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prd1982

Some of us had to go snail mail route due to a reason beyond our control. Creating this to keep the hope alive, one day the snail will WIN the race :happy I also had to submit paper for a relative. Forget winning. Just looking forward to finishing. We can’t close the estate until we get the refund ...

prd1982

This is not a “time Bomb” or “tax torpedo”. It is simply the possibility to have some of your income taxed at a higher bracket. Most people in this country would love this problem. The title seems aimed at those people who consider taxes a sin.

prd1982

I've only been retired a little over 9 years. But since you haven't had a lot of replies: * Excluding income tax, charity and gifts, our spending has dropped approximately 2.5% a year in inflation-adjusted (real) terms. * Our non-COLA pension accounted for 1/3rd of our spending when I retired. We ha...

prd1982

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prd1982

ruralavalon wrote: ↑Fri Apr 02, 2021 3:27 pm Her company might want to consider a different plan provider.

As a new employee, I would not bring this up.

prd1982

I suspect the high expense ratios are because: * small number of users with small balances * company is having the participants to pay all/most the cost of running the plan * these are actively mananged funds. Even if index funds, the expense ratios would be higher than directly investing in a taxab...

prd1982

You first need to look up the cost basis of your holdings. You only owe taxes on the difference. Your yearly dividends & capital gains have been used to buy more shares. The cost of the new shares have been added to your basis. I suspect you will owe a lot less than you think. At a minimum, turn...

prd1982

illumination wrote: ↑Wed Mar 31, 2021 4:32 pm I agree, if anything it probably resulted in him [Mitt] paying more taxes.

Don't bet on it. He is a big donor to his church. Think QCDs & beneficiary. I'm pretty sure Mitt understood the tax rules for IRAs.

prd1982

MarkNYC,

Thanks for the info. Doing by hand reminds me why I love the H&R Block program. But this estate is too small to justify buying a tax program or hiring a tax preparer.

prd1982

jpelder wrote: ↑Tue Mar 30, 2021 10:34 am
Of course, with your mower being a Honda, it will probably outlive us all!

It’s already 10+ years. I’m mainly looking because of the noise. With so many folks working from home these days, I feel guilty running the mower while they are trying to use Zoom.

prd1982

I'm waiting to see Consumer Reports publish their real 2021 review of lawn mowers. Their current review is really for 2020 models. In particular, I'm hoping they test the new Ryobi XP Dual Blade model, which is designed to complete with the EGO dual blade model. I'm still not sure I want to replace ...

prd1982

Nothing new for her in 2021. In 2022, RMDs use new tables which reduce the amount that must be withdrawn each year. Thank you. Do the new tables apply to everyone, including those who have been taking RMDs for some time (e.g. my 80+ year old relative)? cj Apply to everyone. Note: I assumed we are t...

prd1982

Nothing new for her in 2021. In 2022, RMDs use new tables which reduce the amount that must be withdrawn each year.

prd1982

I'm just getting an idea of what the 1041 I must file for 2021 (in 2022) will look like. This is the final 1041 to file. The estate had a small amount of dividends and capital gains. I filled out the forms with the beneficiaries getting all of the income. This got me to like 23, taxable income, of m...

prd1982

Right, that's why I explained why I don't think it is a crime (or immoral) and why I don't think the relative does own 50% of the account. And the 2nd owner could say that he gave the OP half the money to invest. How are you going to prove that is is false? The courts would say they were joint owne...

prd1982

I would establish an account in my name only at the same company, link the accounts in your online access and then transfer 100% of the balance into the newly established account. No. If the money transferred, and it probably will not, it would be illegal. Now you are opening yourself up for being ...

prd1982

Personally, I’d stick with the Honda self-propelled. You still have to do the trimming, and perhaps use the Honda to cut the edges. Also, if you use a non-zero turn, it will probably take longer to cut. You sound like it is the time, rather than the work, that is your concern. The lawn tractor will ...

prd1982

Think you are going about this the wrong way. What type of subscription(s) do you want? For example, we get Netflix, Pandora and the NYTimes. We love them all, but for different purposes. We spend about $1,500/yr on all our subscriptions.

prd1982

I don’t know if a difference between selling at EJ or VG. But assuming about the same, I would move everything to VG that can be moved. VG can tell if any must be sold. Make sure you get screen shots of the cost basis before the move.if you can get by lot, that’s even better. The cost basis should m...

prd1982

To get back on topic — So how do you folks holding the same funds in taxable & ira handle this? Do you send dividends to the settlement accounts and then make periodic purchases when you are not expecting to TLH? Or do you use different, but similar funds such as Totak US market & SP500? Or ...

prd1982

Another very practical reason is that original cost of a decedent's assets are often unknown. How many posts have you seen on this forum by living individuals who don't know the basis of their holdings? I don't disagree. But the real fix was to require the company holding the investments to track t...

prd1982

If you consider the VG site as having too many ads, then you must really hate using the internet. I had to log on since I don't remember a lot of ads (esp. pop-ups). What I saw: * The pre-logon page was full of ads. But that's what I would expect. I went right to the logon boxes, which were easy to ...

prd1982

That would be my suggestion. Hopefully others will weigh in with their opinions.

prd1982

Average ending portfolio.

prd1982

There is no need to tell Medicare. Your 2021 income increase will cause an increased IRMAA in 2023. There is no need to appeal it either. Your request would be rejected. Your one year income increase will result in a one year IRMAA increase.

prd1982

I would like to suggest adding the final portfolio amts at the 5% & 10% levels. I would also consider showing them in descending order: worst, 5% 10%, median, average, highest. When it comes to retirement projections, I think it pays to focus on reasonably likely bad outcomes.

prd1982

Did you go to forms, and look at the 1099 entries, including hidden? Be sure to look at all copies (drop down)

prd1982

Did you check your refund status on the IRS site? It should at least show that the IRS tried to send you a refund. Perhaps it tells you that the ACH was rejected.

prd1982

lakpr wrote: ↑Thu Mar 18, 2021 8:54 am Given that there is a rather large age difference of 11 years between the two spouses, ...

Actually, the life expectancy difference is less than the more common "male is 5 years older" scenario. The only difference is that the female is statically more likely to die first.

prd1982

This appears to be software that financial advisors, not individuals, rent. I'm assuming your financial advisor rents it. Now, it is useful? No idea. But I suspect it is over-complicating the process. I'm assuming you have a couple of sources for income: * Social Security. Here the only decision is ...

prd1982

Personally I would do nothing. The IRS is likely to do nothing. If they send you a notice, just send them an explanation . Add a note to your 2020 tax package so you remember what happened.

prd1982

I have empathy for UI designers. Their work almost always gets panned by a large percentage of user forums. I think Windows 95 was the last time they got almost-universal praise

prd1982

Did the trustee give you a reason? Also, is the trustee a family member, friend of your mother, or a paid trustee?

prd1982

Thanks everyone for your comments. Sorry for the initial confusion. I'm leaning on the suggestion that several of you made -- stocks mostly in taxable, but keep enough in the IRA to do some rebalancing. As to Roth -- yep, I missed this big time. We were better savers than investors. Unfortunately, I...

prd1982

Are you taking RMDs from your IRA accounts? If not, then are you currently taking the standard deduction? If so, then you need to give enough to charity to be able to itemize. If you don't want to give that much, you can deduct up to $600 (MFJ) and still take the standard deduction. A Donor Advised ...

prd1982

Thanks for the comments. I have updated the initial post. We did fully contribute to our 401Ks, which are now IRAs. We then put our remaining un-spent money in a taxable account. In retirement, we moved to a 60/40 asset allocation plan. But we implemented that by having 60/40 in the IRA, and 60/40 i...

prd1982

Edit: I clearly misstated what I saying was a Bogle head recommendation. We have maxed out our 401Ks (now IRAs), and saved in a taxable account. In retirement, we have a 60/40 distribution. We had 60/40 in both taxable and the IRAs. Now I see the recommendation that we should have the taxable accoun...

prd1982

I would carefully consider taking an annuity from this kind of company. Perhaps taking the lump sum and investing your self would be safer. While the OP said annuity, I assume we really are talking about a pension. These are backed by the Pension Benefit Guaranty Corporation, a US Government Agency...

prd1982

I see how they could take away the annuity. This is a fortune 30 Telecom company that is going to take his/her accrued retiree benefits away if he/she doesn't retire by the end of the year. They can take away medical, but not the money. I also want to point out that they can drop the medical benefi...

prd1982

You are getting multiple opinions here that you should review. However, notice that we are all saying to avoid these "financial advisors". They are sales people, plain and simple. As already stated, they don't like the annuity because they make their money based on what you invest with the...

prd1982

I was just looking at our state’s site, and one company just asked for a 14% hike on policies written from 2014-18. Now, 14% isn’t as high as the rate increases on my 2004 policy. However, it shows me that at least some policy writers are still not pricing correctly.

prd1982

I think you will have to wait for the law to be finalized and signed before we know the answer.

Please tell me you were not able to file online this year.

prd1982

Am I seeing this the right way? You are correct. For 2021, they have changed the form so that this deduction is taken AFTER the AGI is calculated. So it will be equivalent to itemized deductions. I can only assume there was a minor issue with the law that specified that the new credit was before AG...

prd1982

This doesn’t qualify as an event that qualifies. Perhaps you want to re-work this title & text to ask if you should report this to the insurance commission of your state.

prd1982

When you say “withholding”, I assume you re not including estimated payments. Estimated payments only count if 4 equal on time payments.

prd1982

Did you verify that you didn’t accidentally override these values?

I would not submit until you the software gives the correct answer. I find it difficult to believe H&R testing would allow thierror to go out

prd1982

You might also consider looking for a new broker. What a terrible response to your panic call.

prd1982

After searching the TurboTax forums, I can confirm that both TT & H&R Block are following the same process to adjust the 1099-DIV for nominee income. They want you to enter the online form using the values from the 1099-DIV, and then put in an adjustment value for the amount of ordinary divi...

prd1982

I created a 1040 using my TurboTax 2014 program, and it showed the same behavior as H&R Block. So while the results seem wrong to me, I will go with them. I will call H&R Block support, but expect to be told it is working as designed. I will update this thread if I hear something back. Now I...

prd1982

See " What I Think is Happening " below. For my final analysis, see https://www.bogleheads.org/forum/viewtopic.php?p=5845928#p5845928 . We received a 1099-DIV for 2020 that includes dividends & capital gains that belong to the estate. We are trying to produce the 1040 for the taxpayer ...

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