TMFPMarti’s Activity

Thu Apr 10

Rule Your Retirement Boards Post

TMFPMarti replied to the Rule Your Retirement boards. 4:50 PM

Wed Apr 9

Rule Your Retirement Boards Post

TMFPMarti replied to the Rule Your Retirement boards. 9:09 PM

Tue Apr 8

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 11:11 AM

Re: Another IRA question

The OP didn't ask, nor did he indicate whether taxes were withheld, but if taxes were withheld then what impact does that have on the amount recharacterized in order for the net tax liability to be zero?

No. Regardless of withholding [more]

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 7:13 AM

Re: Safe harbor options?

If you owe less than $1000 with your tax return and have made 4 equal and on-time estimated tax payments, there is no penalty.

I used to think that was true, but it isn't. That safe harbor considers only withholding. Look at the [more]

Wed Apr 2

Rule Your Retirement Boards Post

TMFPMarti replied to the Rule Your Retirement boards. 3:57 PM

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 3:43 PM

Re: Rolling a 401(k) & early retire

Does it matter where I roll this new 401(k) for tax planning purposes?

No

Phil
Rule Your Retirement Home Fool

Thu Mar 27

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 2:25 PM

Re: taxes and trusts

Would the value of an IRA at the time it went into the trust be considered income to the trust or just the earnings generated after that point.

The transfer to the beneficiary is not a taxable event. When money is withdrawn it's [more]

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 1:02 PM

Re: Reporting earnings on excess Roth contributi

The excess contribution for 2011 gets counted toward the total excess. As far as I can tell, this will continue happening for future years until a distribution is made to withdraw the excess contribution.

From your earlier responses I
[more]

Wed Mar 26

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 4:03 PM

Re: Tax handling of gifts under the annual exemp

I'm pretty sure the law requires that you take your RMD before you do a conversion. So I'd expect any broker to ask about that.

However, since you can take your RMD from any IRA account for ALL of your IRA accounts, it would be easy to
[more]

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 2:31 PM

Re: Tax handling of gifts under the annual exemp

This is getting ridiculous. You do not have to take your RMD before you do a conversion. If some ribbon clerk tells you that you must, move your account or ask the ribbon clerk for a cite. "They" and corporate lawyers don't [more]

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 2:25 PM

Re: Reporting earnings on excess Roth contributi

From reading Pub 590 I understood that the excess contribution(s) along with earnings have to be removed from the Roth IRA in order to stop paying 6% excise tax each year it remains there. Please let me know what will happen if I leave it [more]

Tue Mar 25

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 12:45 PM

Re: Reporting earnings on excess Roth contributions

While preparing 2013 Tax Return I have discovered that I was not allowed to contribute to my Roth IRA in 2011 due to the AGI limitations. I did contribute $5,000 in 2011.

I understand that I have to file amended 2011 and 2012 returns both
[more]

Sun Mar 23

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 3:07 PM

Re: Forgot about home sale for taxes

I just efiled my 2013 taxes, and completely forgot about the fact that I sold my condo in 2013. I sold at a loss, so there is no change to my tax liability but I know I'm supposed to include it as a transaction.

What's my best course of
[more]

Fri Mar 21

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 11:05 AM

Re: Excess Contribution for Roth IRA

2013.

Thanks for the catch.

Phil
Rule Your Retirement Home Fool

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 6:39 AM

Re: Excess Contribution for Roth IRA

Here's what I think are the facts:

You have no traditional IRA of any type, including SEP, SIMPLE, and rollovers from prior employer plans. Your 2013 joint income bars the Roth contribution you already made.

I think your best course [more]

Thu Mar 20

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 11:39 AM

Re: Mutiple K-1's in an IRA

It's the total that counts.

Within each TIRA, or across all TIRAs?


There's a reason no one can find anything definite. It doesn't exist. You'll find all kinds of opinions--including mine, which is it's per IRA account. [more]

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 7:25 AM

Re: Backdoor Roth Tutorial for TT

B>No, the cost basis is prorated across the entire value of your TIRAs.

At what point is the cost basis calculated? My hope is at the time of conversion.


Hope dashed again. See Paart I of Form 8606

Phil
Rule [more]

Wed Mar 19

Rule Your Retirement Boards Post

TMFPMarti replied to the Rule Your Retirement boards. 6:58 AM

NL

Boards Post

TMFPMarti replied to the Tax Strategies board. 6:50 AM

Re: Past tax due for disabled

It appears for some years returns were not filed. What happens for those years?

It appears that The IRS assessed on available info. These die after 10 years.

In short, take Peter's advice.

Phil

Rule Your [more]

Mon Mar 17

Rule Your Retirement Boards Post

TMFPMarti replied to the Rule Your Retirement boards. 8:28 AM

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Big funky green star, 20000 posts Home Fool
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