Interesting info re. IRA minimum withdrawal.

[John Schmidt]

Just got off the phone with my old friend & broker about what the minimum withdrawal would be this year. He told me due to the Covid mess we're not required to do that this year. Well, how nice....so I told him to let it ride and we'll see where the market goes. If I need extra money to pay income taxes in the Spring I might ask for some, otherwise I'm not touching it. This next Spring will be the first single tax return I've file in nearly 30 years so have no idea how it's going to turn out, although I do have a few hundred $$ tax paid in and carried over from last year. Guess it's a "wait & see" thing but I like to have some idea where I stand...can't do it this year.

I did finally get my $1200 stimulus. I contacted the local Congressman's office and filled out some release papers so they could look into it. Had to include a copy of Rita's death certificate so in the end, the IRS only sent $1200. I'm ok with it....it's money I didn't have anyway.

[Jess from VA]

John the maximum age for beginning IRA/401K mandatory withdrawals was moved back from 70 1/2 to anytime in the year you hit 72 for everyone.  Before penalties and interest get you.

Before the chinese cooties.

I've been filing single for years now.  The new standard deduction is too high to beat with usual deductions anymore, it is for me anyway.  It's made my filings very simple.

Course, you still have to watch your state return.   

[John Schmidt]

John the maximum age for beginning IRA/401K mandatory withdrawals was moved back from 70 1/2 to anytime in the year you hit 72 for everyone.  Before penalties and interest get you.

Before the chinese cooties.

I've been filing single for years now.  The new standard deduction is too high to beat with usual deductions anymore, it is for me anyway.  It's made my filings very simple.

Course, you still have to watch your state return.   

I've been making the minimum withdrawals all along but this year it apparently was not required due to the Kung Flu. Not sure why they think that makes a big difference, maybe for some big investors....which I'm not. Re. the high standard deduction, that might go away if Biden negates Trump's tax plan and puts his ideas in place. If he does, you can say bye-bye to some US based companies that have already indicated they'll move back overseas under his plan.

[f6gal]

I'm glad the congressman suggestion worked out for you.  Taking away the Trump higher standard deduction is going to hurt a lot of ppl, especially those without a home mortgage.  It won't impact your 2020 filing though, they can't change it retroactively.   

[John Schmidt]

I'm glad the congressman suggestion worked out for you.  Taking away the Trump higher standard deduction is going to hurt a lot of ppl, especially those without a home mortgage.  It won't impact your 2020 filing though, they can't change it retroactively.   

I don't have a home mortgage at the moment, hopefully I will in '21....and hopefully a few hundred miles south of Green Bay. Quite a few hundred! 

I have to share this with you folks in general. If you recall, I was left without a home following Rita's death in 2019 because she had left the house to her kids and had never added my name to the deed. The will was written prior to our marriage so as the surviving spouse I was left out in the cold. At the time, I was paying on a large home equity line of credit(HELOC), the result of some badly needed repairs to the house and property and some medical bills. There was no first mortgage. The house needed additional work, being 40 yrs. old was beginning to show and I had plans to do it all a little at a time. But her kids wanted the cash ASAP so I was out and they listed it October last year. Due to the repairs needed, instead of selling in the $500k range as many in the area had, it went for well under $400k. After the realtor got her cut and they paid off the HELOC, the amount they each got in cash(split 3 ways) was approx. $10k less than the benefit I got from having the HELOC paid off. After I rec'd. a letter to the effect the deal was completed and they weren't coming after me for reimbursement of the HELOC balance, I then outlined to them for the umpteenth time how it could have benefitted them more to let me stay....but they weren't having it. I would have continued paying on the HELOC, but I also would have done the needed repairs over time, thereby enhancing the value of the property. They would have had to wait a few years longer for their money, but it would have been quite substantial in comparison to what they got now. When one of the sons suggested suing me for the HELOC amount, I waved the letter at him....which all three had signed. So, by the time I would have left the property for my final reward, the HELOC would have been paid off and the repairs completed, leaving them with a property on a golf course worth somewhere north of $600k in today's market. Who knows what it would be worth in 5-6 years. Greed sometimes comes back and bites you in the ass, in this case greed had a big meal. So, as the old song goes: "I Feel Good!" 

[CoreyP]

This is interesting to me because I pay about 50% in income taxes. I'm trying to figure out my best retirement strategy. Taxes are the main point of that.

What horrifies me is a wealth tax. For those who don't know the Dems want a tax on your assets forever, which means you pay off a house etc. live on cash, they will tax your assets. Every year after year. I have watched people taxed off their land and this is even worse. You never own land you just rent it from the government but it gets crazy if they then want to tax your house because you paid it off. It's a big asset and you need to pay up according to them.

[f6gal]

I'm glad the congressman suggestion worked out for you.  Taking away the Trump higher standard deduction is going to hurt a lot of ppl, especially those without a home mortgage.  It won't impact your 2020 filing though, they can't change it retroactively.   

I don't have a home mortgage at the moment, hopefully I will in '21....and hopefully a few hundred miles south of Green Bay. Quite a few hundred! 

I have to share this with you folks in general. If you recall, I was left without a home following Rita's death in 2019 because she had left the house to her kids and had never added my name to the deed. The will was written prior to our marriage so as the surviving spouse I was left out in the cold. At the time, I was paying on a large home equity line of credit(HELOC), the result of some badly needed repairs to the house and property and some medical bills. There was no first mortgage. The house needed additional work, being 40 yrs. old was beginning to show and I had plans to do it all a little at a time. But her kids wanted the cash ASAP so I was out and they listed it October last year. Due to the repairs needed, instead of selling in the $500k range as many in the area had, it went for well under $400k. After the realtor got her cut and they paid off the HELOC, the amount they each got in cash(split 3 ways) was approx. $10k less than the benefit I got from having the HELOC paid off. After I rec'd. a letter to the effect the deal was completed and they weren't coming after me for reimbursement of the HELOC balance, I then outlined to them for the umpteenth time how it could have benefitted them more to let me stay....but they weren't having it. I would have continued paying on the HELOC, but I also would have done the needed repairs over time, thereby enhancing the value of the property. They would have had to wait a few years longer for their money, but it would have been quite substantial in comparison to what they got now. When one of the sons suggested suing me for the HELOC amount, I waved the letter at him....which all three had signed. So, by the time I would have left the property for my final reward, the HELOC would have been paid off and the repairs completed, leaving them with a property on a golf course worth somewhere north of $600k in today's market. Who knows what it would be worth in 5-6 years. Greed sometimes comes back and bites you in the ass, in this case greed had a big meal. So, as the old song goes: "I Feel Good!" 

Yeah, you definitely got screwed at the time.  Good to know Karma evened things out (somewhat). 

[CoreyP]

   

I have to share this with you folks in general. If you recall, I was left without a home following Rita's death in 2019 because she had left the house to her kids and had never added my name to the deed. The will was written prior to our marriage so as the surviving spouse I was left out in the cold. At the time, I was paying on a large home equity line of credit(HELOC), the result of some badly needed repairs to the house and property and some medical bills. There was no first mortgage. The house needed additional work, being 40 yrs. old was beginning to show and I had plans to do it all a little at a time. But her kids wanted the cash ASAP so I was out and they listed it October last year. Due to the repairs needed, instead of selling in the $500k range as many in the area had, it went for well under $400k. After the realtor got her cut and they paid off the HELOC, the amount they each got in cash(split 3 ways) was approx. $10k less than the benefit I got from having the HELOC paid off. After I rec'd. a letter to the effect the deal was completed and they weren't coming after me for reimbursement of the HELOC balance, I then outlined to them for the umpteenth time how it could have benefitted them more to let me stay....but they weren't having it. I would have continued paying on the HELOC, but I also would have done the needed repairs over time, thereby enhancing the value of the property. They would have had to wait a few years longer for their money, but it would have been quite substantial in comparison to what they got now. When one of the sons suggested suing me for the HELOC amount, I waved the letter at him....which all three had signed. So, by the time I would have left the property for my final reward, the HELOC would have been paid off and the repairs completed, leaving them with a property on a golf course worth somewhere north of $600k in today's market. Who knows what it would be worth in 5-6 years. Greed sometimes comes back and bites you in the ass, in this case greed had a big meal. So, as the old song goes: "I Feel Good!" 

I can tell you some stories.

The house next to me was bought by father for daughter, he was a wealthy man. In the end he liked me and my wife much better then his daughter and husband. LOL. He died and from what I hear the 4 children are all close to bankruptcy, apparently he has been carrying them for a while, which I know to be true. You can't fix stupid. Old guy liked me because I understand finance, his children didn't , they just spent money coming as fast as they could. The old guy liked me because I have an income that goes up and down which requires even spending over time. You make a boat load you buy toys for cash. The wrong way to do it is you buy toys on credit thinking your income will never drop.

In your case I understand real estate. Look at the local market and is it worth it to remodel or just sell out right? In my market right now, upgrade bathrooms will get you more then you spend in most cases.  The real estate market for houses is ridiculous where I am right and probably will continue as people flee big cities. Honestly I don't need some CA person to move in and then teach me why ????

[Jess from VA]

I'm glad the congressman suggestion worked out for you.  Taking away the Trump higher standard deduction is going to hurt a lot of ppl, especially those without a home mortgage.  It won't impact your 2020 filing though, they can't change it retroactively.   

I don't have a home mortgage at the moment, hopefully I will in '21....and hopefully a few hundred miles south of Green Bay. Quite a few hundred! 

I have to share this with you folks in general. If you recall, I was left without a home following Rita's death in 2019 because she had left the house to her kids and had never added my name to the deed. The will was written prior to our marriage so as the surviving spouse I was left out in the cold. At the time, I was paying on a large home equity line of credit(HELOC), the result of some badly needed repairs to the house and property and some medical bills. There was no first mortgage. The house needed additional work, being 40 yrs. old was beginning to show and I had plans to do it all a little at a time. But her kids wanted the cash ASAP so I was out and they listed it October last year. Due to the repairs needed, instead of selling in the $500k range as many in the area had, it went for well under $400k. After the realtor got her cut and they paid off the HELOC, the amount they each got in cash(split 3 ways) was approx. $10k less than the benefit I got from having the HELOC paid off. After I rec'd. a letter to the effect the deal was completed and they weren't coming after me for reimbursement of the HELOC balance, I then outlined to them for the umpteenth time how it could have benefitted them more to let me stay....but they weren't having it. I would have continued paying on the HELOC, but I also would have done the needed repairs over time, thereby enhancing the value of the property. They would have had to wait a few years longer for their money, but it would have been quite substantial in comparison to what they got now. When one of the sons suggested suing me for the HELOC amount, I waved the letter at him....which all three had signed. So, by the time I would have left the property for my final reward, the HELOC would have been paid off and the repairs completed, leaving them with a property on a golf course worth somewhere north of $600k in today's market. Who knows what it would be worth in 5-6 years. Greed sometimes comes back and bites you in the ass, in this case greed had a big meal. So, as the old song goes: "I Feel Good!" 

It's all about give me my money now, not tomorrow.

That you spent all those years taking care of their poor mother hand and foot (and they didn't), both your expense and personal loss of freedom, makes their greed and unhoming you all the worse.

They're lucky it didn't burn down, or have 20 homeless people to evict after you left.

But all that is the past, and we always need to be looking forward. 

Send them each a box of WI snow for Christmas.   

[Ken aka Oil Burner]

Send them each a box of WI snow for Christmas.   

I might also suggest that when collecting said WI snow, you do so where the dog has relieved itself. The snow will melt in transit, but the present left in the package will not 

It also helps to rid the beautiful snow of those unsightly piles. It's a double-win!!

[scooperhsd]

I was going to suggest lots of paper dots cut out to resemble snow, maybe with a spring to scatter it when they open the box...