Search found 4701 matches

by kaneohe
Fri Apr 06, 2018 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Tax withholding allowances
Replies: 6
Views: 595

Re: Tax withholding allowances

Are you trying to withhold more or less than the current status? If more, then leave the allowances along and increase by a fixed $$/pay period to make the total for the yr what you want.
by kaneohe
Fri Apr 06, 2018 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401K Rovers to IRAs receive ERISA-like protection?
Replies: 9
Views: 670

Re: Do 401K Rovers to IRAs receive ERISA-like protection?

https://www.irahelp.com/slottreport/how-safe-creditors-your-401k-money-if-you-roll-it-ira I am not sure what the right answer is but this article seems to make a distinction between creditor protection in bankruptcy and non-bankruptcy situations. I think I know the 401K protection is quite armor-pl...
by kaneohe
Fri Apr 06, 2018 10:37 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2615
Views: 496953

Re: What's Your Credit Card Rewards Strategy?

Anyone using Amazon regularly should consider the Amazon Store Card - basically a line of credit you can only use at Amazon, and get 5% back. https://www.bogleheads.org/forum/viewtopic.php?t=181150 Don't know why Amazon doesn't advertise more. Like OP, I was using the Amazon Visa for 3% back until ...
by kaneohe
Wed Apr 04, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Need Help On Taxes
Replies: 6
Views: 423

Re: Need Help On Taxes

One more question though. Let's say if I had a cap loss like this and I also had some winning stocks I had not sold yet. It would seem to make sense to sell some winners in the same tax year to offset the loss instead of claiming that loss against income like I have to do it now. Is this a better t...
by kaneohe
Wed Mar 28, 2018 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Tax estimate with no earned income
Replies: 10
Views: 674

Re: Tax estimate with no earned income

https://www.bogleheads.org/forum/viewtopic.php?t=86849 see the stacked bar chart by tfb (12/11/11). Stack your LTCG/QDIV (90K) on TOP of your ordinary income (1K interest, 4K non QDIV). Then subtract your std deduction of 24K from the BOTTOM of that stack. That removes the ordinary income and leave...
by kaneohe
Sun Mar 25, 2018 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 938

Re: filed with turbotax, do I need to mail in anything?

What does the attached statement say about the Gen Mills transaction? You might want to ask the broker about that too?
by kaneohe
Sun Mar 25, 2018 10:21 am
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 938

Re: filed with turbotax, do I need to mail in anything?

What's so special about the Gen. Mills transaction? I would think that IRS would get all the details of everything else since you have Box A transactions including the wash sales and adjustments presumably were already made for those by the broker so you don't have to make any adjustments of the bro...
by kaneohe
Sun Mar 25, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 938

Re: filed with turbotax, do I need to mail in anything?

Are these box A and box D transactions as opposed to Box B and Box E transactions?
by kaneohe
Sun Mar 25, 2018 9:00 am
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 938

Re: filed with turbotax, do I need to mail in anything?

See this from the top of the 8949 (both front/back): "Note: You may aggregate all short/(long)-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required . Enter the totals directly on Schedule D, line 1a; you aren't required...
by kaneohe
Wed Mar 21, 2018 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me fill out my W-4 correctly
Replies: 7
Views: 900

Re: Please help me fill out my W-4 correctly

Another method that may be useful. Use tax software/calculator to calculate what your actual taxes will be based on all your income, not just wages.. Then fill in your W4 so that withholding will match. Best to have enough allowances that you are underwithheld. Then you can add an additional amount/...
by kaneohe
Sat Mar 17, 2018 7:07 am
Forum: Personal Consumer Issues
Topic: Tires on a 15 year old car....Replace or not?
Replies: 79
Views: 5232

Re: Tires on a 15 year old car....Replace or not?

viewtopic.php?f=2&t=244443&newpost=3833532

This thread and the linked one appear to have a lot in common. I agonized over the tire issue too and finally decided that I/family/friendsI were too important not to change the tires.
by kaneohe
Tue Mar 13, 2018 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Computing 2018 estimated tax - 2018 Pub 1040-ES instructions have an error?
Replies: 7
Views: 764

Re: Computing 2018 estimated tax - 2018 Pub 1040-ES instructions have an error?

Why not just use a tax calculator (or software) like the HRB calculator or Taxcaster. Both give 2018 results as well as 2017 at the end.
by kaneohe
Mon Mar 12, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Form 1116 Foreign Tax Credit
Replies: 3
Views: 424

Re: TurboTax Form 1116 Foreign Tax Credit

Follow lines below line 32 on the 6251 and it appears that the AMT may get impacted by any differences between numbers in the calculation. In the absence of any FTC, AMT is TMT minus regular tax. Looks like when you have FTC, AMT is defined as the difference of the "net" TMT and the "net" regular ta...
by kaneohe
Mon Mar 12, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2731

Re: Should my long term capital gains taxes change if I am in a high income bracket?

.................................................. Where did those tax #s come from? I used an online calculator: https://smartasset.com/investing/capital-gains-tax-calculator thanks for that link..........there is some interesting info at the bottom of the page that lists the marginal rates and th...
by kaneohe
Mon Mar 12, 2018 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2731

Re: Should my long term capital gains taxes change if I am in a high income bracket?

I was calculating some scenarios with my future income taxes. I have some LTCGs and assuming $100,000 cost basis and $1,000,000 sale basis, it's a $900,000 (this is just a scenario). I live in California. If my income in 2018 is $200,000, my capital gains tax is $291,000. However, if my income is $...
by kaneohe
Sun Mar 11, 2018 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's new Job and Tax Question
Replies: 2
Views: 415

Re: Wife's new Job and Tax Question

https://www.hrblock.com/tax-calculator/#/en/te/aboutYou Try putting your info in the calculator above. First put in your income (everything w/o your wifes). Note the taxes owed. Then put those taxes in your W2 wages as fed taxes withheld. Then put in your wife's income as SE (self employed) income....
by kaneohe
Sat Mar 10, 2018 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2731

Re: Should my long term capital gains taxes change if I am in a high income bracket?

That increase totals 8.8K,not quite the 12K delta that you got. Got it, makes more sense now... Thanks for explaining. Assuming the 12k delta includes CA tax, then there's a shift from the 9.3% to 12.3% bracket on 100k, accounting for the other 3k. That affects my capital gains income not my regula...
by kaneohe
Thu Mar 08, 2018 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099 R question
Replies: 6
Views: 554

Re: Form 1099 R question

Is box 2b (taxable amt not determined) also checked as it almost always should be? This tells you the that box 2a may or may not be significant. If you withdraw from TIRA and rollover to anotherTIRA within 60 days, the withdrawal is not taxable but custodian has no way of knowing that. Similarly if ...
by kaneohe
Wed Mar 07, 2018 11:44 am
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 19
Views: 1710

Re: Medicare IRMAA

Back to redeeming early option........or perhaps the do nothing option.............not sure where in the IRMAA spectrum you are but in the first tier the increase looks like $1600 or so for MFJ...............I guess compare that with the extra income you'd get keeping them.....maybe it won't be so b...
by kaneohe
Wed Mar 07, 2018 10:17 am
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 19
Views: 1710

Re: Medicare IRMAA

Thanks to everyone for the inputs. While there sounds like there is some hope of getting a successful appeal I am reticent to wait and find out that my case won't be approved. :confused So I guess I will look at the extra IRMAA costs versus the lost interest if I cash in the bonds early and see whi...
by kaneohe
Tue Mar 06, 2018 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Taxes
Replies: 19
Views: 1726

Re: Estimated Taxes

......................................................................... I disagree with both of you. As I wrote in my original post, I did not receive the windfall until the 4th quarter of 2008 (early November), so any annualized method of paying estimated taxes (along with Form 2210) would not a...
by kaneohe
Tue Mar 06, 2018 10:07 pm
Forum: Investing - Help with Personal Investments
Topic: Question on CD term and interest payment
Replies: 3
Views: 447

Re: Question on CD term and interest payment

It is not clear to me what you are asking. A 6mo. 1.5% CD earns at the same rate/yld as a 12 mo 1.5% CD but earns only half as much since it only lasts half as long.
by kaneohe
Tue Mar 06, 2018 8:04 pm
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 19
Views: 1710

Re: Medicare IRMAA

Can't you simply wait until 2024 to cash them in. Or just cash in enough in 2022 and '23 to get you up to the IRMAA cliff. plannerman Taxes are due in the yr of maturity (or earlier) http://savings-bond-advisor.com/penalties-for-not-cashing-mature-savings-bonds/ OP could consider paying taxes earli...
by kaneohe
Tue Mar 06, 2018 2:43 pm
Forum: Investing - Help with Personal Investments
Topic: Capital Gains Question
Replies: 10
Views: 1280

Re: Capital Gains Question

Well you were right; but those are last year’s rate. Due to the tax law changes it is now folks in the 12 % rate that will enjoy the 0% capital gains rate. This is not correct. The brackets that determine LTCG did not change under the new law. The limit is still 15%. https://www.thestreet.com/story...
by kaneohe
Tue Mar 06, 2018 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: 10% IRS penalty on annuity that was 1035 exchange from VUL?
Replies: 20
Views: 921

Re: 10% IRS penalty on annuity that was 1035 exchange from VUL?

https://www.kiplinger.com/article/insurance/T003-C001-S001-how-annuities-are-taxed.html https://www.investopedia.com/ask/answers/082515/how-do-you-calculate-penalties-ira-or-roth-ira-early-withdrawal.asp I would think, like early w/d from IRA , you'd be taxed and penalized on earnings. No earnings,...
by kaneohe
Tue Mar 06, 2018 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: 10% IRS penalty on annuity that was 1035 exchange from VUL?
Replies: 20
Views: 921

Re: 10% IRS penalty on annuity that was 1035 exchange from VUL?

https://www.kiplinger.com/article/insurance/T003-C001-S001-how-annuities-are-taxed.html https://www.investopedia.com/ask/answers/082515/how-do-you-calculate-penalties-ira-or-roth-ira-early-withdrawal.asp I would think, like early w/d from IRA , you'd be taxed and penalized on earnings. No earnings,...
by kaneohe
Mon Mar 05, 2018 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?
Replies: 6
Views: 474

Re: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?

sounds correct about the simplified method not being used. About line 30 being the same on both forms........what was the foreign tax paid? Perhaps the same number? Remember the FTC compares 2 numbers.....the amount of FT paid vs the allowable credit which is based on the foreign income and the lowe...
by kaneohe
Mon Mar 05, 2018 12:29 pm
Forum: Personal Consumer Issues
Topic: Etiquette of hanging up on live telemarketers
Replies: 77
Views: 3781

Re: Etiquette of hanging up on live telemarketers

Why not just tell the truth.........you're expecting a call (important, if necessary) and they're not it. Then hang up . period.
by kaneohe
Mon Mar 05, 2018 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?
Replies: 6
Views: 474

Re: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?

from instructions for F6251 p13/14 https://www.irs.gov/pub/irs-pdf/i6251.pdf Is line 17 on both forms the same? That would suggest simplified limitation election was used. The forms don't necessarily give the same results even if this election was used. "Simplified Limitation Election You may elect ...
by kaneohe
Mon Mar 05, 2018 11:51 am
Forum: Personal Finance (Not Investing)
Topic: What tax form for IRA re-characterization to Roth?
Replies: 4
Views: 235

Re: What tax form for IRA re-characterization to Roth?

Contributing for 2017? or 2018? If contributing for 2017 and you recharacterized contribution, it is as if you contributed to the Roth to begin with. For a Roth, no tax reporting needed. And no deduction for contribution. If contributing for 2018, basically the same except you would not be doing tax...
by kaneohe
Mon Mar 05, 2018 10:38 am
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC from SOFI - Am I self employed?
Replies: 18
Views: 1267

Re: 1099-MISC from SOFI - Am I self employed?

How would you guys classify this one. Person signs up w/ ??? (forgot the name but they're well known/national company) to wear something around their waist to document everything they're watching on TV. They do this for a yr and get paid monthly? for annual total of $800. 1099-MISC is issued w/ amt ...
by kaneohe
Mon Mar 05, 2018 1:50 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2731

Re: Should my long term capital gains taxes change if I am in a high income bracket?

............................................................................................. I guess that's the point I'm getting to, if the gain is $900k, how would an income of $100K or $200K or even $250K for that matter, if the CG is above $900K, it automatically pushes me to the higher bracke...
by kaneohe
Sun Mar 04, 2018 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Tax question: Foreign Tax Credit & Capital Gains
Replies: 10
Views: 698

Re: Tax question: Foreign Tax Credit & Capital Gains

This year, while thinking more about it, I am a little confused. Would capital gains on the same International funds have a role to play in this foreign tax credit computation - and the amount of carry-over? I did sell shares from two such funds, with (long term) capital gains exceeding $8000. Turb...
by kaneohe
Sun Mar 04, 2018 9:10 am
Forum: Personal Finance (Not Investing)
Topic: Question on how to list gifts on form 709
Replies: 10
Views: 625

Re: Question on how to list gifts on form 709

Just checking, but a form 709 is only necessary for 529 contributions if the total gift to any one child from a married couple exceeded $28k in 2017, right? Since the first $14k of each contribution from each parent is subtracted, if you are under $28k per child you'd end up with all zeros and no n...
by kaneohe
Sun Mar 04, 2018 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Question on how to list gifts on form 709
Replies: 10
Views: 625

Re: Question on how to list gifts on form 709

You're supposed to report "each gift," not the sum of all gifts. I was hoping it would be similar to how you can bunch multiple donations to the same charity into one entry on form 1040. Oh, well--thank goodness for copy and paste! I've even used tax software that allows you bunch all the cash dona...
by kaneohe
Sun Mar 04, 2018 12:47 am
Forum: Personal Finance (Not Investing)
Topic: Tax question: Foreign Tax Credit & Capital Gains
Replies: 10
Views: 698

Re: Tax question: Foreign Tax Credit & Capital Gains

Perhaps another way of asking your question? Were the CGs generated from your sale of those funds foreign income on which you paid foreign taxes? from Pub 514 "If you paid or accrued foreign taxes to a foreign country on foreign source income and are subject to U.S. tax on the same income, you may b...
by kaneohe
Sat Mar 03, 2018 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: IRA recharacterization but did a conversion in 2017
Replies: 3
Views: 236

Re: IRA recharacterization but did a conversion in 2017

How do you know the 1099R means the conversion is taxable? There is a box 2b .....taxable amt not determined that should be checked in most cases since VG doesn't know if you made a deductible contribution or not. You could have a deductible contribution, followed by a fully taxable conversion ........
by kaneohe
Sat Mar 03, 2018 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: CA Subtraction, Addition for Tax-Exempt Dividends
Replies: 18
Views: 1385

Re: CA Subtraction, Addition for Tax-Exempt Dividends

Have to admit I had no respect for this question when I tried to reply earlier. But as I went along I admit to confusing myself so broke for lunch instead. Now I can completely sympathize with your question since TT is involved and I don't know anything about how it works or what questions it asks. ...
by kaneohe
Sat Mar 03, 2018 2:35 pm
Forum: Personal Consumer Issues
Topic: Medicare Reimbursement Account? (Federal Retiree with Medicare and BCBS Basic Option)
Replies: 10
Views: 876

Re: Medicare Reimbursement Account? (Federal Retiree with Medicare and BCBS Basic Option)

I don't have a MRA but I have a HRA which seems similar. You pay, they reimburse you........isn't that equivalent to them paying.
Once a yr, I have to send in the SS statement that shows how much Medicare is going to cost the next yr as proof I have the coverage.
by kaneohe
Fri Mar 02, 2018 9:40 pm
Forum: Investing - Help with Personal Investments
Topic: Roth Conversion Planning
Replies: 27
Views: 1982

Re: Roth Conversion Planning

how about IRMAA https://www.cms.gov/Outreach-and-Educat ... -FINAL.PDF...... your Medicare costs increase at certain thresholds of higher income.
by kaneohe
Fri Mar 02, 2018 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2731

Re: Should my long term capital gains taxes change if I am in a high income bracket?

Once you go over $250k MFJ AGI you're also subject to 3.8% Net Investment Income Tax on your capital gains on top of the 20% capital gains tax. didn't think the 20% rate came into play till nearly 2x the 250K threshold for NIIT. You're right of course. I was referring to the portion of the OPs $900...
by kaneohe
Fri Mar 02, 2018 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion - Application of 5 years rule.
Replies: 4
Views: 483

Re: Roth Conversion - Application of 5 years rule.

viewtopic.php?f=1&t=243142&newpost=3810406

In this similar thread, Peter Foley presents a nice table by KAWill. Check it out and return w/ your conclusions.
by kaneohe
Fri Mar 02, 2018 12:54 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2731

Re: Should my long term capital gains taxes change if I am in a high income bracket?

MP123 wrote:
Mon Feb 26, 2018 2:22 pm
Once you go over $250k MFJ AGI you're also subject to 3.8% Net Investment Income Tax on your capital gains on top of the 20% capital gains tax.
didn't think the 20% rate came into play till nearly 2x the 250K threshold for NIIT.
by kaneohe
Thu Mar 01, 2018 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2731

Re: Should my long term capital gains taxes change if I am in a high income bracket?

https://www.irs.gov/newsroom/net-investment-income-tax-faqs Take 2 numbers.......one is your net investment income....take things like interest, dividends, capital gains,etc. = II. NII takes into account how much you paid in taxes on that income. The other is how much your AGI exceeds the threshold...
by kaneohe
Thu Mar 01, 2018 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Understanding effect of capital gains on income tax bracket
Replies: 5
Views: 1077

Re: Understanding effect of capital gains on income tax bracket

small detail glossed over previously because concept misconception was so much more interesting............you do have a 24K std deduction subtracted from your AGI to get to your taxable income. From the stacked bar chart, this deduction is taken from your ordinary income at the bottom of the stack....
by kaneohe
Wed Feb 28, 2018 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding effect of capital gains on income tax bracket
Replies: 5
Views: 1077

Re: Understanding effect of capital gains on income tax bracket

You have the concept reversed. Yes, LTCG is added to the ordinary income for determining some bracket.......but that is the bracket to figure out how to tax the LTCG. You subtract the LTCG from the taxable income to determine the tax on the ordinary income........so the rates on LTCG are boosted and...
by kaneohe
Wed Feb 28, 2018 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax computing AMT
Replies: 4
Views: 456

Re: Turbo Tax computing AMT

Do you have QDIV/LTCG income that is taxed at lower rates?
by kaneohe
Wed Feb 28, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Estimated Tax - form not available?
Replies: 17
Views: 1182

Re: 2018 Estimated Tax - form not available?

The people at IRS who are processing the forms don't always pay attention, or they pay attention to the wrong things. Remember, this isn't someone sitting at a desk leisurely perusing every piece of paper they get -their job is more akin to working on an assembly line. Give them the info ONLY in th...