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Personal Finance and Investing

progree

(10,920 posts)

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

Reply to question everything (Reply #16)

Sun Dec 22, 2019, 02:47 AM

Dec 2019

Or are you talking about your spreadsheet that you use to estimate taxes ..

I have a rather rickety crickety spreadsheet for tax planning purposes ... yes I definitely use formulas rather than the full tax table! for projections. I'm about to get started on estimating my 2019 taxes (yes, I do pay estimated taxes quarterly, but don't do a full spreadsheet projection for that -- this year I'm just using safe harbor to pay the same as in 2018, so I'm sure I'll be owing in April. But need to do something accurate real soon to determine what impact a Roth conversion (must be executed by the end of this year or not at all) will have -- it might be a bad idea to do any conversion this year, even a small one)

Like every form, you have to add and subtract and use numbers like $479,000 and then select the smaller of..

Yes, they are ideal for automatons and impossible for human understanding.

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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