 21, 2008 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Gas Chainsaws
Replies: 23
Views: 4830

Hire someone

Better yet, hire a tree service. Particulary for an 18" tree. They will not only cut it down but they will grind up the mess and haul it away. They will even grind the stump for you. Saves a lot on hospital bills or a new roof.

EO
by earlyout
Sat Jun 21, 2008 3:25 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

EO said: A surviving spouse will receive the same benefit as the deceased spouse would have received. If you start to receive benefits before your FRA, your spouse's survivor benefits are reduced by the same percentage as your benefits were reduced. The survivor benefit for a spouse is equal to the...
by earlyout
Sat Jun 21, 2008 11:53 am
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Interest earned

The principal reason for using this strategy is not that you might die early. Assuming you live a long life in retirement, your retirement standard of living throughout retirement is higher using this strategy than taking SS at age 62 or at age 70. Bob, I don't need any more convincing on the wisdo...
by earlyout
Sat Jun 21, 2008 10:25 am
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Spouse's benefit

Hi Nonnie, The answer is no. The subject was never raised by the local SS rep. with respect to my withdrawal of application. The subject of my wife did come up when I reapplied for FRA benefits. SS pulled up my wife's file and obviously saw that she draws benefits based on her own lengthy and conti...
by earlyout
Sat Jun 21, 2008 10:17 am
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Reduction of survivor benefits

Nonnie - Thanks for all your effort digging out this info. I've bookmarked everything to be able to study it. Interestingly, one of my questions is partially answered in the WSJ piece: Even "foolproof" strategies are no longer looked upon as foolproof. "Let's say your doctor tells yo...
by earlyout
Fri Jun 20, 2008 2:21 pm
Forum: Investing - Theory, News & General
Topic: VTI Split...any others?
Replies: 22
Views: 5283

... PS - ok, now I have a list of all my purchases in my spreadsheet, how do people keep track of splits? LIke say I bought 1/1/06 10 shares VTI and I have that in my list. . How do you keep track of the split and such, to track the total shares, and remember what you bought when in a spreadsheet? ...
by earlyout
Tue Jun 17, 2008 7:44 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Withdrawing SS Application and Income Taxes

To add a bit of complexity to the tax credit vs. deduction issue (as if that was needed) I'm contemplating the notion of accumulating the needed funds to repay previous SS benefits and "restart" benefits at age 70 by converting the needed amount from a traditional IRA to Roth IRA over the...
by earlyout
Tue Jun 17, 2008 2:32 pm
Forum: Personal Investments
Topic: Partial Disenrollment from social security???
Replies: 168
Views: 29021

Lbill-- But let me just respond to one specific item you mentioned, namely tax credit. I've gone over this matter with my accountant and I am more inclined to claim a deduction , which seems simpler to calculate, and anyway I do itemize. I've also been doing withholding on my SS so that will be in ...
by earlyout
Tue Jun 17, 2008 11:35 am
Forum: Personal Investments
Topic: RMD of Index Funds held with in an IRA
Replies: 9
Views: 1820

Tax consequences

I hadn't thought about letting the beneficiary use the RMD to rebalance their AA but that is a very good idea. I tried to point out, as you said in your last post, that the beneficiary has to treat the RMD as regular income for tax purposes. It makes no difference if the RMD is cash or shares of a f...
by earlyout
Tue Jun 17, 2008 10:46 am
Forum: Personal Investments
Topic: RMD of Index Funds held with in an IRA
Replies: 9
Views: 1820

Taxes still due

Is there a reason for taking the RMD as shares rather than cash? The reason for RMDs is to generate tax revenue on the tax deferred IRA. The value of the shares on the date of the RMD would have to be reported as income and you would get a 1099R reflecting that value. Taking the RMD as cash and buyi...
by earlyout
Sun Jun 08, 2008 8:59 am
Forum: Personal Investments
Topic: I'm thinking of taking SS kinda early.
Replies: 27
Views: 4577

Survivor gets more than half

I think it depends. My case: Wife and I are the same age. My family lives into their seventies, hers into their nineties. I have paid maximum SS my whole life and my wife has paid little into the system. If I wait until seventy she will be able to receive half of my very much higher benefit for the...
by earlyout
Sat Jun 07, 2008 7:06 pm
Forum: Personal Investments
Topic: I'm thinking of taking SS kinda early.
Replies: 27
Views: 4577

There are many opinions regarding the age to start SS benefits. Individual circumstances and plans are important considerations. You may want to have a look at this thread.

EO
by earlyout
Wed May 14, 2008 1:58 pm
Forum: Forum Issues and Administration
Topic: Limit the time to edit posts? (poll added)
Replies: 28
Views: 6936

Abuse of edit

Alex, Although it may contradict the original policy of ownership by the author, I support the idea of a time limit on edits. I don't see this as significantly different than the forum moderators retaining the ability to either delete or lock a thread. An author can always PM a moderator to have a p...
by earlyout
Thu May 08, 2008 10:02 am
Forum: Personal Investments
Topic: 401k to roth question
Replies: 8
Views: 1782

2010 Conversion

Except for conversions made in 2010, the amount converted is taxable as income for the year of the conversion. Current tax law gives you an option for conversions made in 2010. You may take all of the income for that conversion in 2010 OR you can split the income between 2011 and 2012.

EO
by earlyout
Tue May 06, 2008 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Home Thermostat With Remote?
Replies: 11
Views: 2499

Wireless vs Remote

The thermostat I suggested yesterday is a "regular" thermostat with a remote for changing the settings of the thermostat. The thermostat itself is attached to the wall someplace in the house. I missed the fact that it has an infra-red remote and it probably will not work for Daryl. Totalin...
by earlyout
Mon May 05, 2008 7:27 am
Forum: Personal Finance (Not Investing)
Topic: Home Thermostat With Remote?
Replies: 11
Views: 2499

Totaline

Daryl, This may be what you are looking for. http://www.totaline.com/dl/P374-0431ThermostatRemoteControlandReceiverOwner'sManual.pdf edit: I can't get the link to post because of an apostrophe. You can google totaline and find thermostat P374-0431 Totaline is part of Carrier/Bryant. I have had an ea...
by earlyout
Fri Apr 18, 2008 3:28 pm
Forum: Investing - Theory, News & General
Topic: Required Minimum Distributions and Social Security Question
Replies: 9
Views: 2548

Lower RMDs

Beth,

Don't forget that the IRA minimum distributions will be less because of the conversion to a Roth. This can also lower the tax rate on your SS benefits. Lower taxes on SS benefits can be an important consideration in whether or not to convert to a Roth.

EO
by earlyout
Thu Apr 17, 2008 8:58 am
Forum: Investing - Theory, News & General
Topic: Required Minimum Distributions and Social Security Question
Replies: 9
Views: 2548

Taxes on SS

Unfortunately someone gave your friend incorrect information. The RMDs are income and are included in calculating how much of his SS benefit is taxable. You can look at the instructions for line 20 of form 1040 and the Social Security Benefits worksheet to confirm this for him.

EO
by earlyout
Tue Apr 15, 2008 4:41 pm
Forum: Personal Investments
Topic: Excel Experts - Help on my Performance Tracking SS
Replies: 13
Views: 3547

Offset function

Another way that works is to follow the procedure we were discussing above but use the offset function to address the desired cells when you create the formulas you need for the desired calculations. The offset function allows you to set the specific cells references you want to use in your calculat...
by earlyout
Tue Apr 15, 2008 2:03 pm
Forum: Personal Investments
Topic: Excel Experts - Help on my Performance Tracking SS
Replies: 13
Views: 3547

Back to the drawing board

You are correct. It does not work. I'll play with it.

edit: We'll use email for resolution.
by earlyout
Tue Apr 15, 2008 9:21 am
Forum: Personal Investments
Topic: Excel Experts - Help on my Performance Tracking SS
Replies: 13
Views: 3547

Yes, that is correct. Always save a copy before you start making changes.

EO