haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I am going to present something that most of you will likely find foolish, but I've been at investing along time, and I am set in my ways. So please make suggestions other than "buy and hold dummy Haha"
I'm a single taxpayer who takes the standard deduction. (Paid cash for my condo) No state taxes in my state. My taxable income without capital gains has been quite low. I have adequate cash flow anyway, due to MLP and royalty trust positions.
My mandatory ordinary income from SS and RMDs is about $33,000. I will have about $8000 in qualified dividends. My taxable income from MLPs and royalty trusts is hard for me to forecast, but I think it be <= $5000. I've already realized $42,000 in ltcg this year. I have no losses in my inventory, other than a some option expirations which I netted against the ltcg-s. So far, my taxes will be low and I perhaps will not push myself into higher Medicare fees, but it will be close.
I'm thinking of just giving up on trying to stay below the Medicare hurdle of $85,000, since I may have breached it already. I have another $45,000 of ltcg that I am considering taking. At this point I will likely have $95,000-$100,000 agi. I'll try to stay below the next Medicare premium jump at agi of $107,000.,
Will this trip anything other than higher Medicare premiums? I know there are other gotchas, but I have never tried to learn them because my income has been comfortably below the levels. What if I go up to agi of $125,000-$130,000? I know this will get me higher Medicare premiums, but anything else?
Can LTCGs create AMT taxation? How about other issues?
I will appreciate any help, because this is largely terra incognita to me. This is not a hypothetical musing, it is something that I am strongly considering doing within the next month or so.
Ha
I'm a single taxpayer who takes the standard deduction. (Paid cash for my condo) No state taxes in my state. My taxable income without capital gains has been quite low. I have adequate cash flow anyway, due to MLP and royalty trust positions.
My mandatory ordinary income from SS and RMDs is about $33,000. I will have about $8000 in qualified dividends. My taxable income from MLPs and royalty trusts is hard for me to forecast, but I think it be <= $5000. I've already realized $42,000 in ltcg this year. I have no losses in my inventory, other than a some option expirations which I netted against the ltcg-s. So far, my taxes will be low and I perhaps will not push myself into higher Medicare fees, but it will be close.
I'm thinking of just giving up on trying to stay below the Medicare hurdle of $85,000, since I may have breached it already. I have another $45,000 of ltcg that I am considering taking. At this point I will likely have $95,000-$100,000 agi. I'll try to stay below the next Medicare premium jump at agi of $107,000.,
Will this trip anything other than higher Medicare premiums? I know there are other gotchas, but I have never tried to learn them because my income has been comfortably below the levels. What if I go up to agi of $125,000-$130,000? I know this will get me higher Medicare premiums, but anything else?
Can LTCGs create AMT taxation? How about other issues?
I will appreciate any help, because this is largely terra incognita to me. This is not a hypothetical musing, it is something that I am strongly considering doing within the next month or so.
Ha
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