Search found 4807 matches

by kaneohe
Tue Jul 10, 2018 11:17 pm
Forum: Investing - Help with Personal Investments
Topic: What's up with Wells Fargo
Replies: 27
Views: 2973

Re: What's up with Wells Fargo

I had a similar notice on inactive checking account. A call to them caused them to remove the inactivity note but for good measure I also did a small deposit. Seems like , as others have said, they should focus on whether they know the owner is alive rather than whether the account is active. I acce...
by kaneohe
Tue Jul 10, 2018 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: RMD + Federal taxes
Replies: 19
Views: 1499

Re: RMD + Federal taxes

This will be my first year of RMD, and with the new tax structure it is rather difficult for me to estimate how much I will have to pay for taxes. I ran the mortgage calculator using 2017 info as to: Tax exempt interest Ordinary dividends Qualified dividends Short and long term capital gains It cam...
by kaneohe
Tue Jul 10, 2018 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting question about inherited Roth IRA
Replies: 6
Views: 531

Re: Accounting question about inherited Roth IRA

On my tax return, I noticed that my accountant had placed the required minimum distribution from my inherited Roth IRA on a line that said it was a non-qualified distribution. ......................... according to this chart (Fig 2.1) https://www.irs.gov/publications/p590b#en_US_2017_publink100023...
by kaneohe
Tue Jul 10, 2018 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: RMD + Federal taxes
Replies: 19
Views: 1499

Re: RMD + Federal taxes

see if you can meet one of the safe harbors http://fairmark.com/estimate/whomust.htm
1) you pay >=90% of this yrs taxes by w/h and estimated taxes
2) you pay >=100% of last yrs taxes by w/h and estimated taxes (110% if AGI >150K)
3) you owe less than 1K
by kaneohe
Tue Jul 10, 2018 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting question about inherited Roth IRA
Replies: 6
Views: 531

Re: Accounting question about inherited Roth IRA

On my tax return, I noticed that my accountant had placed the required minimum distribution from my inherited Roth IRA on a line that said it was a non-qualified distribution. ......................... according to this chart (Fig 2.1) https://www.irs.gov/publications/p590b#en_US_2017_publink100023...
by kaneohe
Mon Jul 09, 2018 7:35 am
Forum: Investing - Help with Personal Investments
Topic: Income stream at 70
Replies: 29
Views: 2711

Re: Income stream at 70

I don't know enough to know what to ask. I just assumed there were strategies for reducing or deferring RMDs If they take money out of the traditional IRA now, they can pay taxes on it and reduce their future RMDs (since they would be based on future account balances). That money can be spent, rein...
by kaneohe
Sun Jul 08, 2018 7:12 pm
Forum: Personal Consumer Issues
Topic: What methods are you using to deterimine price to offer on new cars
Replies: 15
Views: 1416

Re: What methods are you using to deterimine price to offer on new cars

E-mail dealers and ask them for an out-the-door price (including all taxes, fees etc.) on the exact vehicle you are looking at. You can take the best offer or have them start negotiating against each other as outlined here: https://www.bogleheads.org/forum/viewtopic.php?t=124638 One other note, whe...
by kaneohe
Sun Jul 08, 2018 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Is Social Security income included in MAGI for determination of medicare high income adjustment fee?
Replies: 9
Views: 1307

Re: Is Social Security income included in MAGI for determination of medicare high income adjustment fee?

Artsdoctor wrote:
Sun Jul 08, 2018 8:39 am
The reason for the current taxation amount for some of the social security benefit and complicated and is listed below:

https://www.ssa.gov/history/taxationofbenefits.html
useful link, thanks. Supports what Alan S. said above.
by kaneohe
Sat Jul 07, 2018 7:05 am
Forum: Personal Finance (Not Investing)
Topic: What I spent in 6 months on medicare
Replies: 159
Views: 12628

Re: What I spent in 6 months on medicare

No, that is incorrect IRMAA tacks on an additional charge to both Part B and Part D monthly premiums. I agree with this. What is "incorrect"?? I believe the affects of IRMAA are identical whether on Original Medicare and a drug plan - AND Medicare Advantage plan with the drug plan. Am I correct? Ye...
by kaneohe
Fri Jul 06, 2018 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Excess Roth IRA conversion resulting MAGI over 170K
Replies: 27
Views: 2206

Re: Excess Roth IRA conversion resulting MAGI over 170K

The above example assumes that the taxes on the conversion are paid from the TIRA distribution. Results from the conversion are more positive if the taxes are paid from outside funds, and that is how most conversions are handled. Here is an interesting demo from Bob Keebler showing how results of a...
by kaneohe
Tue Jul 03, 2018 5:45 pm
Forum: Investing - Help with Personal Investments
Topic: Taxes for those drawing income
Replies: 9
Views: 922

Re: Taxes for those drawing income

Some family friends retired in early to mid 60s . With lowered income in the 15% bracket, they decided to do Roth conversions to top of 15% bracket. Due to significant other income (interest, dividends,CG distributions, SS) from a non-optimum portfolio , only a small amount could be converted each y...
by kaneohe
Mon Jul 02, 2018 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: IRS inquiry regarding backdoor Roth
Replies: 13
Views: 2065

Re: IRS inquiry regarding backdoor Roth

............................................ I need to understand this. I have a Rollover IRA which has a combination of non-deductible contributions and pre-tax rollover, and I was going to rollover the pretax to employer 403b and then convert the non-deductible to Roth with no tax implication. Se...
by kaneohe
Mon Jul 02, 2018 12:05 am
Forum: Personal Finance (Not Investing)
Topic: Keeping or breaking a CD in favor of another with tax impact
Replies: 6
Views: 609

Re: Keeping or breaking a CD in favor of another with tax impact

................................................ 1)One of the things i'm unclear on is if the early withdraw penalties are tax deductible on federal and CA state returns. 2)Also, how does the deduction work? The bank reports the full interest i accrued as income and also reports the penalty i paid ...
by kaneohe
Sun Jul 01, 2018 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to "forfeit" income to avoid IRMAA cliff
Replies: 27
Views: 2499

Re: Any way to "forfeit" income to avoid IRMAA cliff

Does tax exempt income, such as municipal bond interest, count towards the IRMAA calculation? yes: "Notably, these “income-related monthly adjustment amount” (IRMAA) surcharges are applied based on Modified Adjusted Gross Income (which in this case is simply the individual’s Adjusted Gross Income, ...
by kaneohe
Sat Jun 30, 2018 7:50 am
Forum: Personal Finance (Not Investing)
Topic: New IRS forms
Replies: 4
Views: 753

Re: New IRS forms

Do you mean worksheets or do you mean schedules? Worksheets in the past were not sent in. The schedules contain important info that were removed from the forms so somebody could brag about postcards. Since they were originally on the forms, I would think they would be sent in to help understanding t...
by kaneohe
Fri Jun 29, 2018 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Roth Ira: File Amended Return - Excess Withdrawn Today !
Replies: 7
Views: 479

Re: Roth Ira: File Amended Return - Excess Withdrawn Today !

http://fairmark.com/retirement/roth-acc ... roth-iras/

Something to read while you're waiting for Alan S. to give you the real answers.
by kaneohe
Wed Jun 27, 2018 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 156
Views: 16841

Re: IRS publishes draft 2018 1040 - Huge changes made

Does anyone know whether the new IRS forms will be mailed to the taxpayers? Tax forms have not been automatically mailed out for many years. However, if you call 1-800-tax-form and request the forms after December 1, 2018, the IRS will mail the forms to you. .....you can also order the forms online...
by kaneohe
Wed Jun 27, 2018 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated taxes question
Replies: 12
Views: 717

Re: Estimated taxes question

from the 1040-ES instructions: I guess I would make a copy of the "Quarter" you are paying for and then label subsequent ones e.g. 3A, 3B, 3C etc. "TIP: You can make more than four estimated tax payments. To do so, make a copy of one of your unused estimated tax payment vouchers, fill it in, and mai...
by kaneohe
Wed Jun 27, 2018 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 156
Views: 16841

Re: IRS publishes draft 2018 1040 - Huge changes made

Does anyone know whether the new IRS forms will be mailed to the taxpayers? Tax forms have not been automatically mailed out for many years. However, if you call 1-800-tax-form and request the forms after December 1, 2018, the IRS will mail the forms to you. .....you can also order the forms online...
by kaneohe
Wed Jun 27, 2018 10:47 am
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 156
Views: 16841

Re: IRS publishes draft 2018 1040 - Huge changes made

The age and blindness questions are now asked in the first few lines of the postcard. With tax software, I assume that is all taken care of by the time you get to the bottom line. If doing by hand, I don't yet see where to make the subtraction. Line 8 on backside is std/itemized deduction. Just lik...
by kaneohe
Tue Jun 26, 2018 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 156
Views: 16841

Re: IRS publishes draft 2018 1040 - Huge changes made

yousha wrote:
Tue Jun 26, 2018 9:37 pm
If one is over 65 years of age and single, my understanding is that one can add $1350 to the $12,000. Where can one find that on the new tax form? (Standard Deduction)
It's not on the 2017 form either. The 1040 refers you to the instructions for the 1040 and the number is in a table there.
by kaneohe
Tue Jun 26, 2018 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Taxability of non-resident state income tax refund.
Replies: 4
Views: 368

Re: Taxability of non-resident state income tax refund.

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/1099-information-returns-all-other/1099-information-returns-all-other Did you get a benefit from itemizing that 5K tax? The part that is taxable depends on how much benefit you got vs the std. deduction. See the wksht in the referenc...
by kaneohe
Tue Jun 26, 2018 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Taxability of non-resident state income tax refund.
Replies: 4
Views: 368

Re: Taxability of non-resident state income tax refund.

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/1099-information-returns-all-other/1099-information-returns-all-other Did you get a benefit from itemizing that 5K tax? The part that is taxable depends on how much benefit you got vs the std. deduction. See the wksht in the referenc...
by kaneohe
Sun Jun 24, 2018 11:41 am
Forum: Personal Finance (Not Investing)
Topic: 529 tax question
Replies: 15
Views: 1251

Re: 529 tax question

@kaneohe I remember reading that point. Just above that, there is this: "You must file a gift tax return to split gifts with your spouse (regardless of their amount) as described in Part 1—General Information." I understood those two combined to mean: in the absence of explicit gift tax filing to t...
by kaneohe
Sun Jun 24, 2018 7:44 am
Forum: Personal Finance (Not Investing)
Topic: Gifting in a community property state
Replies: 7
Views: 675

Re: Gifting in a community property state

https://www.bogleheads.org/forum/viewtopic.php?f=2&t=252389&newpost=3987555&view=unread#unread see the 709 instructions in your other thread. ....the wording is whether it is community property, not whether it is in a community property state.......tho it's usually the same, I suppose you can have ...
by kaneohe
Sun Jun 24, 2018 6:47 am
Forum: Personal Finance (Not Investing)
Topic: 529 tax question
Replies: 15
Views: 1251

Re: 529 tax question

"If a gift is of community property, it is considered made one-half by each spouse. For example, a gift of $100,000 of community property is considered a gift of $50,000 made by each spouse, and each spouse must file a gift tax return" "Likewise, each spouse must file a gift tax return if they have ...
by kaneohe
Wed Jun 20, 2018 11:10 am
Forum: Investing - Help with Personal Investments
Topic: 529 plan - did I do something bad?
Replies: 6
Views: 1029

Re: 529 plan - did I do something bad?

You can split the gift on your 709 so that half comes from you and half from wife. In a community property state, the publication(or instructions) say that the assumption is that is from both so I have not been filing...not sure if that is ok or not. I didn't see anything about a gift from jt. prope...
by kaneohe
Wed Jun 20, 2018 7:12 am
Forum: Personal Finance (Not Investing)
Topic: Missed RMD - IRS penalty waiver process?
Replies: 13
Views: 1343

Re: Missed RMD - IRS penalty waiver process?

I have never heard of anyone being charged a penalty in the situation you described. Did you write RC with the amount of the RMD in parenthesis on the dotted line next to line 54 as well as a zero for the line itself? Thanks for those instructions........thought there would be instructions for line...
by kaneohe
Sat Jun 16, 2018 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Contributions & Lifetime Gift Tax Exclusion
Replies: 2
Views: 382

Re: 529 Contributions & Lifetime Gift Tax Exclusion

Agree w/ you on both points. On pt 2, you could similarly contribute 45K in yr 2............which could be split 9K over yrs 2-6 but then could not contribute any more till yr 6.
by kaneohe
Sat Jun 16, 2018 7:39 am
Forum: Investing - Help with Personal Investments
Topic: Should fixed income allocation necessarily change over the years?
Replies: 11
Views: 732

Re: Should fixed income allocation necessarily change over the years?

A possible way of thinking about your situation: 1) a more conventional conservative allocation 50-50 Once you have achieved that in an amount sufficient to support you under various situations, 2) then you are investing the excess in equities (for heirs/charities). The net result is a higher than c...
by kaneohe
Fri Jun 15, 2018 11:51 am
Forum: Personal Finance (Not Investing)
Topic: I think I made an Traditional IRA mistake- Can it be fixed?
Replies: 60
Views: 3679

Re: I think I made an Traditional IRA mistake- Can it be fixed?

If I take the money from my amended return refund (late tIRA deduction) and reinvest it into the same tIRA will that reinvestment be tax deductible again? Am I thinking about this wrong? thanks Perhaps it might help not to think about "where" the money came from.......in the OP, you were thinking o...
by kaneohe
Wed Jun 13, 2018 10:18 am
Forum: Investing - Help with Personal Investments
Topic: Confused about 2018 capital gains tax rules
Replies: 11
Views: 1401

Re: Confused about 2018 capital gains tax rules

........................................... 1)From what I have read, it appears that long-term capital gains in 2018 are treated, more or less, as capital gains in 2017. 2) That is, the gains will be taxed based on my income level excluding the gains. 3)Thus, if my income minus dedications is less ...
by kaneohe
Tue Jun 12, 2018 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term gains and Tax Bracket
Replies: 14
Views: 1700

Re: Long-term gains and Tax Bracket

..................... Perhaps I'm missing some core concept . I don't understand how specially-taxed income (eg Long term gains, Roth withdrawals) and normal income (eg a paycheck from work) are calculated within the tax bracket. Is the "normal" income taxed at the higher or lower end of the tax br...
by kaneohe
Fri Jun 08, 2018 3:40 pm
Forum: Personal Consumer Issues
Topic: Source of objective assessment of Medicare B,C,D
Replies: 33
Views: 2039

Re: Source of objective assessment of Medicare B,C,D

https://www.google.com/search?source=hp&ei=VOYaW4vcEYrY_wTaqLSoBw&q=rating+medicare+supplement+insurance+companies&oq=rating+medicare+&gs_l=psy-ab.1.0.0l2j0i22i30k1l8.292.5281.0.15509.17.15.0.1.1.0.80.1015.15.15.0....0...1c.1.64.psy-ab..1.16.1019.0..35i39k1j0i67k1j0i131k1j0i20i264k1j0i20i263k1.0.JL...
by kaneohe
Thu Jun 07, 2018 10:53 am
Forum: Personal Finance (Not Investing)
Topic: 60-day rollover withholding question
Replies: 3
Views: 251

Re: 60-day rollover withholding question

The distribution (100%) will be reported to you on a 1099-R. Enter the distribution on 1040 line 16a. Enter 0 on 1040 line 16b for the taxable amount. Enter "rollover" for transaction description for line 16........so no special forms needed. Not familiar w/ TT but I would guess that it should guide...
by kaneohe
Thu Jun 07, 2018 9:10 am
Forum: Personal Finance (Not Investing)
Topic: Question on RMD Example From IRS.GOV
Replies: 3
Views: 368

Re: Question on RMD Example From IRS.GOV

In the example 2 below, if there are NO IRA funds by January 1, 2015 (Say, all funds were converted by December 2014), then can one assume that NO RMD (for 2015) is involved as there are funds? Extract From IRS.GOV: ........................... Ex 1: deleted Ex 2: You are retired and your 70th birth...
by kaneohe
Thu Jun 07, 2018 7:08 am
Forum: Investing - Help with Personal Investments
Topic: RMD donations using checks
Replies: 26
Views: 1463

Re: RMD donations using checks

................................................n the string of responses asked why not just have Vanguard send the check directly. That's a good strategy 80% of the time for planned giving. The other 20% is when the charity is promoting a "match" (such as what public television frequently does), o...
by kaneohe
Mon Jun 04, 2018 3:20 pm
Forum: Investing - Help with Personal Investments
Topic: Annuitizing a deferred / variable annuity?
Replies: 41
Views: 2136

Re: Annuitizing a deferred / variable annuity?

There is usually no good solution to an investment-type annuity. If you cash it in all at once, you'll bunch the income into a single year. If you keep it, including if you annuitize it, you'll continue to incur the costs of the annuity and you'll continue to turn the future qualified dividends and...
by kaneohe
Mon Jun 04, 2018 7:45 am
Forum: Investing - Theory, News & General
Topic: HSA and FSA for Married Couple?
Replies: 6
Views: 527

Re: HSA and FSA for Married Couple?

https://www.hsaedge.com/2017/08/17/can- ... a-and-fsa/

Seems to agree w/ you . Not sure what to do........can you at least stop one of the plans now?
by kaneohe
Mon Jun 04, 2018 6:25 am
Forum: Personal Consumer Issues
Topic: How a credit card refund is applied?
Replies: 27
Views: 1802

Re: How a credit card refund is applied?

This , in my experience, seems to be company-related. Most often for me, the credit is applied to the next payment due. However, there is at least one company that makes you pay the full next payment and applies the credit to the next payment after that. Call them.........if you get 2 out of 3 answe...
by kaneohe
Sun Jun 03, 2018 6:08 am
Forum: Personal Finance (Not Investing)
Topic: Ca. state tax question
Replies: 10
Views: 933

Re: Ca. state tax question

It may be useful to understand that the CA 540 form starts w/ Fed AGI on the 540 line 13. To tweak that into CA AGI, you use Sch CA (540) to adjust the various line items. It helps that the line item numbers on that form are consistent w/ the 1040 line numbers. There may be some confusion about exac...
by kaneohe
Fri Jun 01, 2018 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: I think I made an Traditional IRA mistake- Can it be fixed?
Replies: 60
Views: 3679

Re: I think I made an Traditional IRA mistake- Can it be fixed?

................................................... Btw retiredjg, what type of pre tax income sources could be used to make a deductible Tira contribution? A work sponsored plan where the money is taken out of a paycheck before taxes? Any other examples of a deductible Tira contribution? I can't s...
by kaneohe
Fri Jun 01, 2018 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: I think I made an Traditional IRA mistake- Can it be fixed?
Replies: 60
Views: 3679

Re: I think I made an Traditional IRA mistake- Can it be fixed?

don't know what paid preparers use but the Volunteer AARP Tax-Aide folks use this form https://www.irs.gov/pub/irs-pdf/f13614c.pdf Pt IV...line 2 asks about retirement plans/IRAs. In the real world, taxpayers sometimes don't fill it out correctly/completely and the preparer is supposed to nag about ...
by kaneohe
Fri Jun 01, 2018 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: I think I made an Traditional IRA mistake- Can it be fixed?
Replies: 60
Views: 3679

Re: I think I made an Traditional IRA mistake- Can it be fixed?

................................................................ I pay a guy to do my taxes but I didn't think I needed to mention my TIRA until realizing just today that I was using post-tax dollars to contribute. thanks You may want to reconsider if this is the right guy for you. The tax guy shou...
by kaneohe
Fri Jun 01, 2018 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 2210 annualized
Replies: 5
Views: 436

Re: IRS Form 2210 annualized

Thanks. Looks like a nice calculator........easy to input data. Seems to be missing the old folks extra deduction tho. It also has other problems. See When can you buy TurboTax for 2018 tax year? - Bogleheads.org for some alternatives. Thanks for the warning! No kids so may be ok for now. It got sa...
by kaneohe
Fri Jun 01, 2018 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: I think I made an Traditional IRA mistake- Can it be fixed?
Replies: 60
Views: 3679

Re: I think I made an Traditional IRA mistake- Can it be fixed?

................................................................... Your post was very helpful. I am definitely contributing after-tax (non-deductible) dollars. My contributions are coming out of my paycheck which has already been taxed. This is a bit confusing...........are you saying you are maki...
by kaneohe
Fri Jun 01, 2018 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 2210 annualized
Replies: 5
Views: 436

Re: IRS Form 2210 annualized

Thanks. Looks like a nice calculator........easy to input data. Seems to be missing the old folks extra deduction tho.
by kaneohe
Fri Jun 01, 2018 11:43 am
Forum: Personal Finance (Not Investing)
Topic: IRS Form 2210 annualized
Replies: 5
Views: 436

Re: IRS Form 2210 annualized

Hi, Is there a excel worksheet or online site that I can enter my income to annualized for the form 2210? I don't need it to calculate the tax or the penalty, just to annualized the income and itemized deductions. Thanks Don't know of any but to annualize the income isn't it just a matter of gettin...
by kaneohe
Thu May 31, 2018 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: I think I made an Traditional IRA mistake- Can it be fixed?
Replies: 60
Views: 3679

Re: I think I made an Traditional IRA mistake- Can it be fixed?

If you were in the 25% bracket when you made a "already taxed" contribution to TIRA, you paid 25% on that contribution. If you make a pretax contribution (by deducting your contribution), then you will pay taxes at your marginal rate when you withdraw. If your rate is 15% when you retire/withdraw yo...