Search found 2381 matches

by Eagle33
Mon Mar 18, 2024 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Value of Suspended Spousal Benefit
Replies: 15
Views: 1527

Re: Value of Suspended Spousal Benefit

I did not see any indication whether or not that your spouse would have no SS benefit on her record alone. Assuming she would not have her own benefit, then you must be receiving a SS benefit for her to receive a SS benefit. If however she does have 40 credits (10+ years) of wage history, she would can claim her SS benefit based on her work history whether or not you are receiving SS benefits. Claiming her prior to her FRA will reduce her benefit received. No reduction claiming at her FRA and DRCs earned if she delays claiming her own work history benefit but only until you claim your SS. Is her PIA greater than or less than half of your PIA? If her PIA is great, then there is no spousal benefit addition to her monthly benefit payment. If h...
by Eagle33
Mon Mar 18, 2024 1:01 pm
Forum: Personal Investments
Topic: Does PNC Bank have a good reputation for financial advisors?
Replies: 10
Views: 1580

Re: Does PNC Bank have a good reputation for financial advisors?

There are 3 worlds of money:
* The Banking World
* The Insurance World
* The Wall Street World

They each have their own strength and weakness when it comes to:
* Safety
* Liquidity
* Growth

Each world is trying to expand into the other 2 worlds.

Which world best matches you or your wife's desires the best.
by Eagle33
Fri Mar 15, 2024 4:50 pm
Forum: Personal Investments
Topic: Planning Parents' Retirement strategy
Replies: 9
Views: 1396

Re: Planning Parents' Retirement strategy

They are age 69 & 66 For Mom this year, open a Roth IRA & take ~$14k from her Traditional IRA into a Roth IRA. Pay taxes on that $14k (this should still keep them in the 12% tax bracket). After we do this, wouldn’t be able to touch this money for 5 years to avoid penalty. Your mom is over 59.5 and there is no 5-yr clock penalty on the proposed conversion amount. She can withdraw the full $14k from her Roth IRA once the conversion is settled without penalty or taxes. Her new/initial Roth IRA account still has a 5-year income tax clock on any earnings while in the new account if she withdraw any more than the conversion amount. Roth IRA sequence of withdrawals is first contributions, then conversions, then earnings only after both co...
by Eagle33
Fri Mar 15, 2024 12:17 pm
Forum: Personal Investments
Topic: Vanguard or Fidelity
Replies: 73
Views: 6487

Re: Vanguard or Fidelity

I am considering moving from Vanguard to Fidelity because we live in one of the states that Vanguard will not withhold state income taxes. Our state doesn't tax SS but does IRA withdrawals and would like to just pay both the Fed and state at the same time through a single method instead of separate sites.
by Eagle33
Fri Mar 15, 2024 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Medicare premium credit card auto-pay??
Replies: 5
Views: 1057

Re: Medicare premium credit card auto-pay??

We did it on medicare.gov and made a one-time credit card payment. Have done this the last couple of years. The only thing there is no clear indication what months have been paid, it just shows the payment amount & date the large payment was made. You have to do your own math using the correct premium amount for the year.
by Eagle33
Fri Mar 15, 2024 11:42 am
Forum: Personal Consumer Issues
Topic: Surprise! Wellcare part D free drugs. And I paid DiRx. Refund?
Replies: 17
Views: 1456

Re: Surprise! Wellcare part D free drugs. And I paid DiRx. Refund?

What annual payment? According to DiRx site
What do I have to pay for?
There are no membership fees with DiRx. You just pay for the price of your medicine.
by Eagle33
Thu Mar 14, 2024 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare premium credit card auto-pay??
Replies: 5
Views: 1057

Re: Medicare premium credit card auto-pay??

You can pay for more than 3 months at a time. I paid my Medicare Part B premiums for Mar'24-Dec'24 in Feb24 and won't get another bill until Nov24 for Dec24-Feb25 period.
by Eagle33
Fri Mar 01, 2024 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Downloadable Social Security Benefit Estimator [Updated for 2024]
Replies: 220
Views: 44784

Re: Downloadable Social Security Benefit Estimator [Updated for 2024]

If one has a high enough salary and keeps working after 60, then each additional working year should displace a previous year if the wage base continues to increase, and which would increase the benefit. The summary is that there are indeed situations where the wage base is relevant for one's benefit even after 60 (but yes, the index for earnings is fixed at age 60). Actually, the calculator allows for illustrating this nicely. Select a 1964 birthdate, and input wages of $2,000,000 from age 5 through 110. Keep the inflation selector at "1" (no wage or price inflations). Then change it to 2, which creates non-zero wage/price assumptions for all future years. Big difference in the future benefit! A high income person who works from...
by Eagle33
Thu Feb 29, 2024 8:11 am
Forum: Personal Investments
Topic: Checklist and Pointers for Opening Accounts with Fidelity
Replies: 12
Views: 1397

Re: Checklist and Pointers for Opening Accounts with Fidelity

What are "direct sold" IRAs? Do you mean you want to self-manage your IRAs?
by Eagle33
Thu Feb 29, 2024 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Downloadable Social Security Benefit Estimator [Updated for 2024]
Replies: 220
Views: 44784

Re: Downloadable Social Security Benefit Estimator [Updated for 2024]

neurosphere wrote: Wed Feb 28, 2024 9:17 am Now, if you expect additional earnings then inflation (in this case wage inflation) comes back into play. Because the amount of wages subject to SS and for which you get "credit" for changes with wage inflation. So it can make a difference to your benefit whether your wages are above the threshold or below.
Doesn't the wage inflation factor at 60+ get fixed at 1.0 and the only way new wages changes PIA is if the new wage is greater than the lowest older year's adjusted wage? Seems to me wage inflation is not a factor after 60.
by Eagle33
Tue Feb 27, 2024 11:11 am
Forum: Personal Finance (Not Investing)
Topic: UPDATE -Social Security - Delayed Retirement Credits Question
Replies: 34
Views: 4729

Re: UPDATE -Social Security - Delayed Retirement Credits Question

I am in a similar situation. We may have to wait up to 2 years before we get all the DRCs credited when they run their automatic DRCs. Checkout these links from MMSS. https://maximizemysocialsecurity.com/do-i-need-remain-patient https://maximizemysocialsecurity.com/feedback-regarding-drcs I applied at 69 and a half in September and got DRCs up to my 69th birthday (March 2023), missing 6 months of DRCs. When my February check did not show the 6 months DRCs (as many have stated in this blog), I thought I’ll go to the SS local office and give it a try. I was assigned to a nice agent (which is rare with the government) and she took my information to the back office to meet with others and came back about 20 minutes later with some scratch pape...
by Eagle33
Mon Feb 26, 2024 11:33 am
Forum: Personal Investments
Topic: Portfolio Review request: I am a fumbling beginner
Replies: 29
Views: 3899

Re: Portfolio Review request: I am a fumbling beginner

1. My first from yesterday: “About two months ago, I created a Trad IRA and diverted my automated savings into that new account…. Should I transfer [it] into my existing Roth? (which, I understand, means I'll pay some taxes now on this $1800). Or was it a good idea to start a Trad after all, and if so, do I fund both halfsies or put all into the Trad?” Since you can't deduct the contributions to a Trad IRA from your gross income on your tax return, a Roth IRA is likely the better way to go (regardless of your predicted tax-bracket in retirement being higher or lower than it is now). If the total balance is only $1,800, then converting this Trad IRA to a Roth IRA is likely a good idea. There is a Wiki topic on Traditional vs Roth that might...
by Eagle33
Sun Feb 25, 2024 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard RMD
Replies: 2
Views: 549

Re: Vanguard RMD

Vanguard website has not reached an idiot proof design level. So us intelligent folks need to not blindly click the first button.
by Eagle33
Sun Feb 25, 2024 2:11 am
Forum: Personal Finance (Not Investing)
Topic: IIRMAA - one time income and loss of salary - appealable?
Replies: 18
Views: 1850

Re: IIRMAA - one time income and loss of salary - appealable?

nostresshere wrote: Sat Feb 24, 2024 11:37 am We expect to sell our home soon and will have a profit of around $600,000.

that will cause a big hit to IRMAA..... any way to avoid that?
Is the $600k profit after the $500k exclusion for living in the house for 2 out the last 5 years?
https://www.irs.gov/taxtopics/tc701
by Eagle33
Sat Feb 24, 2024 10:15 pm
Forum: Personal Investments
Topic: Retirement withdrawals
Replies: 9
Views: 2042

Re: Retirement withdrawals

drspine wrote: Fri Feb 23, 2024 5:37 pm I have, and they wouldn't push us to a higher bracket.
Have you also checked the scenario after one of you passes on and the survivor is now using tax brackets for a Single person?
by Eagle33
Sat Feb 24, 2024 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Benefits payment confusion
Replies: 13
Views: 2033

Re: Social Security Benefits payment confusion

WeakOldGuy wrote: Fri Feb 23, 2024 11:56 am I just got off the phone from SSA/Medicare. They confirmed that, despite the wording in their Feb 2nd letter, they deduct the Part B premiums in the month the premium covers. So her first covered month is March and March will be the first month that the deduction occurs.
Are you saying that the March Part B premium is deducted from the February SS benefit that is received in March? Just trying to understand since SS is paid in arrears by 1 month.
by Eagle33
Mon Feb 19, 2024 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Overcontribution – Recharacterization questions
Replies: 7
Views: 709

Re: Roth Overcontribution – Recharacterization questions

Duckie wrote: Sat Feb 17, 2024 7:20 pm This will trigger the required recharacterization statement which will say something like: "On March 15, 2023 I contributed $6500 to my Roth IRA. On February 15, 2023 I recharacterized the entire $6500 contribution plus $100 earnings totaling $6600 to my TIRA because my income was too high."
Should the recharacterized date be February 15, 2024, not 2023?
by Eagle33
Sun Feb 18, 2024 10:14 pm
Forum: Investing - Theory, News & General
Topic: Roth conversion v. systemic withdrawals from tIRA
Replies: 23
Views: 2163

Re: Roth conversion v. SYSTEMATIC withdrawals from tIRA

celia wrote: Sat Feb 17, 2024 1:32 pm Only QCDs after age 70.5 can avoid the tax man, but that is limited to $100k a year.
Actual QCD limit began adjusting for inflation this year and the QCD limit is increased to $105k for 2024.
by Eagle33
Sun Feb 18, 2024 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: [RESOLVED] Tax Hypothetical for those with no earned income from a job.
Replies: 19
Views: 1565

Re: Tax Hypothetical for those with no earned income from a job.

OP, retired@50 post shows how income subject to capital gains tax rates stack on top of income subject to ordinary income tax rates. Ordinary income is identified in the graphic as "Regular Wage Income." But ordinary income also includes interest, short-term capital gains, and non-qualified dividends besides wage income. The graphics "Capital Gains Income" includes both long-term capital gains and qualified dividends. From the website I linked earlier... https://i.postimg.cc/0jnJSBjv/Screenshot-2024-02-16-at-4-30-18-PM.png Regards, While your various incomes stack on top of each other, both the tax rate brackets are lined up in parallel to your income stack. As more ordinary income is added, the more capital gains income...
by Eagle33
Fri Feb 16, 2024 7:19 pm
Forum: Personal Investments
Topic: ROTH IRA from Parent
Replies: 15
Views: 1554

Re: ROTH IRA from Parent

toddthebod wrote: Thu Feb 15, 2024 6:00 pm
bonesly wrote: Thu Feb 15, 2024 5:58 pm
Alan S. wrote: Thu Feb 15, 2024 4:57 pm But if they do name an individual beneficiary, the account will go through parent's estate subject to probate, and the 5 year rule will apply rather than the 10 year rule, cutting the time for the inherited Roth to grow by 50%.
Where are you getting this information from?
He obviously miswrote and meant don't.
That may be the case, but I would have expected a lawyer to verify wording prior to submitting. Us non-lawyers have come to expect more precision from lawyers since they will go to court over a word in a document.
Though lawyers are human beings like the rest of us.
by Eagle33
Wed Feb 14, 2024 6:17 pm
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6651
Views: 1202380

Re: Treasury I Bonds - interest

Namashkar wrote: Tue Feb 13, 2024 3:33 pm I do not understand how the interest rate is applied to I-bonds. I bought 10K worth of them on 1-1-2023 and at present they are earning 4.35% until the end of June, 2024. Does anyone knows here what would be the interest rate starting July 1, 2024?

Thanks,
Check back with me on May 1 and then I can tell you. :happy
by Eagle33
Wed Feb 14, 2024 10:48 am
Forum: Personal Investments
Topic: Keep IRA for Spouse or Convert
Replies: 13
Views: 1196

Re: Keep IRA for Spouse or Convert

If you live in a state now or move to one that has an annual tax exception for $XX,000 individual retirement account withdrawals for seniors, then it is beneficial to have IRA for each person. My state doesn't have this benefit so we Roth converted the smaller IRA to zero balance to both simplify RMDs and leave open the backdoor option for one of to continue make Roth contributions since one will never retire.
by Eagle33
Mon Feb 12, 2024 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax Q - Safe Harbor the First 3 Quarters then Pay Q4 on Final Tax Owed?
Replies: 3
Views: 506

Re: Estimated Tax Q - Safe Harbor the First 3 Quarters then Pay Q4 on Final Tax Owed?

My spouse is commission based income & I'm retired. We also do the 110% divided by 4 of previous year taxes for the first 3 quarters. 4th quarter we adjust to bring total estimated payments to match the actual required for current year.
by Eagle33
Mon Feb 12, 2024 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Safe IRMAA Estimate 2023 for 2025
Replies: 32
Views: 6432

Re: Safe IRMAA Estimate 2023 for 2025

HeelaMonster wrote: Sun Feb 11, 2024 2:54 pm
Since your actual alternate year (2003) income of $204,000 is under the actual threshold for IRMAA of $206,000 for 2024 coverage you will not be subject to an IRMAA surcharge for 2024 Medicare.
by Eagle33
Fri Feb 09, 2024 6:45 pm
Forum: Personal Investments
Topic: Transferring rollover iras
Replies: 8
Views: 1103

Re: Transferring rollover iras

What did your planned new custodian tell you when you spoke to them about the desired transfers?
by Eagle33
Wed Feb 07, 2024 10:36 pm
Forum: Investing - Theory, News & General
Topic: Collecting Social Security at 62 Leaves Me (and My Heirs) Better Off, Every Time
Replies: 143
Views: 14843

Re: Collecting Social Security at 62 Leaves Me (and My Heirs) Better Off, Every Time

Big Dog wrote: Tue Feb 06, 2024 9:49 pm That is why Mike Piper's model is morality-adjusted; so Kitces is making a normative statement vs. a quantitative or Financial one. And don't forget, Kitces has a personal financial incentive to recommend delaying as it means more assets earning AUM fees.

"It Is Difficult to Get a Man to Understand Something When His Salary Depends Upon His Not Understanding It"
Doesn't delay claiming SS force the person to take more income from the portfolio before taking SS? Doesn't this reduce AUM fees?
by Eagle33
Tue Feb 06, 2024 8:40 pm
Forum: Personal Investments
Topic: Maximizing dormant 401ks: How Would You Do It?
Replies: 12
Views: 1305

Re: Maximizing dormant 401ks: How Would You Do It?

ensign_lee wrote: Mon Feb 05, 2024 12:08 pm Are you ever planning on doing a backdoor Roth IRA? If not, I'd say just consolidate it at Robinhood with that 3% bonus they're offering (There's a giant thread here on bogleheads about it).

Looks like you'd qualify for ~$3k bonus if you transferred all of them there. Then just put it in VOO or VTI (vanguard etfs) and forget about them until retirement
One is locked in for 5 years at Robinhood paying their Gold subscription fee and can't draw accounts below what you transferred over, else will loose the 3% bonus.
by Eagle33
Sun Feb 04, 2024 3:18 pm
Forum: Personal Investments
Topic: Help With Explaining These 2 Funds
Replies: 15
Views: 1043

Re: Help With Explaining These 2 Funds

retired@50 wrote: Sat Feb 03, 2024 3:59 pm
LaramieWind wrote: Sat Feb 03, 2024 3:52 pm
retired@50 wrote: Sat Feb 03, 2024 3:46 pm
LaramieWind wrote: Sat Feb 03, 2024 3:41 pm
His daddy liked dividends, he uses the same non-fiduciary advisor that daddy did. Thinks dividends are a free ride. His broker lost his license and my friend blames FINRA. Still uses the same firm dispute numerous lawsuits over the years.
Given the level of loyalty described above, you might be better served to keep out of it entirely.

Regards,
Agreed. Really just taking the opportunity to educate myself.
I find the risk tab at Morningstar for SOAEX to be somewhat telling... 100+ = Extreme. Just in case anyone thinks the dividends are "safe".

Image

Regards,
VDE has the same Risk level of 100+ = Extreme at Morningstar.
by Eagle33
Thu Feb 01, 2024 9:45 pm
Forum: Personal Investments
Topic: Backdoor Roth conversion using funds from tIRA 2023 and 2024
Replies: 5
Views: 462

Re: Backdoor Roth conversion using funds from tIRA 2023 and 2024

Personally I would make 2 separate contributions on different days and then do 1 conversion. The different days will remind me that that they were for different years. No need to separate the conversion into 2 transactions - KISS.
by Eagle33
Wed Jan 31, 2024 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-LTC reporting
Replies: 4
Views: 674

Re: 1099-LTC reporting

If Box 3 is checked for reimbursement, then no reporting is necessary.
by Eagle33
Wed Jan 31, 2024 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to transfer 529 funds to child's account
Replies: 9
Views: 694

Re: Best way to transfer 529 funds to child's account

toddthebod wrote: Tue Jan 30, 2024 1:59 pm
renegade06 wrote: Tue Jan 30, 2024 1:41 pm Ah ok Thank you! Hopefully, I will have that problem of having $13 million, but it's highly doubtful at this point :D
Either way, it's easy enough to transfer up to the annual exclusion each year from your and your spouse's accounts (that would be $36,000 total this year) to your child's account, sparing you the paperwork.
Aren't the contributions to the son's as beneficiary 2 accounts consider part of the $18k annual gift limit per person not requiring reporting? $36k -$4k - $4k = $28k in total that can be transferred from the 2 parents ($14k/ea) 529 accounts to son's 529 accounts.
by Eagle33
Wed Jan 31, 2024 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-DIV: report total or individually by MF?
Replies: 13
Views: 1131

Re: 1099-DIV: report total or individually by MF?

Chuckles960 wrote: Tue Jan 30, 2024 1:43 pm
lstone19 wrote: Tue Jan 30, 2024 1:33 pm And that's the difference between a mutual fund account and a brokerage account. In a mutual fund account, you own the mutual fund directly so dividends are reported by fund. In a brokerage accounts, the mutual funds are in street name and National Financial Services, Fidelity's street name holder of record, reports the dividends to you as nominee.
Got it. Never knew that!

Thanks to everyone else as well.
That's why there are separate TIN for each mutual fund in a MF account, but only one for all the funds in a brokerage account.
by Eagle33
Wed Jan 31, 2024 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Treasury Direct I Bond 1099INT none available
Replies: 24
Views: 2618

Re: Treasury Direct I Bond 1099INT none available

I think I prefer to report interest on my I Bond on a yearly basis versus maturity. Why? I agree with the questioner, I would not do this either. I suspect the OP has some desire to shift taxation into the current years, much as we do with Roth conversions to reduce taxes later. But this places the onus on the OP to keep track of all the interest declared through the years, and then use a not-commonly-done process when the I Bond matures, declaring all the interest already paid with no or little balance due. I generally avoid anything that might trigger correspondence with the IRS, particularly the older I get. I agree. Plus if OP dies, then somehow OP must transfer their tax paid info to the executor or one that inherits not yet matured i...
by Eagle33
Wed Jan 31, 2024 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security: "You Have Earnings Not Covered By Social Security"
Replies: 39
Views: 4756

Re: Social Security: "You Have Earnings Not Covered By Social Security"

Please tell me how you open "the full info on each year" and see "which employer reported how much" on the lifetime earnings chart . On the SSA.gov "Earnings Record" page, I see a chart with three columns: Work Year, Taxed Social Security Earnings, and Taxed Medicare Earnings. I see no way to get the more detailed information that you describe. I just found this: From HOME (on the mySSA.gov), scroll down to Eligibility and Earnings , then click Review your full earnings record now . Then, just above the table that lists Work Year/Taxed SS Earnings/Taxed Medicare Earnings, is a sentence that reads “ Not sure if you need to request a correction? Take a closer look . Click closer look Now the table adds an additi...
by Eagle33
Tue Jan 30, 2024 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: SS Benefit Verification amt differs from Benefit Details online?
Replies: 24
Views: 3200

Re: SS Benefit Verification amt differs from Benefit Details online?

PGR wrote: Mon Jan 29, 2024 3:57 pm (Now if I only understood why the IRS doesn't utilize standard 4 month quarters for estimated tax payments)
Are you saying you have three(3) 4-month quarters in a year, assuming 12 months in a year? Maybe that is not helping in your calculations. :twisted:
by Eagle33
Sun Jan 28, 2024 5:58 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Customer Service Mega-thread
Replies: 1512
Views: 167369

Re: Vanguard Customer Service Mega-thread

retire2022 wrote: Sat Jan 27, 2024 7:59 pm Fidelity ranked 99, the highest score and Vanguard ranked 78.

https://www.visualcapitalist.com/sp/ran ... k-brokers/
Those numbers do not include Customer Service scores - Fidelity 93 and Vanguard 83.
by Eagle33
Sun Jan 28, 2024 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Sign up for Medicare ? New question added
Replies: 9
Views: 1315

Re: Sign up for Medicare ? New question added

We decided to go with my employer plan. I thought we did what needed to be done to decline Part B. But the $175 was deducted from his January payment. So, we need to contact them and see if it’s a delay or if we missed a step. BUT, he also ended up in the Emergency Room mid month, so we have a $1500 bill from that after my HDHP. If we kept him double covered, would Medicare pick up 80 percent of that? Does his red/white/blue Medicare Health Insurance card from Medicare only have HOSPITAL (PART A) coverage start date or does it also have a MEDICAL (PART B) coverage start date? Should only show a PART A coverage. Not sure how your employer's medical coverage works with PART A. I know that there is a PART A deductible ($1,632 in 2024) that ev...
by Eagle33
Fri Jan 26, 2024 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: High earner and dependents?
Replies: 5
Views: 1080

Re: High earner and dependents?

May prevent someone using your kid's SSNs and filing false tax returns.
by Eagle33
Thu Jan 25, 2024 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: Identifying Roth IRA Account Merrill
Replies: 5
Views: 487

Re: Identifying Roth IRA Account Merrill

I'm curious what Merrill Edge told you when you contacted them.
by Eagle33
Thu Jan 25, 2024 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Billing Question
Replies: 8
Views: 1013

Re: Medicare Billing Question

One should carefully consider the decision to have Part D be paid from SS. While Part B is unchanging and always paid to the government, Part D plan can change every year. Sometimes you may get the plan from the same insurance company, other years it may be much lower cost from a different insurance company. We have chosen to not pay the Part D via SS and pay which ever insurance company that can provide us the best plan for us that year, and not have to worry about having SS change who they are paying for us each year.
by Eagle33
Wed Jan 24, 2024 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Where to keep cash for future Roth conversions?
Replies: 2
Views: 455

Re: Where to keep cash for future Roth conversions?

Okay for equity fund in taxable and hold some cash in tax-deferred to help slow growth of deferred. Convert equity in deferred to Roth IRA. Then sell equity in taxable to pay taxes on conversion and exchange an equal amount of cash in deferred account to equities to maintain total portfolio AA.
by Eagle33
Sun Jan 21, 2024 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Calcuation
Replies: 12
Views: 1342

Re: Social Security Calcuation

MoonOrb wrote: Sun Jan 21, 2024 12:08 pm I didn't understand this for a long time so I learned how to calculate PIA myself and that process helped me get a better handle on it. it was on the labor-intensive side but I appreciated what I learned from it.
Not so labor intensive if one uses ssa.tools website to calculate PIA.
by Eagle33
Sun Jan 21, 2024 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: irs penalty for forgetting to inform about reduction of lifetime exemption limit
Replies: 3
Views: 883

Re: irs penalty for forgetting to inform about reduction of lifetime exemption limit

rm wrote: Sat Jan 20, 2024 2:15 pm Last year I ended up gifting too much stock to my son. The limit is $17K but I ended up giving him $20.5K.

Do I need to file any form on this or just make a note that this will reduce my lifetime exemption by $3.5K. Do I need to pay any taxes on the $3.5K extra?
Do you file your taxes jointly with your spouse, or does your son file his taxes jointly with his spouse? If either is yes, then no forms to file since either you & spouse together can give up to $34k to son last year, or you can give $17k+$17k ($34k) to your son & DIL last year without reporting the gift.
by Eagle33
Sun Jan 21, 2024 3:06 pm
Forum: Personal Investments
Topic: Helping my parents with their portfolio at Fidelity
Replies: 33
Views: 3756

Re: Helping my parents with their portfolio at Fidelity

If they are giving to charity your father being over 70.5 should consider giving via qualified charitable distributions (QCDs) annually from his inherited and personal IRAs. It can help lower their IRMAA MAGI.
by Eagle33
Sat Jan 20, 2024 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: How much tax does a beneficiary pay on a IRA rollover
Replies: 7
Views: 1123

Re: How much tax does a beneficiary pay on a IRA rollover

Why does niece move inherited IRA to Vanguard and then exchange from current funds to Vanguard Target Retirement Fund still inside the tax advantage inherited IRA? No tax consequence until she takes her withdrawal. Vanguard Target Retirement Fund is best inside a tax advantaged account rather than a taxable account.
by Eagle33
Sat Jan 13, 2024 5:56 pm
Forum: Personal Investments
Topic: investment question
Replies: 12
Views: 2085

Re: IRA investment question

Have you read the wiki topic Tax-efficient fund placement?
by Eagle33
Wed Jan 10, 2024 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Why does tax preparation software ask about Medicare premiums?
Replies: 16
Views: 2497

Re: Why does tax preparation software ask about Medicare premiums?

You are entering the SSA-1099 info into the tax software. Just as when you enter what is on a 1099-R.
by Eagle33
Tue Jan 09, 2024 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Prepaying Medicare Premiums through medicare.gov
Replies: 18
Views: 2506

Re: Prepaying Medicare Premiums through medicare.gov

It is my understanding Medicare defaults to 3-month bills, but can be requested to change to monthly billing.
I pay my Part B premium by credit card twice a year - 2-months in Nov. plus 10-months in Feb. for a Dec birthday. My account is still at quarterly billing, but don't receive the quarterly bills for prepaid months.
by Eagle33
Sat Jan 06, 2024 8:38 pm
Forum: Personal Investments
Topic: VMFXX -> Taxable Settlement -> $0.04
Replies: 5
Views: 950

Re: VMFXX -> Taxable Settlement -> $0.04

When you make your purchase of VUSXX, did you try buying with "100%" of the settlement account instead of a dollar amount? Maybe the late interest will then follow?