I filed my 2023 taxes in TT and set payment for April 15th and the withdrawal was made on April 15th. Checked by bank that shows payment was made. Checked my IRS account that states balance is $0.00. IRS letter is dated April 29th, Notice of Tax Due and Demand for Payment :rolleyes:
Found...
"The IRS levies underpayment penalties if you don't withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you may still get an underpayment penalty."...
Another good time to do conversion is when there is a pull back in the market...you pay less in taxes and you get the upside in the Roth with the recovery.
The IRS Life Expectancy Tables go out to 120 now...so I'm just approaching middle age.
Here is an article with the 10 Best Life Expectancy Calculators https://www.newretirement.com/retirement/longevity-trends-and-life-expectancy-calculators/
Here's another one that I found interesting...
I hope that you will have the ability to keep the property in the family.
If it financially overwhelming to buy out 2/3 of the property, is there a possibility of subdividing the property and selling half? They could split the proceeds and you would only have to buy out the remaining 16.67%...
I converted a small IRA to Roth IRA this year and transferred $250K from my retirement account to a traditional IRA, which I plan to convert to Roth IRA over time. The amount will also reduce my 72(t) payments that I will begin in 2018 and future RMDs depending on my RoR over the next 15-20...
Has your wife ever requested an exemption from SE taxes from the IRS? See page 3 of https://www.irs.gov/pub/irs-pdf/p517.pdf Not sure how likely approval would be but it may be easier option than tapping your IRA. With 72t from an IRA, you need to be careful in figuring the annual amount, see...
I don't know that there is any totally "safe" place but from your post it sounds like you have a very low tolerance for risk. In many cases, annuities return less than what you could earn in with a mix of stocks & bonds and generally benefit the person selling them more than the person buying...
I'm planning on doing a partial withdrawal from TSP in the near future but I plan on keeping most of the money in TSP as I like the simplicity of the Funds. Once you are required to take RMDs, TSP seems much simpler IMO than an outside IRA for a few reasons: (1) they automatically calculate...
Give yourself time to grieve the loss of your parents, which includes taking some time for yourself to deal with your loss and figure out your future path. Your posts indicate a sense of responsibility to your patients, parents and family plus a desire to cut back on working hours. You have...
There is no need to feel guilty about living in HCOL area. Life is full of choices & tradeoffs. Family is important and we want to do what is best for our family--there always seems to be multitude factors (pros & cons) to consider which, depending on your priorities, could impact when you...
Although technically a Baby Boomer (born 1964), I identify more with Gen X. Most define it as 1965 to 1976-79; one defines it as 1961-1981. https://en.wikipedia.org/wiki/Generation_X
I wonder if Gen Xers are more likely to retire earlier than prior generations or how their expectations differ...
Welcome Ken,
Living Below your Means, plus saving & investing will get you to your desired endpoint sooner rather than later. Knowing your priorities & having a plan is the 1st big step. Good luck & remember to enjoy the journey!