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Flobes

I don't think you can lump sum yourself out of WEP/GPO. If you take your government pension annuity in a lump sum, Social Security still will calculate the reduction as if you chose to get monthly benefit payments from your government work. Under current law there are two ways to mitigate the WEP f...

Flobes

What, if any, documentation will we need to provide the SSA to prove that her pension is from earnings that had SS deducted. When she applies for benefits, a section of the SS application called "Other Pensions/Annuities" is comprised of three yes/no questions: • Ever work in a job where ...

Flobes

Roth conversions do not impact eligibility for Roth contributions.

Flobes

I cut a corner of a heavy sheet protector, and my original card is snugly within it. I keep it with my passport. My shots were at local hospital. From an online portal, I'm able to print my official vaccination record. It's got many more details than the card, and is obviously official. A copy w/pas...

Flobes

. Any ideas how to contact Amazon to suggest they put this back? Jeff@amazon.com +1 Emails sent to jeff@amazon.com are read by real people, and you'll get a personalized response that is pertinent to your message, no later than within a day. Sometimes there's ongoing conversation, via email or phone.

Flobes

Quoting myself from 2014: Some years ago, I stumbled onto this Forum. I was clueless. I read the books, studied the wiki, cruised many many threads. I consolidated my accounts, and handled a bunch of small messy stuff. Still lacking the confidence to pull the trigger, I contacted one of the venerabl...

Flobes

I buy directly from my insurer. It seems I will now need to enroll through Healthcare.gov (or maybe BCBS can move me over within their system)? Policy is identical to marketplace plan. Perhaps I should give this a week for other people to plow this path first rather than being the guinea pig. Does ...

Flobes

The SD box is incredibly inconvenient... In some jurisdictions, a safety deposit box is sealed as soon as bank receives notice of an owner's death. Joint owners and other signators are locked out. When my father died quite suddenly, a friendly bank CSR called my mother and told her to go immediatel...

Flobes

First consideration: This inheritance is her money, not their money. Unless she decides otherwise by sharing and commingling.

Flobes

As I just finished driving directly into the 5:30pm Florida sun, I’m ordering new sunglasses TONIGHT... I literally could barely see anything and my eyes hurt/seeing spots. What’s the consensus on best and most value sunglasses to buy these days? Ideally I’d just like to order tonight online, so so...

Flobes

Name a charity as your pension beneficiary.

That's what I did.

Flobes

I am 32 years old and it seems like with tax loss harvesting I have the potential to directly save $1200 in taxes every year... Taking that $3000/year loss each year can be even more beneficial than just the federal tax savings. For those who are dancing on the AGI/MAGI line for certain benefits, s...

Flobes

Also doable via IRS Direct Pay.
Reason: Tax Return • Apply Payment to: 1040 • Tax: Year 2020

Flobes

Will you want to do Roth conversions?

Flobes

Encourage her to visit the Bogleheads Forum as a place to freely learn.

Let her know that we have kindly advised many divorcees and widows.

Flobes

I have a health/vision/dental plan in the US which costs $32/month and is HSA eligible. Are you certain your plan is HSA eligible? I take it the $400 or so per year spent on the plan, allows me to deduct $400 per year from the HSA You cannot use HSA to pay for health insurance premiums. Can I also ...

Flobes

My son turned 18 and will go to to college. I want to be prepared for the worst. For example, what if he gets into a car accident and becomes incapacitated? I want to be able to access his medical records, schools records and made decision on his behalf. Five Wishes | Making Your Wishes Known From ...

Flobes

we are primarily reliant upon people's reported experience with regard to the actual application process itself. So it's very helpful to get a report As we're collecting current anecdotal tales, several weeks ago I applied online for SS to begin whence I turn 70 in several months. This morning I go...

Flobes

I'm looking for a way to get an alternate phone service that will save me from having to give out my primary cell phone number at websites that require a phone number to proceed or other uses As I single person, I now have two cell numbers and two iPhones. I switched to TMobile 55+. For net additio...

Flobes

She has also started selling custom cookies. Currently, she does not sell many cookies. I would say in the month of February, she will profit less than $200. And that is by far the most she will have profited in a month. In December, she probably profited $100 and before that is was only a handful ...

Flobes

This document from SSA details the exceptions to GPO, and attaining FRA is not one of them:
Government Pension Offset

Flobes

I’m looking forward to reading William Bernstein’s new book The Delusions of Crowds: Why People Go Mad in Groups , set to release at the end of the month. Neat - didn't know about that. Will buy. You can freely read the book's opening now, The Delusions of Crowds: Prelude , downloadable from Dr. Be...

Flobes

I also have the understanding that the RMD for all accounts can be pulled from any account as long as the total amount is sufficient for all of the RMDs that year... 2. Leave the Pre-SECURE Act accounts alone to grow tax free until I have to draw from them in ten years time. 3. Withdraw the total y...

Flobes

matty_boston wrote: ↑Mon Feb 01, 2021 1:57 pm I have the opportunity to inherit a timeshare by my parents who will no longer be using it.

Are you inheriting this from deceased parents? Or are your living parents giving it to you?

Flobes

It doesn't seem that you need to do anything in your tax return when you contribute Roth IRA? Correct. Do nothing. Do you need to file 8606 for Roth IRA contribution? No. Form 8606 is filed for Roth conversions, but not for Roth contributions. Form 5498 will be send out in May by the financial inst...

Flobes

Thanks for the cheerful helpful replies. I followed Huey's ^guidance, and today I "stopped" autopay online at Medicare.gov with a simple click. Might or might not be in time for February debit. I'll pay all interim months of Medicare as they are billed to me, online, charged to my cash-bac...

Flobes

You can stop the easypay online after logging into your Medicare account. You can then make monthly Medicare premium payment online. Thanks muchly, Huey. I went there, and sure enough it's easy enough. So with SS benefits starting May, I should pay Medicare in April for May? But not in May for June...

Flobes

Will I also need to be taxed for my investment returns? Because I don't see the investment return amount anywhere on the 1099. 😳 No, those are unrealized gains. So I will only be taxed for those gains if I withdraw from my index funds?? Kinda. You "sell" the funds; you don't "withdra...

Flobes

Preamble: • I have applied fo SS benefits to begin whence I turn 70 in May. • My Medicare B is currently paid by monthly auto withdrawals from my checking account via SF5510. • As Medicare will automatically be deducted from SS benefits, the 5510 autopayment needs to stop. Q1: When and how to stop a...

Flobes

Estate and tax planning for a client living in NYC. Husband - 65 yr old, 500k tIRA, 13k SSI ...cash flow & SSI SSI is Supplemental Security Income, a program pays benefits to disabled adults and children who have limited income and resources. His assets are too high to qualify for SSI. Likely h...

Flobes

I'm still very much an amateur gardener, so... Guess it's good I'm planning now, although California is having freakishly warm weather this winter, so who knows when spring will roll around. +1 Baker Creek Heirloom Seeds Bonus: The printed catalog is a pure delight and an education. Seeds Now Organ...

Flobes

home_body wrote: ↑Sat Jan 16, 2021 11:40 am Is there an easy way to track the gains/losses... on VG's site?

Hit the "Cost Basis" tab.

View: • Unrealized gains and losses • Realized gains and losses • Gifted Shares

Use down arrow to view details of individual lots.

Flobes

mikejuss wrote: ↑Mon Jan 11, 2021 6:58 pm ...which I did not pay tax on because I filed form 5498...
...Will filing form 5498 clear this up?

You, the taxpayer, do not file Form 5498.

It's the form the institution files to IRS to report your contribution(s) to your retirement account, and you get a copy for your records.

Flobes

Donate them

Flobes

Since I'm covered by the Windfall Elimination Provision, I would guess it would do me no good to wait to collect social security. WEP determines how your initial Social Security benefit amount is calculated. You will still receive any and all delayed credits as well as COLAs on your SS benefits, an...

Flobes

Now one of us will be going on Medicare and the other remain on ACA. Does that mean any changes for annual reporting of MAGI ? Subsidies for the one on ACA will now be determined as a "single" but the MAGI will still based on the household income. Your MAGI will need to be lower to mainta...

Flobes

1210sda wrote: ↑Sat Jan 02, 2021 6:06 pm I was under the impression that the new schedule was to be effective January 1, 2021.

Am I wrong on this??

New schedule was originally announced for 2021 debut. But it's been pushed back to 2022. For now...

Flobes

...we have written QCD checks for as small as $18... $18 is a very good number for a donation. :beer Q1: When multiple QCD requests are made online, do they arrive together in a single package or are they mailed one by one? So when I request 180 $18 QCD gifts, do I get one big envelope of 180 check...

Flobes

Flobes - Follow this track after logging into your account My Accounts>Retirement contributions, distributions & RMDs>RMD>Take your RMD now. I am on the old platform also. Thanks muchly for prompt response. QCD option is not visible there now. Likely because system knows that I'm not yet old en...

Flobes

I am watching this thread with keen personal interest. In November 2021, I turn 70.5. It's been my plan to then make QCDs from my Inherited IRA in lieu of (and perhaps in excess of) RMD. It has a much higher RMD factor than my own Traditional IRA will incur in two years when I'm 72. I've also used t...

Flobes

I'm helping my parents with their taxes. I believe that because they had no tax liability in 2019, they have automatically met the safe harbor for 2020 and can simply pay what they owe when they file by April 15, 2021. They won't have to file form 2210. Am I correct? Yes. Their safe harbor amount i...

Flobes

So you advise to not go the route of the Vanguard Personal Advisors? I think I'd still feel comfortable at least having them help me set everything up in Vanguard and get the ball rolling, then maybe next year I'll be more knowledgeable (and confident) and can take on my investments by myself. Alth...

Flobes

I am about to receive a pretty large inheritance... I am currently invested in a Roth IRA with Edward Jones.... I have been doing a ton of research on what to do...any advice whatsoever on how to manage this money... I really like the idea of having a financial advisor to help make decisions in my ...

Flobes

...it's been updated to $1,142/mo if I wait until 70 to claim. I only have 7 years of "substantial" earnings so I will plan not to have any social security. Bummer. You will have your SS benefits, just that they will be reduced by WEP. It's not a total wipeout to zero. Having "substa...

Flobes

+1 Medallion Signature Guarantees. Plus Bank Signatures Guarantees and IBond redemptions. I maintain account at a nearby B&M, a local bank with branches scattered among the towns in the region. Very community-centered: rewards for good report cards, funding local celebrations, supporting nonprof...

Flobes

kaneohe wrote: ↑Wed Dec 23, 2020 9:34 pm Any other ideas?

$3000 carry-forward capital loss, perched by the winds on the wrong branch of your Mac's 1040 tree? Number matches...

Flobes

I'm trying to wrap my head around the WEP's effect on my social security. ...I do not anticipate any future contributions to SS because my gov't job participates in the WEP. ...I have 401a and 403b accounts. Does that make a difference? ...I've had no social security taxes taken from my payroll for...

Flobes

...I seriously question if the increased benefit outway the costs...TLH have no benefit at all and potentially even be negative? For those who are dancing on the AGI/MAGI line for certain benefits, starting a 1040 with minus $3000 can be very helpful for garnering particular tax credits, avoiding c...

Flobes

Recliner wrote: ↑Wed Dec 23, 2020 10:11 am
celia wrote: ↑Wed Dec 23, 2020 4:18 am Since the RMDs are $0 this year for everyone,.
The $0 RMD is for people with an inherited IRA too? I was trying to figure that out before making my withdrawal for this year

Yes.

Flobes

Harry Sit, who posts here as tfb, runs The Finance Buff website. He offers a service that matches you to an appropriate advice only (not management) expert. Check it out here: Advice Only Advisors Allan Roth offers financial planning for an hourly fee. He is also an author, regular magazine contribu...

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