Recent content by TightLines

Thanks for the replies. They are both still dependents on our tax return...this means they don't get the standard deduction, correct? They do not fall under the SECURE act so they have until the RMDs deplete the account, but as suggested, I think it will be best to take as much out as possible...

OK...a break from all the coronovirus threads :) My son and daughter are going to receive an inherited IRA in a week or so of about 45k each. They are 18 and 20 years old and make very little income because they are still both in college. They will be required to take RMDs but is it best now...

Thanks again for all the replies. Just to reiterate, the deceased did pass away in March of 2019 so I can stretch out my distributions. It took until now to get thru the estate, the will and probate so we are finally going to receive the distributions. It took 3 lawyers and 2 accountants...what...

Thanks for the replies. This is a non-spousal inherited IRA and the deceased was taking RMDs. I would love to just let it sit but as I understand it, I have to begin taking RMDs this year (they passed away last year) and must continue to do so for the next ten years. If I FIRE in the next year...

I will be receiving an IRA inheritance in a few days of about 93K. I'm wondering if I should take the lump sum, pay the taxes and then invest it in the market. I am in the 22% tax bracket and it would push me to the 24% bracket. Or, I could take about half, pay the taxes and stay in the 22% tax...

I actually already have the boat and my fishing spot...though I may move to have more fishing options. No real inshore opportunities near Lighthouse Point unless you trailer your boat north or south. We catch wahoo, blackfin tuna and yellowtail snapper where I am...no yellowtail tuna though...

:laugh: Thanks for all the comic relief :laugh: I actually already live in south Florida (Lighthouse Point on the east coast) and have access to the water. :dance: The problem has been having enough time to actually go fishing. I'm primarily an off-shore fisherman and I agree, it has been...

Thanks for the replies. I think I'll rethink a more 'distributed' draw down method including my 401k (which does fall under the Rule of 55). I expect my expenses to be significantly less once my kids are off our insurance and out of college so I will be more comfortable with the 4%.

I wish I was an idol :laugh:. The annuities are just one time payments. Thanks Dtail, even with capital gains included in MAGI, we should still be able to manage our income so we could qualify for ACA.

We’re hoping to retire early (and fish :) ) and would like some advice on how to best use our assets until we are eligible for our retirement accounts. Here is our current situation: --I'm 55, DW is 52. --2 Kids in college. --No loans or debt. We pay off everything monthly Combined 401ks and...

Thanks for the replies. I thought of 2 other possibilities, please correct me if I'm wrong. - if we don't claim my kids as dependents, they will not be paying long term capital gains if they sell the stock (they are students and have low incomes), however we lose the child and education tax...

Thanks RB. I did read a little about the kiddie tax but I'm still a little confused. 1. They both will have unearned income more than $2100. (the $30k gift each) 2. They are both full time students (age 18 and 20). Their earned income is only $4K a year so that's well below half of my support...

My first Post here :dance: I've done a lot of reading and hope to retire soon and trying to work out all the details. Eventually I'll post my numbers and current situation and ask for advice from all the smart people on here :) but in the meantime I had a question that I can't seem to find a...