Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-02-2020, 12:16 PM   #21
Dryer sheet aficionado
 
Join Date: Oct 2010
Location: Los Altos
Posts: 41
Quote:
Originally Posted by Time2 View Post
Don't forget you can do Roth Conversions for the next 17 years, before RMDs are required. They may even chnge that 20 years, (75yrs old).
Right, that's a good point.
BizzyC is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-03-2020, 08:44 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 5,335
Quote:
Originally Posted by BizzyC View Post
One more question, do ACA subsidies have to be reported as income? What category do those go under in the tax calculator link from above?
ACA subsidies are a refundable tax credit and are therefore not reported as income. On the Dinkytown calculator that pb4uski linked to, it's listed in the "Total payments & refundable credits" section and is called the "Net premium credit (Form 8962)" there.

If you received the advanced premium tax credit (APTC), also known as a subsidy, and are therefore paying less than the full premium, then you would reconcile what you received with what you should have received on Form 8962. If you didn't get enough and should have gotten more, then you'll get an additional credit for the difference (which is what Dinkytown is expecting you to put on that line in their calculator). If you got too much, then you'll end up paying some or all of it back.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 12-03-2020, 03:08 PM   #23
Recycles dryer sheets
 
Join Date: Apr 2014
Posts: 117
Quote:
Originally Posted by BizzyC View Post
Hi all,

I own a house. Zillow thinks the house is worth $3.1M. I owe $662k on the mortgage. My mortgage rate is 3.5%. I have a renter who pays me $2800/mo.
Saw this, read it to my wife and she said "must be California."

Anyway, don't have anything useful to add, but was wondering if the "renter who pays [you] $2800/mo. is:

(a) a roommate;
(b) someone who rents your guesthouse (I envision a Magnum PI type tenant, with you being Robbin Masters); or
(c) if $2800/mo. is what a $3.1M house rents for in your part of California?

My non-serious just being silly answer to your fact pattern is to suggest you sell the house and take the $2.4M worth of equity and move to anywhere else USA and live like royalty.

Just playing. Enjoyed the read. Hope you get some useful responses from the other members here.
CSdot is offline   Reply With Quote
Old 12-03-2020, 03:27 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 2,509
Quote:
Originally Posted by CSdot View Post
Saw this, read it to my wife and she said "must be California."

Anyway, don't have anything useful to add, but was wondering if the "renter who pays [you] $2800/mo. is:

(a) a roommate;
(b) someone who rents your guesthouse (I envision a Magnum PI type tenant, with you being Robbin Masters); or
(c) if $2800/mo. is what a $3.1M house rents for in your part of California?

My non-serious just being silly answer to your fact pattern is to suggest you sell the house and take the $2.4M worth of equity and move to anywhere else USA and live like royalty.

Just playing. Enjoyed the read. Hope you get some useful responses from the other members here.
No need to be humble. Your answer is probably the most succinct in this this thread.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
foxfirev5 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Online sources for hand sanitizers, anti-bacterial hand wipes, antibacterial wipes? Sunny COVID-19 | Containment Area 12 07-18-2020 09:31 AM
If you (& spouse) made $160K/yr, would you force your kids to wear 2nd hand clothes? swampwiz FIRE and Money 85 08-03-2011 06:10 AM
Hello from a young doctor who is not starving anymore! Looking for a play-by-play! alwaysjammin Hi, I am... 35 12-31-2008 11:02 AM
Who would you want to play you in a movie about your life? Mr._johngalt Other topics 11 10-16-2006 03:07 AM

» Quick Links

 
All times are GMT -6. The time now is 01:39 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.