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12-08-2019, 12:25 PM
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#21
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Moderator
Join Date: Jul 2017
Posts: 5,601
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Quote:
Originally Posted by audreyh1
Yes, not on ordinary income. However, the NIIT calculation is based on your AGI which includes both. So as your ordinary income increases, whether due to starting SS and/or RMDs, your long-term capital gains/qualified dividends can be “pushed up” such that it crosses that threshold.
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Thank you.
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Use it up, wear it out, make it do or do without.
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12-08-2019, 01:00 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
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Thanks Gumby. This is most excellent and is being printed to put in my magic money old-fashioned 3-ring notebook under the TAX tab.
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FIRE Class of 2018 @ 61
Old men and women sit in the shade of trees they planted long ago
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12-08-2019, 01:45 PM
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#23
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Recycles dryer sheets
Join Date: Sep 2018
Posts: 268
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+1. Thanks Gumby. I need to know income limits, SS, and tax rates in 2020.
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12-08-2019, 02:58 PM
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#24
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Recycles dryer sheets
Join Date: Dec 2018
Location: To be determined
Posts: 330
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For those still working there is also a .9% Medicare tax surcharge which is on wages, compensation and self employment wages over 250k. Employers must start withholding at 200k.
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12-08-2019, 04:32 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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Here s a good summary of the inflation adjusted tax changes for 2020
https://taxfoundation.org/2020-tax-brackets/
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Retired since summer 1999.
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12-08-2019, 04:38 PM
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#26
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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I'm depressed.
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12-08-2019, 05:25 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Location: central California
Posts: 1,134
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Quote:
Originally Posted by gerntz
I'm depressed.
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I’m relieved. I paid all those “special” taxes during my w*rking years —NIIT, Medicare surcharge tax, alternative minimum tax, but not IRMAA (yet). It was one of the best feelings to be finally rid of those costs when FIREd.
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12-09-2019, 04:22 AM
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#28
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Dryer sheet wannabe
Join Date: Dec 2019
Posts: 10
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This is a great thread and should be a "sticky".
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12-09-2019, 08:40 AM
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#29
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,344
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Thanks Gumby for putting this together, and to the others with the updated numbers. Definitely a good tool for reference and planning purposes.
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The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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12-09-2019, 04:31 PM
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#30
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,593
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Gumby, thanks for the effort. I copied it and sent it to a few friends.
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*********Go Astros!*********
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12-10-2019, 06:10 PM
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#31
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Recycles dryer sheets
Join Date: Mar 2016
Posts: 103
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I love to see this calculation done for our Single and Widowed friends here.
Thanks anyway!
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12-10-2019, 07:06 PM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,332
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Here's an interesting trigger that I just learned today:
My disabled brother's income is $500 a month over a threshold.
As a result, he must self-pay for a PCA to the tune of about $40K annually. So being over a threshold of $6000 a year forces him to pay $40K; just doesn't seem right. If his income was $6000 lower he'd get the PCA a no cost.
I am investigating this but I'm not sure how far I can get.
Just venting; sorry if I took this on a tangent.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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12-10-2019, 08:02 PM
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#33
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Thinks s/he gets paid by the post
Join Date: Dec 2016
Location: DC area
Posts: 2,464
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Eligibility for the American Opportunity Tax Credit phases out starting at $160K AGI I believe.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
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12-10-2019, 08:21 PM
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#34
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Administrator
Join Date: Apr 2006
Posts: 22,924
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Quote:
Originally Posted by USGrant1962
Eligibility for the American Opportunity Tax Credit phases out starting at $160K AGI I believe.
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Excellent addition to the list. Thanks.
__________________
Living an analog life in the Digital Age.
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12-10-2019, 08:55 PM
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#35
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,198
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Quote:
Originally Posted by marko
Here's an interesting trigger that I just learned today:
My disabled brother's income is $500 a month over a threshold.
As a result, he must self-pay for a PCA to the tune of about $40K annually. So being over a threshold of $6000 a year forces him to pay $40K; just doesn't seem right. If his income was $6000 lower he'd get the PCA a no cost.
I am investigating this but I'm not sure how far I can get.
Just venting; sorry if I took this on a tangent.
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What is a PCA ?
__________________
TGIM
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12-11-2019, 06:46 AM
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#36
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,332
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Personal Care Assistant. They do errands, drive you around, help you get dressed, cook meals, help you bathe etc
Quote:
Originally Posted by Dtail
What is a PCA ?
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__________________
Living well is the best revenge!
Retired @ 52 in 2005
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12-13-2019, 07:06 PM
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#37
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Recycles dryer sheets
Join Date: Jan 2017
Location: TX
Posts: 102
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OP, thanks for putting this list together. I spent an insane number of hours this week trying to "thread the needle" for a Roth conversion before the EOY.
In the process, I ran across another phase out: For those with kiddos in college that have exhausted the 4 years of the AOTC, there's the Lifetime Learning Tax Credit (LLTC) that phases out for taxpayers with income between $58,000 and $68,000 (single) or $116,000 and $136,000 (MFJ). The income limits are adjusted annually for inflation.
The LLTC is 20% of qualified expenses up to a max tax credit of $2k per taxpayer or dependent per year.
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12-13-2019, 11:02 PM
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#38
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,863
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I have a similar list to the OP, but mine is for HOH and a family size of 4. Note that for the ACA related items, the FPL numbers change somewhat depending on whether you live in the lower 48, Alaska, or Hawaii.
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"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.
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12-14-2019, 08:02 AM
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#39
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Confused about dryer sheets
Join Date: Nov 2018
Location: In The Hills
Posts: 9
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Quote:
Originally Posted by Fleur58
I love to see this calculation done for our Single and Widowed friends here.
Thanks anyway!
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Subscribed in hope a single and widowed data may be added
Thanks
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12-14-2019, 08:06 AM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,150
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Great summary, thanks for sharing!
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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