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Old 02-04-2018, 01:05 PM
 
6,901 posts, read 7,306,042 times
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Quote:
any interest, dividends, and capital gains are subject to tax in the year in which they are declared, even though you may not have made any withdrawls from those accounts.
Yes, you're right, of course.
It's been so long since I've had taxable mutual funds I forgot that.
You'd think it would have dawned on me since I just got a 1099 in the mail this past week.
Where's my dunce hat?....
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Old 02-04-2018, 01:39 PM
 
Location: 5,400 feet
2,627 posts, read 2,587,381 times
Reputation: 3685
Quote:
Originally Posted by mathjak107 View Post
here it is but they are not the best idea . if it were me and i was looking to do something charitable i would set up a fidelity gifting account

https://www.kitces.com/blog/why-a-ql...md-obligation/
We have a Fidelity Charitable account and have used it regularly over the last few years. Since it is a donor advised fund, it is not an eligible charity for QCDs to reduce RMDs. To make contributions, they have to come from other income or from the RMD after it has been withdrawn. That used to be an issue for those who would be subject to phase outs of tax deductions, but the phase outs were suspended under the new tax law. That's just makes the process more cumbersome but you can accomplish the same contribution either way.
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Old 02-04-2018, 01:55 PM
 
71,898 posts, read 71,971,035 times
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I was referring to do it with the money he had to pull out for rmd's not instead of rmd's
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Old 02-04-2018, 02:41 PM
 
6,231 posts, read 2,889,593 times
Reputation: 15821
Charity begins at home. Unless you have a crystal ball,you have no idea what medical or life altering event will knock at your doorstep. Get extended Care insurance and learn that rich or poor you are not immune to a stroke,heart attack,or paralysis. You'll want that additional revenue for your medical scripts and care .
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Old 02-04-2018, 03:29 PM
 
Location: Columbia SC
9,018 posts, read 7,778,187 times
Reputation: 12267
Quote:
Originally Posted by Nov3 View Post
Charity begins at home. Unless you have a crystal ball,you have no idea what medical or life altering event will knock at your doorstep. Get extended Care insurance and learn that rich or poor you are not immune to a stroke,heart attack,or paralysis. You'll want that additional revenue for your medical scripts and care .
Much advice out here is for/from those that have another to consider (spouse, child, etc.) whereas some of us are single with only ones self to worry/plan about. Long term health insurance would be a waste for me. If am unable to live the life style I want, I will take care of the matter.
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Old 02-04-2018, 03:56 PM
 
Location: SC
8,793 posts, read 5,676,226 times
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Quote:
Originally Posted by mathjak107 View Post
our fair share of taxes are whatever the tools left in place to be utilized and our laws get that amount down to legally.

you want to pay more , we all applaud you for it
Thanks for carrying the brunt of the load of this thread. I would add more - if I had something intelligent to say on the subject. But for now, All I can do is watch, read, and learn. I was hesitant to start the thread - due to the usual - but it is time now for me to get serious on the subject so I took the plunge.

Over the past two years I have been moving a little from IRA to Roth each year - successfully avoiding taxes due to the low amount I was moving. Over the next decade - starting next year (59), I will definitely start feeling the tax pain. Next year (59) will be the start of that pain.

Thanks again, and thanks to all other contributers to this thread.
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Old 02-04-2018, 04:13 PM
 
Location: SC
8,793 posts, read 5,676,226 times
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Quote:
Originally Posted by johngolf View Post
Much advice out here is for/from those that have another to consider (spouse, child, etc.) whereas some of us are single with only ones self to worry/plan about. Long term health insurance would be a waste for me. If am unable to live the life style I want, I will take care of the matter.
I agree. Being single, never married with 3 siblings, insurance has always been a waste in my mind. I believe I am on the same exit plan as you.

I want as many of my dollars as possible to go into siblings hands, not the tax man, not some hospital or home, nor anyone else who will take care of my feeble body in exchange for all my accumulated wealth - no matter how much or little that is. Like you, I am strong now, and I plan to do all I can to keep myself that way.

Maybe I can draw a good air tight pre-nup and/or hire a private nurse if I start needing minor assistance.

For now, it is Eagles time. This will be my sole concern for the next 3.5 hours. Good luck Birds!!! Dilly Dilly Philly!

Last edited by blktoptrvl; 02-04-2018 at 04:28 PM..
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Old 02-04-2018, 06:18 PM
 
Location: Tucson Arizona
3,922 posts, read 1,668,548 times
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Give it to me. I will find a use for it. I promise.
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Old 02-04-2018, 08:51 PM
 
15,436 posts, read 4,081,982 times
Reputation: 11135
Quote:
Originally Posted by mathjak107 View Post
our fair share of taxes are whatever the tools left in place to be utilized and our laws get that amount down to legally.

you want to pay more , we all applaud you for it
It's not that I want to pay more, it's actually being conservative.

Many years back when Apple Computer started having a vast cash hoard, all the other corporations and business experts said they were foolish. Michael Dell said they should just close the corporation and return any money left to the shareholders (he thought they had completely failed).

But, lo and behold, those vast sums have allowed the company to weather Recessions that drove other companies out of business. Maybe those other companies were "smart" and borrowed money at low rates instead of saving up their own cash hoards to finance themselves.

Many of the "tax moves" that people talk about are simply games - depending on circumstances they might work out or they might not.

My "sin of paying too much in taxes" is simply not plotting to try to beat the system. This is akin to those who think they can beat the stock market or beat the casino or beat anything else.

IMHO, the proof ends up in the pudding. We have no debt, 3 houses and no financial worries....and that was with a high school education.

While I disagree with MANY of the ways the government spends money, I still know that money spent and money earned (or collected) must someday balance. So I take the Warren Buffett approach to these things...taxes are the price of civilization both now and in the future.

Unfortunately, I have had bad experiences working for non-profits (as a volunteer) and seeing how much of the money was spent....this soured me on most charity. I'm not religious do giving it to the Priest (who may also do bad things with it) is not an option.

I won't have to worry about inheritance taxes....I'm not that well off. So basically I just pay whatever taxes are due. Honestly, the fees from my accountant upset me more than those from the government because a simplified system would save me a couple grand a year.

Back when I ran a couple businesses at one time I did get a bit upset because, of course, the income from a 2nd business is on top of regular income and therefore often taxed at the very highest rates. I solved that one easily - I sold the 2nd business. Turned out I ended up making about the same $$$ with less work.

Again, it's not that I try to pay the government extra, just that TIME is the most valuable asset we all own so you won't see me saving up every $10. receipt for a box of nails so that I can deduct it from the house basis cost in 15 years when and if I sell.

I think I pay just the right amount. I don't know about the rest of you, but I had 3 children go through public school. Taxes pay for that. Anyone who runs around praising the military or "our way of life" and yet is satisfied that we now have 21.5 Trillion dollars in debt due to "tax savings" would seem hypocritical to me. As my wife know, when it comes to these types of matters I'm a rule follower. I don't butt in line, try to get special advantages and I pay all taxes due. This give me the right to be an American citizen in good standing.
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Old 02-04-2018, 09:53 PM
 
Location: Saint Johns, FL
1,195 posts, read 945,065 times
Reputation: 1267
Quote:
Originally Posted by ged_782 View Post
After age 70-1/2, you can only do that if you have wage income (i.e., you are still working).


The OP would need to consider starting to shift funds to a Roth IRA now, if he is wanting to minimize taxable income after retirement.
However you can convert into a Roth at any age even with no earned income. (but you can't convert your RMD)
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