Search found 1458 matches

by earlyout
Sat May 08, 2021 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: end-of-life values statement
Replies: 45
Views: 5391

Re: end-of-life values statement

After all is written and included in end-of-life documents what happens while you are dying still comes down to treatments that you select or deny. If you are incapable of making decisions then you need to have identified a single individual designated to make such decisions. I haven't seen it menti...
by earlyout
Mon May 03, 2021 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: end-of-life values statement
Replies: 45
Views: 5391

Re: end-of-life values statement

I think the best use of a "values statement" such as this is to use it as the basis for a series of discussions with family members and the person selected as your DPOA for healthcare. If partners, siblings, or children have only a cursory knowledge of your value statement there could stil...
by earlyout
Mon Apr 19, 2021 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Federal E-File rejected due to Duplicate 1099-R
Replies: 59
Views: 4402

Re: TurboTax creating duplicate 1099R

So you took two distributions, $11K and $2k. You received a 1099R for $13K total which is correct. Enter the single 1099R into TT and answer the questions indicating that 11K was converted to Roth and 2K was rolled over into an IRA. That should solve the problem. I think if you answer the questions ...
by earlyout
Mon Apr 19, 2021 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Federal E-File rejected due to Duplicate 1099-R
Replies: 59
Views: 4402

Re: TurboTax creating duplicate 1099R

When you took what you thought was your RMD and then rolled it back, your roll back should have included any gain on that RMD since the date it was withdrawn. I suspect that gain was $13 which was then correctly included as part of the total distribution from the IRA on the 1099R. After you enter AL...
by earlyout
Thu Apr 15, 2021 5:41 pm
Forum: Personal Consumer Issues
Topic: Securing Plastic Tote Boxes for Long Distance Move
Replies: 5
Views: 500

Re: Securing Plastic Tote Boxes for Long Distance Move

"banding film" (like saran wrap) is super-useful for moving and would secure your warped lids nicely and is easy to remove when done. Be generous with the amount you use. https://www.amazon.com/Stretch-Industrial-Strength-Self-Adhering-Packaging/dp/B085S4BPDK/ref=sr_1_35?dchild=1&keyw...
by earlyout
Sun Apr 11, 2021 8:06 pm
Forum: Personal Investments
Topic: Required minimum distributions: All to QCDs vs. ROTH conversions
Replies: 7
Views: 719

Re: Required minimum distributions: All to QCDs vs. ROTH conversions

What are your plans for the funds in the traditional IRA when you die? If you are certain that you will not need any of the funds in the IRA and it will all go to charities sooner or later, then I see no reason to pay the tax bills created by a Roth conversions. If the beneficiaries of the IRA will ...
by earlyout
Wed Mar 31, 2021 8:44 am
Forum: Personal Consumer Issues
Topic: Wife needs hearing aids, cost concerns
Replies: 51
Views: 4118

Re: Wife needs hearing aids, cost concerns

Saw the thread title, and came to say go to Costco and forget the other options, but it's clear that's been covered! As has been noted above by others, it can be overwhelming when you first wear them. My wife was exhausted after about 90 minutes because her brain was processing all sorts of noises ...
by earlyout
Fri Mar 19, 2021 7:43 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 3/18 update includes unemployment adjustment
Replies: 13
Views: 917

Re: H&R Block 3/18 update includes unemployment adjustment

I saw this in the update, but it didn't seem to apply the change to my IRA MAGI (by my count, I should now be in the deductible phaseout for a tIRA, but it still says I cannot deduct anything). Very quick rollout for a modification of this type and some things may have been overlooked. Suggest you ...
by earlyout
Sun Mar 14, 2021 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: How to know what IRA stands for?
Replies: 19
Views: 2094

Re: How to know what IRA stands for?

Be really, really careful if someone is trying to sell you an annuity held an IRA.
by earlyout
Sun Mar 14, 2021 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: American Rescue Plan Act & ACA APTC for 2020 1040
Replies: 35
Views: 3443

Re: American Rescue Plan Act & ACA APTC for 2020 1040

FYI - The IRS website has been updated for the 2021 stimulus payment. See: Get My Payment My payment is based on my 2020 return. It was easy for me to tell, as the site supplied the last 4 digits of my direct deposit account number. I used a different account number for my 2019 return. The site giv...
by earlyout
Fri Mar 12, 2021 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: TAXES question, Roth contributions increase Federal Tax owed
Replies: 21
Views: 1478

Re: TAXES question, Roth contributions increase Federal Tax owed

If the UI benefits received are from unemployment insurance please be aware that as of yesterday when the Rescue Plan Act was signed, $10,200 of unemployment income is not taxable.
by earlyout
Sat Mar 06, 2021 11:52 am
Forum: Personal Finance (Not Investing)
Topic: How quickly did you receive your 2020 tax refund?
Replies: 174
Views: 15616

Re: How quickly did you receive your 2020 tax refund?

8 days. Filed and accepted using Turbo Tax on Feb. 25. Direct deposit on Mar. 5.
by earlyout
Thu Mar 04, 2021 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Does my HDHP qualify for an HSA?
Replies: 14
Views: 643

Re: Does my HDHP qualify for an HSA?

Big Dog wrote: Thu Mar 04, 2021 8:05 pm I would call the broker or insurer and ask. Typically, plans that quality for HSA are so named, or at least the carrier should know if it qualifies.
+1
by earlyout
Sun Feb 21, 2021 3:31 pm
Forum: Personal Investments
Topic: RMD & Estimated Taxes
Replies: 40
Views: 2782

Re: RMD & Estimated Taxes

The taxes on your RMD are not separate from the other income tax you may have to pay for any year. IRA distributions are taxable income and it must be added to your other taxable income before you can estimate your total income tax liability.
by earlyout
Sun Feb 21, 2021 3:09 pm
Forum: Personal Investments
Topic: RMD & Estimated Taxes
Replies: 40
Views: 2782

Re: RMD & Estimated Taxes

You are correct, taxes withheld from an RMD by the custodian are not estimated tax payments. As pointed out above, taxes that are withheld from an RMD are considered to be paid evenly over the course of the year. If you do not withold any other taxes and make no estimated quarterly payments, make su...
by earlyout
Sat Feb 20, 2021 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Making Sense of Healthcare.gov Pricing and Subsidies
Replies: 59
Views: 3017

Re: Making Sense of Healthcare.gov Pricing and Subsidies

As I understand it, the premiums are paid based on projected MAGI for the next year. If the resulting MAGI is, let's say, higher than one expected, do you then have to pay a recapture tax of some kind since you paid a lower premium than you should have? How does this work? Yes, you get form 1095-A ...
by earlyout
Sun Feb 14, 2021 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: 2020 Stimulus Payment for Deceased Parent
Replies: 12
Views: 1730

Re: 2020 Stimulus Payment for Deceased Parent

Question: Do I indicate that I received a stimulus payment or not in my tax software? I'm inclined not to as I am awaiting my returned payment to be cashed. If only your late mother received a stimulus payment, and you are doing your own taxes, then you answer "No". If you received a stim...
by earlyout
Sun Feb 14, 2021 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct 100% of my medical premiums?
Replies: 4
Views: 509

Re: Can I deduct 100% of my medical premiums?

Health insurance premiums can only be included on schedule A as a medical expense. The fact that you employer does not provide health insurance does not matter.
by earlyout
Thu Feb 11, 2021 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Is State tax refund taxable if I didn’t itemize?
Replies: 5
Views: 395

Re: Is State tax refund taxable if I didn’t itemize?

You say you did not itemize deductions on your state return for 2019, did you itemize on your federal return? If you itemized on your federal return, your state tax refund for last year may be reportable income for 2020 depending on whether or not your federal Schedule A deductions included the amou...
by earlyout
Mon Feb 08, 2021 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Live Oak Bank 1099 INT
Replies: 9
Views: 463

Re: Live Oak Bank 1099 INT

Also remember that an institution is not required to issue a 1099 INT if the total interest is less than $10. That's probably why most banks include the total interest paid as a line on the first bank statement for the new year.
by earlyout
Mon Feb 08, 2021 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Live Oak Bank 1099 INT
Replies: 9
Views: 463

Re: Live Oak Bank 1099 INT

Also remember that an institution is not required to issue a 1099 INT if the total interest is less than $10. That's probably why most banks include the total interest paid as a line on the first bank statement for the new year.
by earlyout
Fri Feb 05, 2021 5:52 pm
Forum: Personal Investments
Topic: Are tax refunds considered earned income?
Replies: 19
Views: 1084

Re: Are tax refunds considered earned income?

The cash from the refund is just cash and you can use it for whatever you want including funding your Roth IRA. Your earned income for 2020 was reported on the 2020 tax return that preceded the refund. The refund does not increase the earned income for 2020.
by earlyout
Fri Feb 05, 2021 5:43 pm
Forum: Personal Consumer Issues
Topic: Generic Drug Prices
Replies: 21
Views: 1348

Re: Generic Drug Prices

Just an anecdote but last week I had my PCP send two prescriptions to my local chain drugstore/pharmacy. For one generic drug, not included in my insurance's formulary, they wanted $150. I filled it at Costco, w/o insurance, for $49.00. The other drug was a generic statin, the full retail price on t...
by earlyout
Fri Feb 05, 2021 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Recovery Rebate Credit
Replies: 41
Views: 2046

Re: Recovery Rebate Credit

TurboTax calculated mine for me. I just told it how much I already received, and it calculated the credit. Interesting. When I logged in to Turbo Tax using the same account my daughter used last year there was no mention of it anywhere as far as I could see. When you logged in using the same accoun...
by earlyout
Wed Feb 03, 2021 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Recovery Rebate Credit Refund Question
Replies: 5
Views: 328

Re: Recovery Rebate Credit Refund Question

Your RRCR becomes part of your tax return and will be used to pay taxes due or included in your tax refund. You can put your new account number in your tax return.
by earlyout
Wed Feb 03, 2021 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Recovery Rebate Credit
Replies: 41
Views: 2046

Re: Recovery Rebate Credit

If you are using a CD or downloaded version of Turbo Tax, make sure you let it update to the current version during program startup.
by earlyout
Fri Jan 29, 2021 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Have lawyer review Incentive Stock Options before signing?
Replies: 19
Views: 1223

Re: Have lawyer review Incentive Stock Options before signing?

Do I interpret you original post as this lawyer contacted you and offered to review you ISO plan documents? Not a goood sign if that occurred.

As others have pointed out, stock option plans are usually take it or forget it and it makes no sense to leave money on the table. You don't need a lawyer.
by earlyout
Mon Jan 25, 2021 2:35 pm
Forum: Personal Investments
Topic: For Alan S and others 2020 Covid-19 RMD
Replies: 17
Views: 624

Re: For Alan S and others 2020 Covid-19 RMD

I tried Turbo Tax on line and could not get my AGI reduced by the $24300.00 I returned. I could enter form 5498 as 2020 contribution and Turbo Tax rejected saying the contribution was greater than my earned income. I am retired and have no W2 forms. I went back through and reviewed 3 times and did ...
by earlyout
Fri Jan 22, 2021 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Homeowner’s Insurance Coverage Way Too High?
Replies: 7
Views: 1073

Re: Homeowner’s Insurance Coverage Way Too High?

You have to read the policy. Some insurers will pay only to rebuild the property and will not pay out cash for the loss.
by earlyout
Sat Jan 09, 2021 3:30 pm
Forum: Investing - Theory, News & General
Topic: QCD or charitable deduction for 2021 tax year
Replies: 14
Views: 560

Re: QCD or charitable deduction for 2021 tax year

I am going to make a charitable contribution of $600 or possibly more. Is it better to take the $600 from my RMD requirement via qualified charitable distribution (QCD) or take the $600 for the married charitable deduction (not itemize) for the 2021 tax year? Thanks Paul The non itemized charitable...
by earlyout
Sat Jan 09, 2021 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Depreciation recapture tax - I'm confused
Replies: 14
Views: 833

Re: Depreciation recapture tax - I'm confused

From Investopia: What Is Depreciation Recapture? Depreciation recapture is the gain realized by the sale of depreciable capital property that must be reported as ordinary income for tax purposes. Depreciation recapture is assessed when the sale price of an asset exceeds the tax basis or adjusted cos...
by earlyout
Sun Dec 27, 2020 8:30 pm
Forum: Personal Consumer Issues
Topic: Obi talk 200 question
Replies: 6
Views: 395

Re: Obi talk 200 question

No problems with Obi200 connected via wifi to Google fiber.
by earlyout
Tue Dec 01, 2020 5:50 pm
Forum: Personal Investments
Topic: RMD Withdrawal Strategies
Replies: 4
Views: 789

Re: RMD Withdrawal Strategies

The income taxes are the same whether you take the RMD by selling shares or by taking it from the money market. An RMD is regular income. Since I prefer to keep my money invested I would turn on automatic reinvestment to minimize the amount in the money market fund and sell shares when I needed to t...
by earlyout
Sat Nov 28, 2020 10:13 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is not taxed?
Replies: 47
Views: 4170

Re: What percentage of your net worth is not taxed?

Never really thought about it until now but less than 5% is taxable several years into retirement. Large conversions to Roth before Social Security and the remaining traditional IRA will go to charity. The appreciation of our personal residence is less than the exemption. Appreciated holdings in tax...
by earlyout
Mon Nov 23, 2020 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Planning on leaving entire T-IRA to Charity. Now or after we both are gone??
Replies: 13
Views: 847

Re: Planning on leaving entire T-IRA to Charity. Now or after we both are gone??

Good point. Thanks. The idea becomes more attractive since it would lower the amount of Social Security that is taxable.
by earlyout
Mon Nov 23, 2020 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Planning on leaving entire T-IRA to Charity. Now or after we both are gone??
Replies: 13
Views: 847

Re: Planning on leaving entire T-IRA to Charity. Now or after we both are gone??

Very intrigued by this question since I just changed the beneficiaries for all of my TIRA to charities. My plan all along had been to keep the TIRA available should I have unusual LTC expenses or other medical costs and continue to use the RMDs for ongoing living expenses. I had not thought of donat...
by earlyout
Wed Oct 28, 2020 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Any Americans here who bought a home in Canada?
Replies: 3
Views: 754

Re: Any Americans here who bought a home in Canada?

More than a few Canadian citizens consider themselves Americans. Are you asking about U.S. citizens buying homes in Canada?
by earlyout
Sat Oct 24, 2020 9:07 am
Forum: Personal Investments
Topic: Long Term Capital Gains rate
Replies: 20
Views: 2018

Re: Long Term Capital Gains rate

Skeeter1 wrote: Sat Oct 24, 2020 8:39 am If this loads properly, this is a simple but interesting way to looking at CG.
https://engaging-data.com/tax-brackets/
Fantastic presentation of capital gain taxes. Should be added to the wiki.
by earlyout
Mon Oct 19, 2020 2:59 pm
Forum: Personal Investments
Topic: Mother's 401k - End stage COPD- Roth Conversions
Replies: 20
Views: 1583

Re: Mother's 401k - End stage COPD- Roth Conversions

A possible scenario here that could result in a very unhappy sibling occurs if a sibling has the same or lower income tax rate than the mother. If the Roth conversion is made, that sibling may end up subsidizing his wealthier siblings. You need to look at the net result to each of the beneficiaries.
by earlyout
Sat Oct 10, 2020 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance and Living Trust
Replies: 4
Views: 299

Re: Life Insurance and Living Trust

If you friend is the trustee he can open a bank account for the trust (note that it is now an irrevocable trust since the grantor is deceased). The proceeds of the life insurance belong to the brothers since they are the named beneficiaries. Do they want to give the life insurance money to the trust...
by earlyout
Thu Oct 08, 2020 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: SS and Trust distributions problem
Replies: 30
Views: 1488

Re: SS and Trust distributions problem

How did SS know so quickly that this person had passed away? Is there an argument to be made, for those in similar situations, to wait until that final check arrives before notifying SS of the death? Is this a problem in the very common scenario where there is a surviving spouse and no individually...
by earlyout
Mon Oct 05, 2020 4:00 pm
Forum: Personal Investments
Topic: VTSAX (Total Stock Market) and Qualified Dividends
Replies: 9
Views: 1279

Re: VBTLX (Total Stock Market) and Qualified Dividends

Something is amiss. VBTLX is the Total Bond index fund, not Total Stock. What 1099 Div are you looking at?
by earlyout
Sun Oct 04, 2020 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Preventing business from making unauthorized ACH withdrawals for disputed amount?
Replies: 28
Views: 2375

Re: Preventing business from making unauthorized ACH withdrawals for disputed amount?

I think the lesson here is to be very careful about allowing any business to access and pull money from a bank account. Much better to give them a credit card they can charge as needed. With a credit card you can easily cancel access and/or dispute questionable charges.
by earlyout
Sat Oct 03, 2020 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Helping poor elders with finance. Appreciate thoughts.
Replies: 19
Views: 1781

Re: Helping poor elders with finance. Appreciate thoughts.

You will need to consider how their income affects their ACA subsidy. Too little income can disqualify them just like too much income. This needs repeating, OP. If they are on ACA you need to make sure you don't take their income below 100% of poverty level. Or else they will have trouble when tryi...
by earlyout
Sat Oct 03, 2020 8:16 am
Forum: Investing - Theory, News & General
Topic: Retiree health plan
Replies: 10
Views: 1205

Re: Retiree health plan

Retired from megacorp at 58. Excellent medical and drug coverage subsidized by megacorp. Our share of annual premiums for 2 people has averaged about $2000 (plus Medicare premiums) over the last 20 years.
by earlyout
Fri Sep 25, 2020 1:09 pm
Forum: Personal Investments
Topic: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?
Replies: 7
Views: 952

Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Do you mean Schedule D? If you really want to know what is reported via Schedule 1, might I suggest you download the form and the instructions from the IRS website and study them. Schedule 1 is used for several different items.
by earlyout
Wed Sep 23, 2020 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Correct Social Security benefit for widow?
Replies: 7
Views: 981

Re: Correct Social Security benefit for widow?

The OP did not know the Medicare deductions for the individuals. It could be that someone was paying more than the normal Medicare premium, possibly because they were a late enrollee.
by earlyout
Fri Sep 18, 2020 4:15 pm
Forum: Personal Investments
Topic: Guidance for breaking the news to our financial advisor
Replies: 60
Views: 10707

Re: Guidance for breaking the news to our financial advisor

And don't feel sorry for him. Estimate how much of your money he has at 0.9% compounded and you will realize he has been well paid.
by earlyout
Mon Aug 31, 2020 12:13 pm
Forum: Personal Investments
Topic: LTCG Question
Replies: 9
Views: 477

Re: LTCG Question

May be best to manually specify tax lots to sell - both to make sure you realize long -term gains, and to minimize the gains by selling lots with higher cost basis first. FIFO is probably a good enough approximation. If indeed you only need $18,000, and that would bring you total taxable income to ...