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Personal Finance and Investing

question everything

(47,407 posts)

14. To add and to thank you

Reply to progree (Reply #13)

Sat Dec 21, 2019, 03:50 PM

Dec 2019

First, if there is capital gain it would be added to total income Line 13 Sch. 1.

But... this discussion sent me to look at the worksheet for qualified dividends where one would also calculate the various taxes on capital gain and provides the tax amount. Since we did not have capital gain I ignored this worksheet but, of course, we do have qualified dividends from the taxable account so I went back and, lo and behold, lowered the taxes.

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About those RMDs (for the 70+ here) [View all] question everything Dec 2019 OP

Ah heck- James48 Dec 2019 #1

The Secure Act which was passed by both houses of Congress raises the RMD age requirement still_one Dec 2019 #2

Would have hurt us. At 70 and 1/2 we retired and needed the RMD question everything Dec 2019 #4

You don't have any regular taxable accounts to withdraw from? progree Dec 2019 #5

Yes, do. Most of it are securities that selling would generate capital gain question everything Dec 2019 #10

How would you pay capital gains taxes if you are in the 12% ordinary tax bracket? progree Dec 2019 #11

Oh. But one first has to take all the RMD and then can take extra to convert to Roth question everything Dec 2019 #12

Good luck 😂. I have to make my Roth conversion decision (yes/no/how much) in a few days progree Dec 2019 #13

To add and to thank you question everything Dec 2019 #14

I'm glad I helped in some way 😁 progree Dec 2019 #15

Qualified Dividends and Capital Gain Tax Worksheet question everything Dec 2019 #16

But don't you use TurboTax and don't they get it right (as far as qualified dividends)? progree Dec 2019 #17

Don't like surprises. Certainly not where money is invovled question everything Dec 2019 #18

Don't like surprises either, but whether I get a $2,000 refund in April or have to pay a $5,000 progree Dec 2019 #19

The ideal situation is one invests in such a way that the investments generate interest and dividend still_one Dec 2019 #6

Still, if you need to withdraw money for expenses, you want to withdraw it from taxable accounts progree Dec 2019 #3

Also for inherited IRAs there are several ways to take those RMDs, including annuitizing them still_one Dec 2019 #7

Yes, another option that looks real good to me is just donating the RMDs directly to charity -- progree Dec 2019 #8

Exactly, especially since for a lot of folks they can't itemize deductions, and this is a perfect still_one Dec 2019 #9