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Old 11-23-2018, 04:27 PM
 
Location: SoCal
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Fair or not, that’s a subject for another thread. But I keep my mortgage just in case, I still can deduct more than single deduction if filing single. There is no limit on deductions for single vs married.
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Old 11-24-2018, 03:41 AM
 
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there is when you talk about SALT . they both have limits ,single or married .
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Old 11-24-2018, 06:29 AM
 
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Quote:
Originally Posted by mathjak107 View Post
rmd's percentage wise go up and up as you age so they are not 3-4% for long . it is a sliding scale .

rmds are also based on each years value . so that percentage is not the same as a 3-4% safe withdrawal rate based on first year value
I was not referring to RMDís when I said I would withdraw 3-4% per year. That is my spend down rate on my investments.
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Old 11-24-2018, 06:47 AM
 
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okay , because people do get confused with the rmd schedule which starts out in that range
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Old 11-24-2018, 07:42 AM
 
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The key is to be mindful of tax bracket at conversion and projected income when rmd's start. The caveat being no one knows what tax brackets, medicare surcharge brackets, etc. will look like in the future.

To clarify, I am simply suggesting future unknowns because doing conversion is premised on the notion that it is more financially advantageous to make Roth conversion and pay taxes now than in the future.

IRA/Roths - The current tax treatment/eligibility may be subject to change in the future as this was part of discussions prior to Tax Cuts and Job Acts.

Spousal IRA - Pointing out that RMD's will be higher (and subject to single status tax treatment) when widowed and inheriting spouses IRA.

Medicare Surcharges - The income threshold dropped in 2018 for tier 3 and 4 such that for surcharges are imposed starting at single $133,501 (from $160,001) for tier 3 and $160,000 (from $214,000) for tier 4.


All this is to say, the future financial impact may be more significant than many people realize particularly when widowed and subject to single status.


SUffice it to say, given the trends, personally I am assuming the future financial bite when RMD's start will be more significant
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Old 11-24-2018, 08:42 AM
 
1,137 posts, read 569,984 times
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Quote:
Originally Posted by organic_donna View Post
Itís not fair that married people get double the standard deduction. They donít pay double for their cost of living expenses.
Ok, then we should eliminate it. Along with a single person's standard deduction if they live with another single person, no matter what the arrangement.
I don't see that taking wings.
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Old 11-24-2018, 08:47 AM
 
Location: SoCal
13,226 posts, read 6,326,744 times
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Quote:
Originally Posted by mathjak107 View Post
there is when you talk about SALT . they both have limits ,single or married .
I said mortgage deduction, not the same as SALT. But SALT limit is very close to single deduction.
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