Recent content by RetireBy90

I meant to convey an unreasonable response. I don't like having a future obligation. I deal with it no problems, but I realize that I have this obligation and that adds to my reasons for doing conversions, if I can remove the obligation and pay the tax today while smoothing out the remaining taxes.

My situation is similar in that I get anxious about the IRS money embedded in my TIRA. I plan 2 more conversions, this year and next and then plan to distribute most or all RMDs via QCDs. That should ice the tax man out but I still get anxious about the potential taxes. Crazy I know 😊

We did a NZ/Australia cruise with Viking last year, and just returned from Trade Routes with them. I also want to “hit” Africa so we are booked on Malta and Morocco next spring. That gets us 5 of 7, need to find a trip to Peru for South America

Hrmm so in either case you would have exceeded RMD by $10K and have to add $20K to your MAGA and AGI. Is there a sequencing penalty I've missed here ? I plan to do QCD each year for 100% of RMD each year.

We are currently on last day of 3 weeks in Europe, Spain, England, Amsterdam, Norway, Finland and a day in Estonia. Used United Airlines Visa and no acceptance problems at any of these places. DW collects points and we use this mostly exclusively when traveling. She gets a text within seconds of...

You’re correct, if you earn $100 you pay tax unless you put it in an IRA and take deduction. If tax free in my IRA, then I pay the Dax when drawn or converted. Same same. Tax due on the initial $100 and the conversion/draw could be different amounts but still gotta pay the man. I think of the...

I’ve thought about that also, and I list it on the side of reasons not to convert. We would have to pay the tax two times. However I think it would take years for that to happen so I’m thinking it wouldn’t have a big impact. I guess we could just take IRA distribution and move to after tax...

I agree that tax rates will be higher in the future without a doubt. I’ve converted so Roth has about 2/3 of IRA funds. I figure the money due in taxes for conversions is just an insurance against higher tax rates later. Only downside I see is if there is a change to apply a tax to Roth...

Just to explain, I was in the Army and claimed Nevada as my home of record since that is where I lived when entering Army. For my Army time, I paid no state income taxes and registered our cars in Nevada. When I retired I “became” Va resident and had to pay income taxes for that year with VA for...

I didn’t see mentioned, but Virginia will tax you on partial year of residence. Got hit when I retired military and Nov and Dec no more claiming Nevada as my residence 🙂

So my first house I bought without a realtor. It was a VA assumption and in the offer I gave agent $1K, gave the owner $1K and assumed the loan. That was $48K house I think. Forward to 2006 and we made an offer on a home but had to back out as the lender had gone out of business about 10 years...

So I did use an agent with a reduced commission to act as go between, present the offer, get me to closing table. I'd done a lot of work as you mentioned. I got a kickback at closing of 2% so he got 1%. In my limited experience I've run into several unreasonable agents and people on the other...

One pundit suggested that buyers will have to hire an agent but norm will be for buyer to ask seller to cover the cost like asking to cover closing costs or some portion of them. I can't see a buyer foregoing an agent when buying biggest purchase of life. Penny wise pound foolish ?? I found...

So if you owe 22% for the small distribution, then your total tax obligation will increase by 22%. You have paid 10% so the distribution will add another 12% to total obligation. However, lots of things come into play. Have your other withholding been more than your tax obligation. With my...

DW applied or I applied for her at FRA 4 years ago, and I had a very pleasant experience. Really didn’t expect a phone call and this agent smoothed out the application details, a couple items I didn’t answer properly. He gave a synopsis of what we wanted, corrected record to meet our goal and...