60+ year old thread.

Right Mike! It will have nothing to do with medicare if done before age 65. I did the rollover at 64, the first year was OK, but the second year I was 65 and on medicare and that other half of the rollover put me into the next higher medicare bracket.
Think about what I said, and Sue also. It would all be taken out in a very short time, but spread over a 2 yr. income instead of all in one year.
I know when I did that rollover I could spread it out over two years. I would check if you can do that when you close out an IRA and don't do a rollover. If you must add the total amount of the IRA to one years income, I would check into trying to spread it over two years to somewhat soften the blow.

Pay the penalty on the mortgage!!!! That's why they have penalties, they don't want you to do that. You should still come out ahead.

 

I have to get a notebook and go back through this entire thread someday. So much to learn. ... with my luck, they'll change all rules just about the time I think I have a plan and get there.

Good luck Mike.

 

Better do it sooner than later in case the info gets deleted when it's author deletes himself...

 

Troof ... Sad to agree

 

Very true what Sue posted Rob, and not only here. I'm only on a handful of forums and the knowledge I gain through reading posts is invaluable.

 

Wish a few of the "old guys" (only mean old in that they have left us) had left their posts so I (we) could read through them again.... Not just this thread... there has been a lot of info that's been deleted

 

WHAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
On e-bay>66 Chevy air cleaner nut $165 + $7.95 shipping.
Talk about sticker shock.

 

The coolant and brake fluid I do every 5 years, more of a time thing than a mileage thing. Were the spark plugs hard to replace? They should not be but you never know what you will encounter the first time you replace them.

Mike, you really need to look at the taxes you will have to pay on an IRA withdrawal. Brokerage firms will deduct and pay both Federal and State taxes for you when you take money out. It is on a percent of the money taken out, 5%, 10%, 15%, 20%, your choice. I can tell you this if it is a sizeable sum and you do not deduct taxes and you owe the Feds money in April you will probably have to pay a penalty to the feds because you did not pay them enough tax during the year. I currently have 20% deducted for federal tax for my IRA distributions. Sucks but better than a penalty payment.

Tried to install a Homelink in the Tacoma last week and all three of my junk yard Homelinks were not really adaptable to the Tacoma due to the size of the faceplate cover. So I purchased a small footprint Homelink on eBay and broke both of the faceplate mounting tabs when I removed the faceplate. Superglued them back on then put a small coating of JB Weld around the superglue joint. Put a second coat of JB Weld on it again today. Going to install it in the Tacoma tomorrow. Damn brittle plastic as it gets older.

 

They weren't difficult at all. This write-up was very helpful:

how to change sparkplugs 2TR-FE

 

Afternoon all:
Tom; they shouldn't withhold state tax on a distribution/rollover of a regular IRA, they are only federal tax deferred and the state tax has been paid.
When I did the rollover, the broker also withheld state tax which they shouldn't have, only federal. I got it all back on state tax as an overpayment.
Technically it would have been a cash withdrawal, and the amount rolled over to the Roth was that much less.
Amazing what the "EXPERTS" don't know, and I only know about this through their mistake.

 

THX Carl

 

YER WELCOME!

 

States may vary on what they tax. PA is pretty good about leaving retirement funds alone. I don't know about other states.

 

Yeah, some are better than others.... same with military retirement - need to move to one of those states - no taxes

 

That's why I'm deferring to my tax guy. I only thought this not enough tax thing was only for businesses. Like I said when he comes over in the spring I have a ton of questions.

 

Just got back from the Toyota dealer, two new headlights installed and no charge.

 

Finally installed a new faucet in the garage with a cut off valve in the laundry room. Directions say to wait 2 hours to bring pressure back into the pipes. I will turn it back on around 4 today giving the glue 5 hours to set up. It really sucked last winter when the old faucet burst due to the cold and the garage being open all day with the workers on site.

Another task bites the dust. Next up is the Homelink and Ultra gauge install in the Tacoma this Thursday although I might start the project tomorrow night. I have a Chiropractor appointment tomorrow morning so my morning is shot.

Too freaking hot and humid today to work in the garage for too long. The humidity is 93% outside. 64% inside and 77° with the AC on.

 

and eeewww sticky.

 

It is pretty nasty out. I am running the AC just to dodge the humidity.

 

Power's out here. Went out sometime last night, after we went to bed and long enough ago that all the battery backups were dead when I checked them at 5:30. Have I mentioned how happy I am to have a generator?