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chemocean

Our estate planning includes the possibility of the surviving spouse declaiming some of their inherited tax deterred funds to pass them onto the inherited IRAs of non-spousal contingent beneficiaries of the deceased owner. According to a recent Morningstar podcast (Longview), a couple should prepare...

chemocean

Wear around the house, and gardening. But not off our lot. Has worked really well in COVID year.

chemocean

Under the SECURE act, I think the deferral of the 10-year rule only applies to a dependent of the original owner. You did not indicate the relationship between your son and the original owner.

chemocean

... If you don't name beneficiaries, the inherited IRA go to the estate, which is not a person, and must be withdrawn in 5 years instead of 10. It depends on the default provisions of the IRA agreement. Some default to the spouse, or if none then to the issue (descendants), or if none then to the e...

chemocean

I was slow on the uptake in 2019 after passage of the SECURE act. In early 2019, I did some capital gains harvesting at a low capital gains rate. In mid-2019, I decided I needed to convert tIRA to Roth IRA to the next level because of the Secure Act. But I don't want to loss the low capital gains ra...

chemocean

I was the patron at our public library to request that the library buy the book and was the first to read it. Couple things that I was aware of that he emphasized concerning Roth conversions to a point: 1) Tax brackets for the surviving spouse are lower and narrower- convert judiciously while filing...

chemocean

We bought a house in a development in which houses started to be built in 1995 that was bought from the adjacent commercial property. At that time a fence was constructed across the back of all the lots by the developer. The commercial property had the good side of the fence and the posts were not l...

chemocean

Couple of other things to consider: 1) Under present conditions (i.e., following the Forums guidelines), the 22% rate become 25% rate in 2026, so definitely convert through 2025 to a modest margin below the first projected IRMMA threshold two your hence, 2) If you are charitably inclined, "some...

chemocean

It has also been advised that the disclaimer document be written by an estate attorney to assure that the language conforms with state law on disclaiming. (in the state that original owner resided?)

chemocean

If you wait, establish an IRS online account and get a PIN for this year's return to avoid fraud from someone else filing your return for you. How is it I've never considered this idea? Thanks for the suggestion. I think this is the first year you can get the PIN voluntarily without having had your...

chemocean

If you wait, establish an IRS online account and get a PIN for this year's return to avoid fraud from someone else filing your return for you.

chemocean

I would suggest that you look to see if their is a non-profit Tool Library operating within a reasonable distance from your home.

chemocean

I have an account and want to do same for my spouse now. We generally share the same email address for these kinds of things. Would that be a problem setting up her account? don't know, but probably. But since IRS has your cell number, you should be able to use that cell number if you file jointly.

chemocean

Carrier not the correct reason. We have Verizon and was in the same situation. Your cell phone is not in their system (i.e., you did not include your phone number in the space below your signature on page 2 of your return). Now, why would anyone want not to give the IRS their cell phone number. Bea...

chemocean

I agree that the COSTCO is a good high baseline. If you are looking in the fall to buy last years models, you can get a better deal if you are willing to accept an actual car on the dealers lot rather than special order the specifics of your want list. Last car I purchased, I made a spreadsheet of a...

chemocean

Got to the final action; and IRS could not verify my cell phone # to send code to complete the exercise. Suspect because my cell phone is with a non "main line" carrier. Carrier not the correct reason. We have Verizon and was in the same situation. Your cell phone is not in their system (...

chemocean

Did the lid sensor check out ok? If that goes bad it can stop the machine from draining or running at all. Not the same washer, but I've replaced the lid switch on our 27-year-old washer twice and once I simply used a cable tie to fix it. We just borrowed the extra washer from a nearby family membe...

chemocean

You've gotten good advice. I'd just add there should be an easily accessible food/particle trap at the bottom where the water drains (inside the dishwasher) that you should remove and rinse out in the sink every six months or so. That should be documented in the manual, and if you don't have the pr...

chemocean

Our 10-year Whirlpool Cabrio washing machine Whirlpool Cabrio stopped spinning during one cycle and we had to wring the clothes out. The machine just clicked and won't start the first cycle on the next load. Manual said that there may be something clogging the drain line. Took the whole drain line a...

chemocean

Depending on the design of waste handling system, you might need a pump tank and a pump to get the waste in the basement up to the sewer or septic connection for the house.

chemocean

Roth conversions are the solution. The marginal tax rate of a Roth withdrawal is 0%. But during the 11th year after the death of the surviving spouses, the principal of the Roth IRA will start throwing off dividends at about 1% a for large cap equity Index funds in the trust, which the Trustee will...

chemocean

Roth conversions are the solution. The marginal tax rate of a Roth withdrawal is 0%. But during the 11th year after the death of the surviving spouses, the principal of the Roth IRA will start throwing off dividends at about 1% a for large cap equity Index funds in the trust, which the Trustee will...

chemocean

I felt blindsided by the SECURE act, as we saved and invested aggressively into ROTH and 403B plans with the goal of providing a lifetime of shelter and care for our adult child who has a history of mental illness. ... Something I never realized until reading this board is that trusts pay taxes on ...

chemocean

I felt blindsided by the SECURE act, as we saved and invested aggressively into ROTH and 403B plans with the goal of providing a lifetime of shelter and care for our adult child who has a history of mental illness. ... Something I never realized until reading this board is that trusts pay taxes on ...

chemocean

I felt blindsided by the SECURE act, as we saved and invested aggressively into ROTH and 403B plans with the goal of providing a lifetime of shelter and care for our adult child who has a history of mental illness. ... Something I never realized until reading this board is that trusts pay taxes on ...

chemocean

Makefile is correct. If you taxes are $7500 or more, definitely line 16 but might be as high as line 18 in 2020 F1040, you will be getting the $7500 either paying the years taxes you haven't paid yet or getting a refund.

chemocean

Some posters mentioned tax rate of surviving spouse as well as heirs with the passing of the surviving spouse. While alive you have control of the conversions. Once the surviving spouse passes, a non-spousal beneficiary has only 10 years to close the traditional IRA. Depending on the amount of your ...

chemocean

Is your son still your dependent and attending school? Usually, if your child is going to college and is using your card, your insurance should allow you to change the garaging address of the car to his college address. If not, your son is no longer part of your household and is not covered under yo...

chemocean

Fed retiree here with 5 agencies and three cross-country PCS (permanent change of station). We ended up using Graebel movers for all three moves. Must have a federal contract. All three moves went well, except the day labors that unpacked the truck they picked up at Home Depot at one new location we...

chemocean

If you go the safe deposit box, make sure you have a trusted person as owner of the box to obtain the documents if you are out of the area or passed away. We are in the process of switching that person to the next generation in our family. This is especially true for Wills. If the original Wills are...

chemocean

Some thoughts from my own experience with my parents. As mentioned above, if your aunt accepts the situation that she will not be moving back to her condo, I would suggest start cleaning it out now and sell it even though it is in a trust. Take a careful look at ALL her assets. Some small assets not...

chemocean

Same here for 1st stimulus payment received in 2020 for deceased in 2018. Eventually, IRS issued guidance to return payment. I would wait until IRS says how to handle. For the1st stimulus payment I also received a check in 2020 for a relative deceased in 2018. The envelope that the check came in ha...

chemocean

Any recommendations on what to do if 2020 income is much higher than 2019 income? I have received all three stimulus checks and would not have received any of them based off 2020 income. If they continue to send checks over the summer and fall and into next year, can I just delay filing or not file...

chemocean

Maybe I'm late to the game here, but what were the first 2 stimulus checks? I knew about the first one. We missed out on that because our 2019 income was too high. I didn't even realize there was a second one. Was it also based on 2019 income? We should qualify for the third check based on much low...

chemocean

We are in a similar situation. Both children married and making their way through life working on advanced degrees, but not fully settled. However for us, we are planning on selling our home and moving once the children finally get settled down. With the loss of the stretch, we are using cash to con...

chemocean

Note that the tax brackets are based on taxable income. The IRMMA for Medicare are based on AGI for the tax year two years prior. If you go to the top of the 24% bracket, your AGI will cause your Medicare Premiums to increase to $425/month each month since your joint AGI would be greater than $330,0...

chemocean

Is there a Tool Library in your area that might have the tool?

chemocean

Ha! I read "after 100 days, all costs" to mean medicare paid all costs but now I see they mean patient pays all costs! thanks! Medicare pays for skilled nursing after 3 days of hospitalization, up to 100 days. As I understand the system, once the patient 1) stops improving or 2) has reach...

chemocean

I just replaced our 26-year 50-gallon old hot water not because it was failing. We are having family members house sit for us and we didn't want them to have to deal with it. The heater only cost about $900 (Bradford White) and another $300 to install in the same place, on a concrete slab in the gar...

chemocean

Ha! I read "after 100 days, all costs" to mean medicare paid all costs but now I see they mean patient pays all costs! thanks! Medicare pays for skilled nursing after 3 days of hospitalization, up to 100 days. As I understand the system, once the patient 1) stops improving or 2) has reach...

chemocean

Yes, I think so from the text that everyone has been quoting on this forum.

chemocean

OP - This doesn't have anything to do with your bank accounts, but you ought to contact the IRS and have them send you a PIN yearly. Our federal taxes were hacked about five years ago and someone filed as us. We didn't find out until we went to file our return electronically and our tax lady got an...

chemocean

I am not a lawyer nor CPA, but the change in laws for inherited IRA by the SECURE act was greatly impacted my estate planning. Under normal conditions, the funds in an traditional IRA need to be distributed within 10 years of the death of the original owner. While I was reading your post, some quest...

chemocean

Yeah, I'm holding off filing (I normally file at the last minute, anyway) as our 2020 income would prevent us from receiving the latest stimulus. Our 2019 income was much lower, well within the limits that have been widely discussed. Same here, large Roth conversions pushed over the edge for the 20...

chemocean

Yeah, I'm holding off filing (I normally file at the last minute, anyway) as our 2020 income would prevent us from receiving the latest stimulus. Our 2019 income was much lower, well within the limits that have been widely discussed. Same here, large Roth conversions pushed over the edge for the 20...

chemocean

Thanks for all the support for the value of the VITA program in helping those that are not as tech and financial savvy as those on this forum.

chemocean

If you have an unencrypted broadcast signal, get a IVIEW 3500STBII. Its a analogous digital converter that happens to be able to record the digital signal to usb medium storage (64 g flashdrive to a 1 tetrbyte harddrive). It is a digital VCR for upfront cost of $40 plus the storage device.

chemocean

I'm curious if the VITA program is less important now with TurboTax and the virtual interview system. Filing personal income taxes is way easier today than it was when one had to fill out all of the forms by hand. If you meet the income and filing status (not married filing separately) the service ...

chemocean

An alternative to the in-person Volunteer Income Tax Assistance (VITA) is now available completely remotely. The process pretty much follows the in-person process for clients whose AGI is less than $57,000. Since state tax are considered, non-profit organizations in each state/county run the process...

chemocean

I am VITA volunteer working completely remotely through https://www.getyourrefund.org/en The process pretty much follows the in-person process for clients whose AGI is less than $57,000. Since state tax are considered, non-profit organizations in each state/county run the process. The after the tax ...

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