Search found 5297 matches

by kaneohe
Mon Dec 24, 2018 12:16 am
Forum: Personal Finance (Not Investing)
Topic: Help with RMD
Replies: 30
Views: 2298

Re: Help with RMD

technically you have until April 1st of the year following the year in which you turn 70.5. https://www.google.com/search?client=firefox-b-1-ab&q=take+rmd+by+april+1st+following+the+year+in+which+you+turn+70+1%2F2 But if you wait until that year, don't you have to take two RMDs in that year? yes, b...
by kaneohe
Sun Dec 23, 2018 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: 1040 ES - Non-Equal Payments - ok?
Replies: 24
Views: 1181

Re: 1040 ES - Non-Equal Payments - ok?

The benefit of the 4 equal installments is that it is easy for you demonstrate that you met safe harbor regardless of how your income was received assuming you got the amount of income correct. A common occurrence is that you pay the 1st 3 equal installments and then in December you realize that you...
by kaneohe
Sun Dec 23, 2018 11:28 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Taxes w/Large Q4 Income
Replies: 8
Views: 917

Re: Estimated Taxes w/Large Q4 Income

.I think I would opt for having the 4 tax calculations be done by an established tax calculator and then input those results manually into the sch AI. No sense reinventing the wheel there. I know that it is easy to make mistakes w/ that schedule so that automating it would be a useful thing. Just ne...
by kaneohe
Sun Dec 23, 2018 10:37 am
Forum: Investing - Help with Personal Investments
Topic: Are TIRA withdrawals spend on medical not taxed, or less taxed?
Replies: 19
Views: 1025

Re: Are TIRA withdrawals spend on medical not taxed, or less taxed?

While the withdrawal from TIRA for large medical expenses could be tax free, that means you are also out of that money.Seems like it would be better to have good insurance that would help preserve the assets instead. I agree that good LTC insurance would be better, but I am not sure such a product ...
by kaneohe
Sun Dec 23, 2018 9:09 am
Forum: Investing - Help with Personal Investments
Topic: Are TIRA withdrawals spend on medical not taxed, or less taxed?
Replies: 19
Views: 1025

Re: Are TIRA withdrawals spend on medical not taxed, or less taxed?

................................ Buying LTC in a lump sum is also in my mind, but I have not researched it at all yet. Does it count as a medical expense or equivalent deduction? .............................................................................................. There is a maximum annual...
by kaneohe
Sun Dec 23, 2018 8:30 am
Forum: Investing - Help with Personal Investments
Topic: Are TIRA withdrawals spend on medical not taxed, or less taxed?
Replies: 19
Views: 1025

Re: Are TIRA withdrawals spend on medical not taxed, or less taxed?

While the withdrawal from TIRA for large medical expenses could be tax free, that means you are also out of that money.Seems like it would be better to have good insurance that would help preserve the assets instead.
by kaneohe
Sun Dec 23, 2018 12:19 am
Forum: Personal Finance (Not Investing)
Topic: IRA Early withdrawal penalty ?
Replies: 14
Views: 914

Re: IRA Early withdrawal penalty ?

just wondering if this means that if you ask respectfully and they got up on the right side of the bed that day that you might have a chance? nothing ventured, nothing gained.............. "Administrative Waiver and First Time Penalty Abatement A taxpayer may qualify for relief from certain penaltie...
by kaneohe
Sat Dec 22, 2018 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: IRA Early withdrawal penalty ?
Replies: 14
Views: 914

Re: IRA Early withdrawal penalty ?

The quote below is from the instructions for the form you would file to pay the penalty. It is taken out of context here since it is in the part of the form dealing w/ RMDs and failing to take them in a timely manner. The reason given for that I imagine would be ignorance. Since yours seems a lost c...
by kaneohe
Sat Dec 22, 2018 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Taxes w/Large Q4 Income
Replies: 8
Views: 917

Re: Estimated Taxes w/Large Q4 Income

I took a 2nd pass at SchAI today . That form reminds me of the QDIV/CG wksht. Each step by itself is reasonable but since it's all chained and dependent on the previous steps, one small error is disaster for the whole process. Assuming that I didn't make any serious errors, it kind of looks to me th...
by kaneohe
Fri Dec 21, 2018 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains and Qualified Dividends Tax Question
Replies: 12
Views: 1132

Re: Capital Gains and Qualified Dividends Tax Question

Now that you know the answer, here's a graphical way of thinking about it: https://www.bogleheads.org/forum/viewtopic.php?t=86849 see the stacked bar chart by tfb on 12/11/11 The discussion is about qualified dividends but applies to cap gains as well and the bracket limits are from the old days so ...
by kaneohe
Fri Dec 21, 2018 9:29 am
Forum: Investing - Help with Personal Investments
Topic: Paying taxes on Roth conversion made in 2019
Replies: 21
Views: 1483

Re: Paying taxes on Roth conversion made in 2019

if you want to convince yourself that the withholding proponents are correct, try filling out pt I of F2210 https://www.irs.gov/pub/irs-pdf/f2210.pdf Note esp. line 6 6 Withholding taxes. Don’t include estimated tax payments (see instructions) You will see that withholding is treated better than est...
by kaneohe
Thu Dec 20, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Taxes w/Large Q4 Income
Replies: 8
Views: 917

Re: Estimated Taxes w/Large Q4 Income

If you make four equal quarterly payments, and sum of those payments is at least 90% of the income tax for the year, then there should no underpayment penalty. If the payments for each of the quarters are sufficient according to a filed Form 2210 with Schedule AI completed, then there should no und...
by kaneohe
Thu Dec 20, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Taxes w/Large Q4 Income
Replies: 8
Views: 917

Estimated Taxes w/Large Q4 Income

I typically have income that is level over the 1st 3 quarters of the yr but then is larger in Q4 due to fund distributions. I pay quarterly estimated taxes in 4 equal installments aimed for 95% of the tax due based on best guess in April. If in December, income looks like it will be lower than estim...
by kaneohe
Thu Dec 20, 2018 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Credit For The Elderly Or Disabled.
Replies: 10
Views: 812

Re: Tax Credit For The Elderly Or Disabled.

here are some results from a supposedly 2018 tax software.........I know some parts still have to be updated for 2018 so I don't know if it calculating the credit correctly. The normal tax for 2018 seems ok but the credit for elderly is a dusty corner and may not have been updated. FWIW: all income...
by kaneohe
Thu Dec 20, 2018 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Credit For The Elderly Or Disabled.
Replies: 10
Views: 812

Re: Tax Credit For The Elderly Or Disabled.

here are some results from a supposedly 2018 tax software.........I know some parts still have to be updated for 2018 so I don't know if it calculating the credit correctly. The normal tax for 2018 seems ok but the credit for elderly is a dusty corner and may not have been updated. FWIW: all income ...
by kaneohe
Thu Dec 20, 2018 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Tax Credit For The Elderly Or Disabled.
Replies: 10
Views: 812

Re: Tax Credit For The Elderly Or Disabled.

.................................. So it seems if my AGI was 17,500 then my tax before the credit would be $390 but after applying the credit I would pay no tax. I have a long term capital gain of about $1000. I know this gets taxed at 0%. But would that raise my AGI to $18,500 so that I wouldn't g...
by kaneohe
Thu Dec 20, 2018 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Tax Credit For The Elderly Or Disabled.
Replies: 10
Views: 812

Re: Tax Credit For The Elderly Or Disabled.

The credit offsets taxes, not income. It is not refundable........which means you would get the minimum of the credit or your taxes. I think you will find that the credit is not very large. If your income is low,your taxes are low and would limit your credit. If your income is too high, your credit ...
by kaneohe
Wed Dec 19, 2018 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Federal Payments and Underpayment Penalties
Replies: 6
Views: 483

Re: Federal Payments and Underpayment Penalties

check out F2210 https://www.irs.gov/pub/irs-pdf/f2210.pdf
note line 6:"6 Withholding taxes. Don’t include estimated tax payments (see instructions) ."

Withholding is treated as a first class citizen......unlike estimated payments.
by kaneohe
Wed Dec 19, 2018 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: SS: If spouse outlives me
Replies: 13
Views: 820

Re: SS: If spouse outlives me

For question 1) does it matter if OP was taking his own SS or not when he passed.......if he was not, is the survivor's benefit calculated as if he were taking when he passed?
by kaneohe
Wed Dec 19, 2018 11:00 pm
Forum: Investing - Help with Personal Investments
Topic: 401K rollover affect backdoor ROTH?
Replies: 15
Views: 443

Re: 401K rollover affect backdoor ROTH?

I believe Sprit Rider and smarcus are correct. Sorry for giving OP a heart attack ..................
by kaneohe
Wed Dec 19, 2018 8:31 pm
Forum: Investing - Help with Personal Investments
Topic: 401K rollover affect backdoor ROTH?
Replies: 15
Views: 443

Re: 401K rollover affect backdoor ROTH?

Glad I asked! :sharebeer The check is being sent to me. If I just hold onto it and mail it to Vanguard in January will it solve the pro rata rule problem? Guessing it might be a problem........ From the 8606: (last yr's.....so change the yr to 2018). This is the line that captures the value of your...
by kaneohe
Wed Dec 19, 2018 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Plan G vs. Plan F
Replies: 5
Views: 695

Re: Plan G vs. Plan F

Earlier this yr there was a rumor going around that AARP was going to require underwriting to switch. I switched in August and now I'm glad I did. A very few states have some special rules. CA has the birthday rule where you can switch w/o underwriting for a limited time each yr around your birthday...
by kaneohe
Wed Dec 19, 2018 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Best free online tax return predictor?
Replies: 11
Views: 1414

Re: Best free online tax return predictor?

I'm looking for a good website to estimate our tax return for next year...suggestions? Might be a little early for some, but the usual suspects.... https://www.hrblock.com/tax-calculator/#/en/te/aboutYou https://www.efile.com/tax-service/tax-calculator/2018-tax-calculator/ https://turbotax.intuit.c...
by kaneohe
Wed Dec 19, 2018 8:40 am
Forum: Investing - Help with Personal Investments
Topic: RMDs in a falling market?
Replies: 6
Views: 1415

Re: RMDs in a falling market?

Another consideration is that you will need to pay the taxes on the RMD so you may want at least some portion of the RMD to come from stable funds. Even if you have a large stash of cash in taxable, you will be depleting it so will need to replenish in the steady state.
by kaneohe
Wed Dec 19, 2018 8:37 am
Forum: Investing - Help with Personal Investments
Topic: Options to receive funds when a CD matures?
Replies: 1
Views: 229

Re: Options to receive funds when a CD matures?

not sure about taxable accounts.......but for IRAs, you can send instructions for new bank to pull funds out when CD matures. It seems easier for new bank to pull funds in than to get old bank to push funds out. I suppose if you were going to lose funds, you'd probably drag your feet too........
by kaneohe
Tue Dec 18, 2018 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: When to TLH
Replies: 2
Views: 290

Re: When to TLH

Thanks, livesoft........good point.......hadn't thought about it that way. transformation of potential dividend into capital gains/loss.............kind of like matter and energy........
by kaneohe
Tue Dec 18, 2018 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: When to TLH
Replies: 2
Views: 290

When to TLH

I've read about not buying the dividend.....which deals with the buy part of a TLH.... How about the sell part of TLH.......does that matter that the distribution is coming soon.......I get the various dates mixed up....if you sell early, you might not get the distribution but the NAV when sold is h...
by kaneohe
Tue Dec 18, 2018 12:28 pm
Forum: Investing - Help with Personal Investments
Topic: IRA RMDs
Replies: 11
Views: 707

Re: IRA RMDs

sbaywriter wrote:
Tue Dec 18, 2018 12:14 pm
I think that before rolling over her 401k in 2019, she must first take the RMD for 2018 (based on 401k balance at end of year 2018). The 401k admin could confirm that.
Would that be the RMD for 2019 (based on 2018 yr end balance)?
by kaneohe
Mon Dec 17, 2018 11:07 pm
Forum: Investing - Help with Personal Investments
Topic: Selling specific tax lots at Schwab
Replies: 32
Views: 3483

Re: Selling specific tax lots at Schwab

I don't know if Schwab's options are any different than they were as specified in a previous post above. I was told later that you could do specific lots online but when I tried I was unable to find that and nobody could help me. As a default they told me I could sell the # of shares for specific l...
by kaneohe
Mon Dec 17, 2018 10:25 pm
Forum: Investing - Help with Personal Investments
Topic: Selling specific tax lots at Schwab
Replies: 32
Views: 3483

Re: Selling specific tax lots at Schwab

.............................................. mptfan in my experience it is possible to use specific identification of shares method to sell mutual fund shares at Schwab. I've done it last year and the year before and I intend to do it again this year. I'm aware of the election form but I don't re...
by kaneohe
Mon Dec 17, 2018 12:30 pm
Forum: Investing - Help with Personal Investments
Topic: Selling specific tax lots at Schwab
Replies: 32
Views: 3483

Re: Selling specific tax lots at Schwab

............................................................... I spoke to a Schwab rep today about this, and I was told that I can submit that form to change my cost basis, but for all previously purchased mutual fund lots they have already defaulted to average cost basis and I do not have the opt...
by kaneohe
Mon Dec 17, 2018 9:43 am
Forum: Investing - Help with Personal Investments
Topic: RMDs in a falling market?
Replies: 6
Views: 1415

Re: RMDs in a falling market?

If you're going to spend the RMD, it might be good to have a stable asset base to pull from. If you're not going to spend it, you can reinvest in the same fund in taxable so it might not be necessary to have that stable asset base. In reality unless you have a large stable asset base in taxable, you...
by kaneohe
Sun Dec 16, 2018 4:25 pm
Forum: Investing - Help with Personal Investments
Topic: Any year-end limitations to tax-loss harvesting?
Replies: 4
Views: 479

Re: Any year-end limitations to tax-loss harvesting?

You get the loss when you sell. You don't need to buy anything.
by kaneohe
Sun Dec 16, 2018 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: Safe Harbor, Cap Gain, and RMD
Replies: 9
Views: 726

Re: Safe Harbor, Cap Gain, and RMD

........................................................ One more question: If I have a refund in 2019 on my 2018 tax return and apply the refund to 2019 taxes, I'm assuming that counts as an "estimated payment" in the first quarter of 2019 and not withholding for 2019. I think so......... see the ...
by kaneohe
Sun Dec 16, 2018 12:48 pm
Forum: Investing - Help with Personal Investments
Topic: Safe Harbor, Cap Gain, and RMD
Replies: 9
Views: 726

Re: Safe Harbor, Cap Gain, and RMD

............................................................................. I have filled out that extra form on tax returns to split income and taxes into quarters -- it's a pain, so I'm trying to avoid it. I may need to fill it out again for 2018. Because of tax reform, my pension withholding w...
by kaneohe
Sun Dec 16, 2018 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Critique my SS/RMD Tax Plan
Replies: 18
Views: 1416

Re: Critique my SS/RMD Tax Plan

Indianrock wrote:
Sun Dec 16, 2018 9:21 am
Good point. In my case the church is a 10 minute drive away.
If you write the check yourself, probably no problem. If it's going to be sent to you, same problem
as mailing to charity or broker could goof up ,etc. Better safe..............
by kaneohe
Sun Dec 16, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Critique my SS/RMD Tax Plan
Replies: 18
Views: 1416

Re: Critique my SS/RMD Tax Plan

Why would you not be able to take the entire RMD late in the year, along with the entire estimated withholding for the year AND your annual QCD --- either all at once or over a couple of days? I wasn't aware of any requirement that a QCD be done in portions or any particular time of the year. Gener...
by kaneohe
Sun Dec 16, 2018 8:50 am
Forum: Investing - Help with Personal Investments
Topic: Safe Harbor, Cap Gain, and RMD
Replies: 9
Views: 726

Re: Safe Harbor, Cap Gain, and RMD

..... Estimated taxes need to be paid in equal "quarterly" payments unless you want to fill out SchAI of the 2210. I don't think this is entirely true. For example, if you pay the entire withholding amount for the year in one payment in April, then no need to fill out an extra form. In that case, t...
by kaneohe
Sat Dec 15, 2018 11:18 pm
Forum: Investing - Help with Personal Investments
Topic: Safe Harbor, Cap Gain, and RMD
Replies: 9
Views: 726

Re: Safe Harbor, Cap Gain, and RMD

The safe harbor rule is that you need to pay 110% of last yr tax if last yr AGI was > 150K. If 2018 AGI was 132K, then you only need to pay 100% of 2018 tax as your 2019 safe harbor ( not 110%) Withholding can be done whenever......Estimated taxes need to be paid in equal "quarterly" payments unless...
by kaneohe
Sat Dec 15, 2018 11:04 pm
Forum: Investing - Help with Personal Investments
Topic: Deductible trad IRA contribution and Conversion to Roth in the same year
Replies: 6
Views: 436

Re: Deductible trad IRA contribution and Conversion to Roth in the same year

Contribute 1K to TIRA. Value decreases to near 0 (extreme example) 1)Recharacterize to Roth. Now have near 0 in Roth. 2)Leave in TIRA. Then convert. Now have near 0 in Roth. Pay 25% of conversion in taxes = near 0 x 25% Deduct 1K contribution = worth 0.25K The net benefit of this combo is nearly 0.2...
by kaneohe
Sat Dec 15, 2018 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: CP2000 Education Credit Denied
Replies: 7
Views: 630

Re: CP2000 Education Credit Denied

dodecahedron.....thanks for explaining how complex it is.........but how does school know if you still owe tuition and fees if there is not explicit tracking of that one item?
by kaneohe
Sat Dec 15, 2018 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: CP2000 Education Credit Denied
Replies: 7
Views: 630

Re: CP2000 Education Credit Denied

Never have understood why a school would tell you to use box 2 which is merely the amount billed. Box 1 which is the actual amount received by the school.......there's a small difference between the 2. Surely the school must know what goes in box 1. Do they feel compelled to send the 1099-T out so e...
by kaneohe
Sat Dec 15, 2018 6:12 pm
Forum: Investing - Help with Personal Investments
Topic: Selling specific tax lots at Schwab
Replies: 32
Views: 3483

Re: Selling specific tax lots at Schwab

I don't know if Schwab's options are any different than they were as specified in a previous post above. I was told later that you could do specific lots online but when I tried I was unable to find that and nobody could help me. As a default they told me I could sell the # of shares for specific lo...
by kaneohe
Sat Dec 15, 2018 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Real experiences of someone who did not have Medigap policy?
Replies: 21
Views: 2297

Re: Real experiences of someone who did not have Medigap policy?

Just speculating here to find out what you are thinking: 1) Provider knows I have Medicare /Supplement: Charges me 4K; Medicare says the procedure is worth 1K of which it will pay 800 and Supplement pays 200; I pay 0 2) Provider knows I have Medicare but no Supplement Your speculation is that they w...
by kaneohe
Sat Dec 15, 2018 11:58 am
Forum: Investing - Help with Personal Investments
Topic: Help with old IRA - can I fill out 8606 form?
Replies: 10
Views: 365

Re: Help with old IRA - can I fill out 8606 form?

................................. I am pretty sure we paid taxes on it because o ur CPA tried putting the IRA in couple times on her tax program and there was no change in our adjusted gross income. Took two years of that before I figured out why and just quit contributing the IRA. ...................
by kaneohe
Sat Dec 15, 2018 11:16 am
Forum: Personal Finance (Not Investing)
Topic: [How do I send my Qualified Charitable Distribution to a charity]?
Replies: 26
Views: 1382

Re: [How do I send my Qualified Charitable Distribution to a charity]?

................................................................ I also wonder if I can claim 2018 QCDs for any checks that need to be re-issued in 2019, or if I could face IRS penalties for claiming non-existent QCDs on my 2018 tax return, or for missing my first RMD (after April 1, 2019). There i...
by kaneohe
Sat Dec 15, 2018 11:09 am
Forum: Investing - Help with Personal Investments
Topic: Help with old IRA - can I fill out 8606 form?
Replies: 10
Views: 365

Re: Help with old IRA - can I fill out 8606 form?

The 8606 https://www.irs.gov/pub/irs-prior/f8606--2017.pdf is a stand alone form so it can be sent in anytime. As retiredjg mentioned be sure to use the 2012/13 forms. Note that it has space for your home address unlike most other forms. Might be good to have an accompanying letter explaining why yo...
by kaneohe
Sat Dec 15, 2018 10:15 am
Forum: Personal Finance (Not Investing)
Topic: [How do I send my Qualified Charitable Distribution to a charity]?
Replies: 26
Views: 1382

Re: [How do I send my Qualified Charitable Distribution to a charity]?

......................................................... I am saving the check confirmations in my tax records. I expect they will serve as my best receipts if any of the charities happen to cash my checks in 2019 and send me receipts that do not indicate my donation was received in 2018. I suspec...
by kaneohe
Sat Dec 15, 2018 9:35 am
Forum: Investing - Help with Personal Investments
Topic: Help with old IRA - can I fill out 8606 form?
Replies: 10
Views: 365

Re: Help with old IRA - can I fill out 8606 form?

........................ I have a Traditional IRA that I put money into in 2012 and 2013. ........................... I spent 2 years making contributions and not getting any tax benefits at tax time, before I realized that wife and I made too much to qualify ................................. Are y...