60+ year old thread.

Good morning Susan, gang,
I've been having my taxes filed for me the last four years since mom passed, was too much to deal with all the funds coming in to me. Won't do until early April so all paperwork comes in, I just walk my work into my tax people, done in a day or less. I should look at the forms they use and do it all myself again.
Rainy here, above freezing last couple mornings.
Duane

 

Good morning, all, from chilly northeast PA!!

 

Duane, usually the professional Tax preparers use the same automated/computer based tax programs that you can buy on the open market (turbo-tax /H&R block/ etc). Difference is, usually they know what every form and section does and whether or not it applies to your situation. Also they know what the IRS will allow and what they won't. I had a retired tax guy (he was/is a CPA) tell me this a few years back. I think the upgrades in the bought tax programs will guide and explain more than the bare bones (cheaper) editions.
We went through this same issue a few years back when my in-laws passed on. Between my sister in law and myself we figured out this stuff. There were some stuff in the returns we had never even heard of --still the tax program steered us through it.
I simplified my wife's and my tax returns a few years bax by pulling all of our regular IRS's under one firm for custodial purposes -this greatly simplified our returns by putting all of the RMD's under one payer. This (fact of life) happens when you reach 70 1/2. Then you have to start cashing the IRA's in (whether you want to or not).. in other words watch out for the tax man -he cometh!
Good luck

 

I used Turbotax a year or so ago. The federal return worked out ok. The state version was a total loss. It missed all kinds of items.

 

WA B&O tax is a whole different aminal. It is mostly a huge cluster.

 

Folks, you may want to read up on the "Secure Act" that was passed a short time ago. Based on that I won't have to start taking RMD's until April 1st of the year after I turn 72. I won't go into the details ….. look it up.

Tex

 

Before turning 65 a couple years ago we sold a rental house after 20 years of ownership. We knew there would be capital gains to pay but didn't count on ACA & Medicare penalties.
The mid year sale of the house made me ineligible for Obamacare for the entire year & the IRS demanded reimbursement of $6,000.

After reviewing our taxes, Medicare increased our premiums by $60 each per month for a year. They will look at this years return & re evaluate the Medicare payments for the following year. Oops!

 

I don’t do my tax returns myself and haven’t for many years. They are a total pia. They are getting more and more complex (even with the computer tax programs) and it use to take many many hours of my time. Very frustrating and maddening experience. I hated it. Now I just gather up my tax documents and drop them off to my CPA. Yes it cost a couple hundred bucks but worth every penny. Never again will I do my taxes.

 

^^^ What he said. Also look into converting some of your IRA money to Roth IRA. It might not make much difference to you but it might make a big difference to your heirs.

Eek. I had a big screwup years back, the feds contacted me and said "you OWE us BIGTIME." That's the one time I went to a professional. They were able to do something called 10-year averaging and got my sorry butt out of hot water. If I were in your situation I think I'd find that tax pro again.

 

Afternoon all:
I rolled over a regular IRA into a Roth IRA, (I had both at the time), by doing that the regular IRA rollover amt. counts as income and is listed as taxable income. Even though I didn't take any money out of either IRA, only a rollover, I also ended up paying more for Medicare for 1 year.
I did it at 64 and could spread the rollover over 2 years, 64 & 65, if I would have done it at 65 I would have had to pay the increased Medicare premium for the 2 years. Also, if I would have done it at 63 or earlier, I wouldn't have had to pay the additional Medicare premium.

 

Hi Carl, how have you been? Haven't seen you on here much. The missus and I are on our SKI trip (for those that dont know, SKI is Spending Kids Inheritance) again this year down in ST.Maarten NA.
Tax time, hate it. Got caught one year and been having aprofessional do it ever since. Have to pay them, but it's cheaper than paying penalties

 

Doing ok Ken, just hanging out in a corner of the porch and keeping out of trouble!

 

For me the time was 2018 -- I was at that at that 70 1/2 marker -- of course I am far younger than that now.
You are correct they have extended the RMD timeline

 

Agree with you there Carl. I haven't seen Tom @95SLE here lately. He keeps busy with projects so hope he is okay. Gotta keep tabs on us.

 

I don't even know where to start.

Just a little while ago I decided to use a gas gift car to fill up my truck.

I went a few towns up, pulled up to the pump, asked the young fella to fill it up. I told him that I'm using a gift card and the balance would be paid in cash.

So he starts to pump the gas while I dig in my pocket for the cash.

I'm not at looking at the process. As soon as I did I looked in the side mirror and his ass and back firmly planted against by box.

My window is down and say "hey"...no response. Again, "hey" a bit louder. A third time even louder...no response!

Laid on the horn...he looked, took out an ear bud..."uhhh, what"?

Get your ass of my truck!

I'm normally a happy going guy. There's really not that much that gets me worked up but that did.

Oh well....

 

Where were you? I want to make sure I avoid that gas station!!!

 

River St., Carbondale

 

A man after my own heart flying under the radar!

 

I will stay away from there!!

I got word today that my 2020 Army Green TRD Pro has been built and is somewhere in the transit cycle. Should know more tomorrow.

 

Flack over in the Northern California forum over where does the "real Northern California" start? Shows me the best behaved members are right here.
Oh yes, my last stove, a 110 years old was finally delivered yesterday after cruising around somewhere for 10 days.
Duane