Search found 5303 matches

by kaneohe
Mon Dec 03, 2018 10:39 am
Forum: Investing - Help with Personal Investments
Topic: Withdrawing Early from Roth without Penalty
Replies: 9
Views: 1533

Re: Withdrawing Early from Roth without Penalty

I took out 12K from a Roth for a car purchase in Feb 2018. The account was over 5 years old and I had contributed over 30k up until the time of withdraw at which I was 58. I know I dont have to pay taxes because it was contributed funds. But will I even have to put it on my Federal Form? IRS doesn'...
by kaneohe
Sun Dec 02, 2018 3:51 pm
Forum: Investing - Help with Personal Investments
Topic: Charity donations if you itemize
Replies: 5
Views: 710

Re: Charity donations if you itemize

yes.........but note that there is a 10K limit on state and local taxes which you are at already. If you added a state income tax or more mortgage interest, that would not increase your deduction. Mortgage interest is not subject to the SALT limit. Gill Gill, thanks for correction. I meant more pro...
by kaneohe
Sun Dec 02, 2018 1:04 pm
Forum: Investing - Help with Personal Investments
Topic: Charity donations if you itemize
Replies: 5
Views: 710

Re: Charity donations if you itemize

yes.........but note that there is a 10K limit on state and local taxes which you are at already. If you added a state income tax or more mortgage interest, that would not increase your deduction.
by kaneohe
Sun Dec 02, 2018 9:15 am
Forum: Investing - Help with Personal Investments
Topic: Cost basis methods at Vanguard
Replies: 9
Views: 934

Re: Cost basis methods at Vanguard

Ask VG to be sure .....I'm guessing you should be able to do as you suggest if you have named spec ID as your cost basis method for covered shares. Even you had not named a method, I believe VG would keep noncovered share average basis separate from covered share average basis. However ,in this case...
by kaneohe
Sun Dec 02, 2018 8:51 am
Forum: Investing - Theory, News & General
Topic: foreign tax credit
Replies: 12
Views: 979

Re: foreign tax credit

If your FT is > threshold limits ($300single/ 600 MFJ), the FTC is similar to how things work when you pay taxes on the same income to 2 states. Often you get credit in your home state for taxes you paid the "foreign" state. However often it is limited to the lower of the 2 taxes. For FTC, it is sim...
by kaneohe
Sat Dec 01, 2018 10:07 am
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Eligibility Question
Replies: 14
Views: 686

Re: Roth IRA Eligibility Question

You might want to wait until early 2019 when you will have final 2018 numbers. You'll have figure your Roth IRA MAGI and see how that compares w/ the limits. As things look, it appears you'll be able to do it but as you said the numbers are tentative. https://www.irs.gov/publications/p590a#en_US_201...
by kaneohe
Sat Dec 01, 2018 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA withdrawal question
Replies: 3
Views: 387

Re: Roth IRA withdrawal question

the kawill table referenced by Silk McCue is a very useful one. Use it along with the IRS ordering rules that say the first distributions are contributions, then conversions(oldest first.....and within each conversion, the taxable portion is first), then finally earnings. The table is arranged in th...
by kaneohe
Fri Nov 30, 2018 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Withhold/Replace Timing - Traditional to Roth Conversion
Replies: 11
Views: 678

Re: Tax Withhold/Replace Timing - Traditional to Roth Conversion

Thanks mhalley, OK, so looking at form 2210 it does show that as long as my tax underpayment is less that $1000 I'm good. I agree that that's the easiest solution. It is not your tax underpayment that must be less than $1K. It is your tax less certain credits and withholding You might still get awa...
by kaneohe
Fri Nov 30, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: United HealthCare
Replies: 27
Views: 2029

Re: United HealthCare

Had them as employer plan while I was working. No problems. Have them now for Medigap plan. Same.
by kaneohe
Fri Nov 30, 2018 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA Question
Replies: 6
Views: 410

Re: IRMAA Question

A related question: Does IRMAA adjustment apply to Part D coverage that is part of a Medicare Advantage Plan? I don't what's supposed to happen. I only know what happens in reality. I have Medigap and Pt D. Wife has retiree HMO plan provided through employer that includes drug coverage. We both get...
by kaneohe
Thu Nov 29, 2018 8:33 am
Forum: Investing - Help with Personal Investments
Topic: NII Tax on Tax-Exempt MM and Muni Funds?
Replies: 3
Views: 368

Re: NII Tax on Tax-Exempt MM and Muni Funds?

Check form 8960 and instructions: The lines from the 1040 that are mentioned do not include tax-exempt muni income. Line 1—Taxable Interest Enter the amount of taxable interest received. Include the following amount from your return. • Form 1040, line 2b. Line 2—Ordinary Dividends Enter the amount o...
by kaneohe
Tue Nov 27, 2018 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: QCDs and RMDs
Replies: 7
Views: 565

Re: QCDs and RMDs

You have the option of moving 401K into IRA and then making QCDs from the IRA.
by kaneohe
Tue Nov 27, 2018 12:00 am
Forum: Personal Finance (Not Investing)
Topic: ROTH IRA Rollover / Withdrawal
Replies: 3
Views: 302

Re: ROTH IRA Rollover / Withdrawal

If you withdraw this years contributions, you need to be very clear w/ the custodian with what you are doing. You are not just withdrawing contributions........you are withdrawing this years contributions (and associated earnings). Otherwise, you may not be allowed to recontribute for this year.
by kaneohe
Sat Nov 24, 2018 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: How much of SS goes into MAGI?
Replies: 22
Views: 1818

Re: How much of SS goes into MAGI?

For the purposes of determining IRMAA, I believe 100% of your Social Security is included in MAGI since by definition it includes both your AGI plus any untaxed Social Security and Tax Exempt Income. ................................................... many MAGIs in this world.......might recheck to...
by kaneohe
Sat Nov 24, 2018 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 177
Views: 23991

Re: IRS publishes draft 2018 1040 - Huge changes made

willthrill81 wrote:
Tue Jun 26, 2018 10:08 pm
Will traditional IRA contributions be in a schedule or on the new 1040? I'm not seeing it on the 1040, but the form is hard to see clearly.
schedule 1 https://www.irs.gov/pub/irs-dft/f1040s1--dft.pdf
by kaneohe
Fri Nov 23, 2018 12:17 am
Forum: Personal Finance (Not Investing)
Topic: social security treatment with income
Replies: 4
Views: 844

Re: social security treatment with income

https://www.ssa.gov/pubs/EN-05-10069.pdf "You can get Social Security retirement or survivors benefits and work at the same time. But, if you’re younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. The amount that your benefits are reduced, however, i...
by kaneohe
Thu Nov 22, 2018 10:17 am
Forum: Personal Finance (Not Investing)
Topic: CareFirst Medigap Crossover
Replies: 3
Views: 256

Re: CareFirst Medigap Crossover

https://65medicare.org/medicare-and-medigap-how-do-they-work-together/ When I was working, I recall making copies of medical bills and sending them to the insurance company to get reimbursed. I think w/o crossover you'd have to do the same thing..... You'd have to get the medicare statement and sen...
by kaneohe
Wed Nov 14, 2018 11:48 am
Forum: Investing - Help with Personal Investments
Topic: Contribute to Roth IRA now or tIRA later (to save tax)?
Replies: 20
Views: 1324

Re: Contribute to Roth IRA now or tIRA later (to save tax)?

If you have a phase out for being able to deduct tIRA, one or both of you has some kind of pension plan or 401k type plan at work. In many to most circumstances, that should be a pre-tax account. Supplementing that with Roth IRA (instead of more pre-tax IRA) is frequently a good idea. So based on j...
by kaneohe
Wed Nov 14, 2018 8:59 am
Forum: Personal Finance (Not Investing)
Topic: 2018 Tax Time is upon us
Replies: 13
Views: 2590

Re: 2018 Tax Time is upon us

All the stuff that used to go on form 1040 now goes on a 1040 worksheet and the key items on the worksheet go to line items on the POSTCARD . :twisted: Stuff that used to go on Form 1040 will go on Form 1040 and up to six schedules. I'll be going from filing a single sheet of paper for Form 1040 to...
by kaneohe
Wed Nov 14, 2018 8:35 am
Forum: Investing - Help with Personal Investments
Topic: Contribute to Roth IRA now or tIRA later (to save tax)?
Replies: 20
Views: 1324

Re: Contribute to Roth IRA now or tIRA later (to save tax)?

Are you maxing out your 401K plans? If you aren't, contributing more to them would be equivalent to contributing to TIRA and possibly might lower your MAGI to enable more deductible contributions toTIRA. If you are maxing out your 401K plans, you could consider contributing now to either Roth or TIR...
by kaneohe
Mon Nov 12, 2018 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: RMDs in the year one becomes 70 1/2
Replies: 24
Views: 1910

Re: RMDs in the year one becomes 70 1/2

Dottie57 wrote:
Mon Nov 12, 2018 4:00 pm
Is the RMD pro-rated or do you need to take the full year RMD?
Asking about the first yr RMD? You can delay the 1st RMD until April 1 of the yr after you turn 70.5.
Therefore the 1st RMD can be 0-100% of the full yr RMD.
by kaneohe
Mon Nov 12, 2018 12:12 am
Forum: Personal Finance (Not Investing)
Topic: How long must you hold a Traditional IRA
Replies: 8
Views: 948

Re: How long must you hold a Traditional IRA

see the tables here on if you can deduct your TIRA contributions. It depends on if you have a workplace retirement plan or not and if not, if your spouse has one so there are separate tests for each spouse
https://www.irs.gov/retirement-plans/ir ... ion-limits
by kaneohe
Sun Nov 11, 2018 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Do I need more than Original Medicare?
Replies: 110
Views: 6384

Re: Do I need more than Original Medicare?

.......................................... Can you switch between Medigap and Medicare Advantage? If so, are there any restrictions such as underwriting? Who sets the premiums of Medigap, Medicare or individual insurance companies? Is Medigap subject to IRMAA? https://www.google.com/search?q=can+i+...
by kaneohe
Sat Nov 10, 2018 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: IRA Early withdrawal penalty ?
Replies: 14
Views: 916

Re: IRA Early withdrawal penalty ?

I think I've read of folks who are unaware they're supposed to take RMDs for years and then upon realizing that error, make the required withdrawals and then beg for mercy from IRS from the penalty there. OP's case has some similarities to that.........any chance of IRS waiving the penalty here for ...
by kaneohe
Sat Nov 10, 2018 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversion complications- tax help needed!
Replies: 17
Views: 2197

Re: Roth conversion complications- tax help needed!

That would be my first guess. Would be good to get Alan S. to verify. If you don't get a reply soon here, you
should be able to reach him at the fairmark.com retirement forum. https://fairmark.com/forum/subject/retirement/
by kaneohe
Sat Nov 10, 2018 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversion complications- tax help needed!
Replies: 17
Views: 2197

Re: Roth conversion complications- tax help needed!

Since your mother is going to own both her original TIRA and your father's original TIRA, can't she just add the remaining basis in both to get the new basis for the combined account?
by kaneohe
Sat Nov 10, 2018 7:57 am
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 177
Views: 23991

Re: IRS publishes draft 2018 1040 - Huge changes made

The Draft of the Instructions for Schedule D with capital gains worksheet have not be released yet. So need to wait for the capital giants worksheet to work through the calculations before I complete my Roth conversion to the top of my tax bracket. https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf p...
by kaneohe
Fri Nov 09, 2018 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Doing taxes by hand
Replies: 83
Views: 5021

Re: Doing taxes by hand

For folks doing paper. Do you print all forms and instructions at home? Or order them somehow? Last year I was gonna try by hand as well. our library didn’t have the forms. I already had TurboTax, and was too cheap to want to also print everything I would have needed to do by hand. You can order th...
by kaneohe
Fri Nov 09, 2018 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: Doing taxes by hand
Replies: 83
Views: 5021

Re: Doing taxes by hand

If your situation is simple enough , tax calculators like this https://www.mortgagecalculator.org/calcs/1040-calculator.php will give you an answer you can check your work against. Better yet, check against several others too.......like Taxcaster and the HR Block tax calculator. You will probably le...
by kaneohe
Fri Nov 09, 2018 7:43 am
Forum: Personal Finance (Not Investing)
Topic: capital loss from stock reducing income
Replies: 5
Views: 551

Re: capital loss from stock reducing income

i did the worksheet thanks. and no matter it carries over or not,............................................. Not sure what you mean above. Could you elaborate? In the normal use of the wksht (when there is "normal" income) as an example: 1) You have 10K capital loss; if you have no cap gains, you...
by kaneohe
Thu Nov 08, 2018 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: capital loss from stock reducing income
Replies: 5
Views: 551

Re: capital loss from stock reducing income

You must use your capital loss each yr. If you don't have capital gains to offset it, then up to 3K offsets ordinary income. This would reduce your AGI. If your income is low enough as you point out, the std deduction might have reduced your taxable income to zero even w/o the capital loss. However ...
by kaneohe
Wed Nov 07, 2018 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Reversing/Undoing a ROTH IRA contribution
Replies: 5
Views: 283

Re: Reversing/Undoing a ROTH IRA contribution

Why not just recharacterize the contribution from Roth to TIRA?
by kaneohe
Tue Nov 06, 2018 9:45 pm
Forum: Investing - Theory, News & General
Topic: I-bonds to 529, tax exemption
Replies: 7
Views: 858

Re: I-bonds to 529, tax exemption

https://forum.savingforcollege.com/t/st ... -tax/11759

The 2 links within the article are also useful.
by kaneohe
Tue Nov 06, 2018 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing ROTH conversion calculation
Replies: 5
Views: 384

Re: Optimizing ROTH conversion calculation

I have been toying with the idea of substantially increasing the ROTH conversion to $180K-200K and accepting the one year Medicare hit so that we stay under that cliff for a few more years. This would also incur Net Investment Income Tax (NIIT). You could enter your situation into the personal fina...
by kaneohe
Tue Nov 06, 2018 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing ROTH conversion calculation
Replies: 5
Views: 384

Re: Optimizing ROTH conversion calculation

sounds like you have most of the pieces......one other thing to check........if you make a single big lump, you might go from 24% to 32% on some part of that lump. You'll have to weigh the one time big IRMAA plus added taxes against the smaller IRMAA in future yrs.
by kaneohe
Mon Nov 05, 2018 7:07 am
Forum: Personal Finance (Not Investing)
Topic: Do I need more than Original Medicare?
Replies: 110
Views: 6384

Re: Do I need more than Original Medicare?

Medigap and Plan D insurance is just that - insurance. I also have fire insurance on my home and vehicle insurance on my vehicles - and hope that I never file a claim. It is very difficult to predict what the future will bring. :confused This summarizes it perfectly.................you hope that yo...
by kaneohe
Sun Nov 04, 2018 7:11 am
Forum: Investing - Help with Personal Investments
Topic: Potential TLH Mistake
Replies: 11
Views: 1042

Re: Potential TLH Mistake

https://fairmark.com/forum/topic/cost-basis-for-mutual-fund-sale-of-covered-shares/ "November 3, 2018 at 7:29 pm #1476REPLY Kaye Thomas Moderator These rules allow you to “revoke” an election to use the averaging method, or “change from” the averaging method. Once you’ve made a sale under the avera...
by kaneohe
Fri Nov 02, 2018 11:14 pm
Forum: Investing - Help with Personal Investments
Topic: Is "recharacterizing" the correct method/term?
Replies: 14
Views: 643

Re: Is "recharacterizing" the correct method/term?

............................................. Why would anyone want to open a tIRA, recharacterize it to a Roth and then recharacterize it to an tIRA. ................................ Changes in circumstances. You open a traditional IRA, then change to a job with a 401(k), which means that your tra...
by kaneohe
Fri Nov 02, 2018 3:27 pm
Forum: Investing - Help with Personal Investments
Topic: Potential TLH Mistake
Replies: 11
Views: 1042

Re: Potential TLH Mistake

cadillex wrote:
Thu Nov 01, 2018 10:03 pm
also i think they are reporting all your positive losses in green .............
The charts show that proceeds exceed cost basis.......so those are gains.......perhaps the reason for green?
by kaneohe
Fri Nov 02, 2018 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
Replies: 561
Views: 59669

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

............................. I asked the representative this yesterday, and she whisked off to 'ask the back-office' -- to ultimately respond No. She said the funds had to be initiated transfer by 10/31 and that was a hard date. I am sure this may not be the case for others -- but they didn't seem...
by kaneohe
Fri Nov 02, 2018 7:44 am
Forum: Personal Finance (Not Investing)
Topic: final January estimated quarterly tax payment- can it be paid in April with return?
Replies: 7
Views: 748

Re: final January estimated quarterly tax payment- can it be paid in April with return?

If you meet one of the safe harbors (100 or 110% of last yrs taxes, 90% of this yr taxes) and you've paid faster than 4 equal est. tax payments,
you should be ok.
by kaneohe
Thu Nov 01, 2018 3:40 pm
Forum: Investing - Help with Personal Investments
Topic: Potential TLH Mistake
Replies: 11
Views: 1042

Re: Potential TLH Mistake

I think I know that if you haven't sold anything, if you switch from avg basis to specific ID, some fund companies will make that effective to all shares including past shares. The analog to that might be considered to be that if the last shares sold were in 2015, all shares bought after that might ...
by kaneohe
Thu Nov 01, 2018 2:21 pm
Forum: Investing - Help with Personal Investments
Topic: Potential TLH Mistake
Replies: 11
Views: 1042

Re: Potential TLH Mistake

tainted-meat wrote:
Thu Nov 01, 2018 1:09 pm
I called Fidelity and they gave me a good run-down.

The Actual Cost Basis will only apply to future purchases. Since I only changed basis on Friday, the basis must stay average. I had TLH'd using this fund in the past.
When was your most recent past TLH?
by kaneohe
Thu Nov 01, 2018 12:01 pm
Forum: Investing - Help with Personal Investments
Topic: California municipal money market vs vanguard prime money market
Replies: 19
Views: 2578

Re: California municipal money market vs vanguard prime money market

I make about $500k a year before taxes in california. I have $100k I want to keep in money market. Municipal about 1.3-1.4% while prime money maker about 2.2%z Any ideas of what’s better in my situation? Thanks back of envelope calculation: pay Fed taxes on prime 0.8-%,CA taxes 0.7%, perhaps CA tax...
by kaneohe
Thu Nov 01, 2018 11:48 am
Forum: Investing - Help with Personal Investments
Topic: Potential TLH Mistake
Replies: 11
Views: 1042

Re: Potential TLH Mistake

I only checked the 1st 2 sale transactions but it looks like you might still be on average cost basis. They both showed the same cost basis of 10.75/sh. You might want to talk to Fidelity about how /when you changed the cost basis method. Sometimes the change only takes effect for shares purchased a...
by kaneohe
Thu Nov 01, 2018 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Spouse Diagnosed Non-curable Cancer -- what now?
Replies: 54
Views: 10476

Re: Spouse Diagnosed Non-curable Cancer -- what now?

My advice, as a fellow WM patient, is to live your life the same as if you did not have it. For me, this disease has been little more than a nuisance - constant monitoring with occasional treatment here and there. The worst part of the disease so far was the fear it caused in the first year after d...
by kaneohe
Thu Nov 01, 2018 8:33 am
Forum: Investing - Help with Personal Investments
Topic: Roth IRA W/D 5 yr Rule Clarification
Replies: 10
Views: 913

Re: Roth IRA W/D 5 yr Rule Clarification

............................................................ -- from pub 590-B: The 5-year period used for determining whether the 10% early distribution tax applies to a distribution from a conversion or rollover contribution is separately determined for each conversion and rollover, and isn't nec...