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Silk McCue

I used the search box for “transfer ownership of 529” and found the following:

viewtopic.php?p=4958185#p4958185

Cheers

Silk McCue

Welcome to Bogleheads!

Yes it will be avoided.

As long as you have zero $ in any and all tax deferred IRAs on 12/31/2021 of the year in which you perform the Backdoor Roth you will not have an issue with the pro rata rule.

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Silk McCue

Welcome to Bogleheads! We get lots of posts like these. Mike Piper a member here and published author developed an exceptionally powerful tool that you can use without cost and with complete anonymity. It is very likely that you being older and with a lower FRA would be recommended to claim now and ...

Silk McCue

Check out this thread on the topic.

viewtopic.php?f=11&t=321815

Cheers

Silk McCue

Here’s what I know/believe. 1) The transfer of the quarterly dividends has to be custodian to custodian as you are only able to make one indirect rollover per year (as in 365/366 days point to point) from any of your IRAs. Serious IRS issues if you violate that rule. This issue is not specific to a ...

Silk McCue

Can you clarify the reason for the desired machinations?

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Silk McCue

Ignore her on this matter.

She isn’t you. Do what’s right for you.

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Silk McCue

We have a Wiki page for this topic.

https://www.bogleheads.org/wiki/Tax-eff ... _placement

FYI - 70 is the latest to claim Social Security. 72 is the age for required RMDs.

Cheers

Silk McCue

It is possibly connected to undisciplined investors bailing on the market in mass and then getting back in. Cheers We've also had a record amount of stimulus from the fed and into the hands of people. True, but the bulk of the nation have zero holdings in the stock market and actually needed to spe...

Silk McCue

It is possibly connected to undisciplined investors bailing on the market in mass and then getting back in.

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Silk McCue

I used opensocialsecurity.com which is widely used and highly regarding on Bogleheads and got different (lesser) results than you did. This may of course be an input error on my part. I have included a link that encapsulates the data entered so that you can look at it and edit it if needed. Benefit ...

Silk McCue

Depends on your overall portfolio, investment strategy, asset allocation, and preference. It is a 3.2% annual return for 10 years. +1 Depending on your other holdings I would consider this a bond like component of my portfolio and adjust my equities to compensate. 3.2% is a great rate in that role....

Silk McCue

The phone calls are recorded. If it turns out that they recharacterized the wrong year based upon what you told them on that call then they will need to fix it. I would give them a call to discuss.

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Silk McCue

dan7800 wrote: ↑Fri Apr 09, 2021 6:28 am
Thank you very much. The last thing that I want to do is anything illegal, so this knowledge of what is legal and not legal is extremely beneficial.

You are certainly welcome.

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Silk McCue

I will be having my first child soon. What if the family member decided to keep some of the funds for themselves, and then decided to put some of the $$ into a 529 for the child? Would my rationale of gifting the funds to family members who make <80k and having them immediately sell the funds for t...

Silk McCue

Thanks for the help all. One thing that I am currently looking into is if I can gift many of the shares to family members who make <$80K/year. Then they could sell the stocks and not pay LT CG due to them making less than the 80K threshold. That would be very generous of you. Some people try to avo...

Silk McCue

You’re miffed because Fidelity didn’t decide to become a credit card company but rather branded one with 2% cashback for it’s customers?

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Silk McCue

Yes. When i click on Holdings by Asset Type they are all displayed with each being a percentage of the portfolio.

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Silk McCue

I just double checked mine. The outside investments I track do show up, I just have to drill down to see them.

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Silk McCue

An 1/8th of a point.

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Silk McCue

So, I've never really paid attention to this, but it looks like indexes stop moving when the markets close, while underlying stocks, and so funds that track the indexes, continue to trade after hours. So, while the S&P 500 index closed just a hair under 4100, funds that track the index have mov...

Silk McCue

So I ran the numbers on the link you included and it advises that we don't claim until I'm 70 and she's 71. I'm not sure that makes sense in our case. I ran your numbers in the calculator and got the same result. I scrolled down and set alternate start dates. I set your start date to age 70 and the...

Silk McCue

FYI - there are threads here regarding the use of a HELOC in retirement to stay under the ACA cliff for a couple of years or so. Certainly similar in nature to what you describe.

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Silk McCue

The other fund that I've owned for a while (was gifted to me) is AMECX (ER .57). My LT capital gains on this is ~22k A backtest doesn't appear too favorable vs VTI - which is what I would convert this to. https://www.google.com/finance/quote/VTI:NYSEARCA?comparison=MUTF%3AAMECX&window=5Y Accord...

Silk McCue

For conducting the sale in the most tax efficient manner, this is where I am still a bit confused. - Does this mean I should coordinate the sales to not push me into a higher track? - Or are we referring to other actions that could be taken (eg charitable donations, coordinating with losses, etc......

Silk McCue

Sasquatch1 wrote: ↑Wed Apr 07, 2021 9:01 pm Someone correct me if I’m wrong but..

They force you to take the RMDs but it’s not taxable income. Could either use it or just reinvest it.

You are correct. You simply can’t reinvest it with the same tax efficiency as it had within the Roth 401k. No RMDs is superior.

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Silk McCue

Thank you very much everyone for the helpful advice. A few things: Is one thing that is not being considered the tax implications of retaining this actively managed funds? I assume that this would be an argument against keeping them Could I look at it in the sense that I will either be paying these...

Silk McCue

Yes you can roll it to a Roth IRA and avoid RMDs. There will be no taxes due on that rollover and it does not count as income for tax purposes. There are five year rules associated with Roth withdrawals that come into play. Take a look at this article for a quick education. https://www.schwab.com/re...

Silk McCue

Wanted to post an update. I cancelled the flights before I left to drive to the children’s hospital. Then sent the refund request with a physician’s note when we got back home 10 days later. American Air said the tickets were non refundable, but did give us credits. Happy with the results and our c...

Silk McCue

No reason not to make the Roth contribution and look into doing Roth conversions as well. ... That isn't necessarily true. As I stated "It all depends on your financial plan and income details." We do not know the OP's specific details. If choosing to contribute $7k to a Roth and paying t...

Silk McCue

That is a reasonable thing to do. However, since your income is lower you MAY be better off performing a Roth conversion and paying the taxes with the funds from your taxable account. It all depends on your financial plan and income details.

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Silk McCue

My elderly relatives received their 3rd stimulus payment via direct deposit today into the same account where they receive their Social Security and their 1st and 2nd stimulus payments. They never updated any information with IRS and do not file tax returns. So it looks like the Social Security Adm...

Silk McCue

Welcome to Bogeheads! I would definitely sell these funds in taxable and move to low cost diversified funds. However, I would encourage you to model the tax consequences of selling all or a portion of them as the long term gains are taxed at favorable capital gain rates. It could be that doing this ...

Silk McCue

This does make sense. And no I don't believe VG should complicate the reporting in order to support your desired view. You will need to manually track this in a spreadsheet if it is important to you.

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Silk McCue

Yes, I just had a separate question regarding the timing of the conversion. Specifically, I was wondering if it mattered when the conversion occurred. I was worried my question would get lost in my other thread and decided to start a new one. I don't mean to clog up the forum with similar threads a...

Silk McCue

Make sure you tell your 2020 tax software that you made a Traditional IRA contribution for 2020 tax year. If the contribution is non-deductible, it will enter $6000 IRA basis into form 8606 which will carry forward to the 2021 form 8606 and help reduce the taxable amount of the conversion that happ...

Silk McCue

You received the correct answer to this question a few days ago in your first post below. https://www.bogleheads.org/forum/viewtopic.php?f=1&t=345057&p=5922319#p5922319 You have also received correct answers here. Are the answers clear or do you have a follow-up question or need any clarific...

Silk McCue

The search bar upper right corner of this page is your friend.

Below is a post from January 2021 with 112 replies.

viewtopic.php?t=335148&start=50

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Silk McCue

Thank you all for suggestions. I just did another question with similar question, but with idea of putting money in core account with Roth. I have not figured out how to reply to a particular comment! You click on the “ in the upper right hand corner of the post that you want to quote in your reply...

Silk McCue

What did your brokerage say when you called them?

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Silk McCue

I Googled your question and found ... Are other forms of retirement income taxable in Maryland? Income from an IRA is fully taxed. Income from public pensions and private employee retirement plans is taxed, but taxpayers age 65 and older can claim a deduction against it. The deduction is $33,100, le...

Silk McCue

It’s 2020 that matters. Yes, you could have received $0 based on 2019 and will recover the full amount if you qualify using 2020. TurboTax and others will even walk you through the numbers so that you get it once your return is filed.

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Silk McCue

There is no liability since there never was a business and it was dissolved years ago. This happens often.

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Silk McCue

It's Staples, but I bought it nearly a year ago, and I doubt I could find the receipt. In any case, I find it hard to believe any store would take back a opened cartridge, they cant verify it's unused easily and can't resell it. Yes, a year is a little too late. Whether it’s hard to believe or not ...

Silk McCue

I’m pretty confident the answer is no given the cartridges design. Are you certain of the return policy of the place where you bought it?

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Silk McCue

My 87 year old mother has AARP branded United Health Care Supplement F. She has numerous providers and we simply don’t have issues of any kind with this well used plan.

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Silk McCue

Age, Gender and Health are contributing factors which only you know. Compare current prices in just a couple of minutes here.

https://www.term4sale.com/

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Silk McCue

You probate the Will, not the assets. Per the OP there is no will. Cheers Then they can’t probate the Will. Anything payable to the estate will pass by intestacy, most likely to the children. I assume that will involve lawyers and judges and paperwork and time. Wouldn't want $100k tied up unnecessa...

Silk McCue

bsteiner wrote: ↑Sun Apr 04, 2021 9:19 pm
You probate the Will, not the assets.

Per the OP there is no will.

Cheers

Silk McCue

From an estate perspective the biggest focus should be on the potential $10M inheritance down the road. If the source of that inheritance modified the associated will/whatever it is to designate your mother’s children as secondary beneficiaries to her, your mother could disclaim a portion of that fu...

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