Random Thoughts 18: The Year of Fire

[BoxsterCy]

Maybe I should be giving the reptiles more privacy. Saw some toads mating in a lake***. Than saw a couple of quite large snapping turtles doing their thing. Looked like they might drown each other, they were spinning around like a log under a lumberjack.

*** Frogs billowing out their throats and croaking would have been a cool shot, but no, I get toads!

 

[BoxsterCy]

The first time we had to pay it was an eye-opener. Our income varies widely from month to month because part of it comes from our portfolio. And in October and January when we turn 70 each of us will be required by law to take a set amount out of our retirement. We decided to use the money manager Schwab offers to help us control things better. It has helped a LOT.

It was a lot easier when we had regular paychecks with actual withholding.
Ah well...

I had some matured Series E saving bonds I cashed in. Did estimated tax payment for that but missed on the interest income on other stuff. My first "have to withdraw from 401K" starts this tax year.

 

[ImJustKCClone]

I had some matured Series E saving bonds I cashed in. Did estimated tax payment for that but missed on the interest income on other stuff. My first "have to withdraw from 401K" starts this tax year.

Huh. I thought it was 70. It's 75?

 

[NWICY]

Taxes aren't all that fun, but full retirement and having to pay taxes is sort of a 1st world problem in my opinion.

 

[Cyclones_R_GR8]

The first time we had to pay it was an eye-opener. Our income varies widely from month to month because part of it comes from our portfolio. And in October and January when we turn 70 each of us will be required by law to take a set amount out of our retirement. We decided to use the money manager Schwab offers to help us control things better. It has helped a LOT.

It was a lot easier when we had regular paychecks with actual withholding.
Ah well...

Currently I have $250 extra withheld from my paycheck for federal and $25 for state. I have a non qualified account that I have to pay taxes on dividends and capital gains that are reinvested. A few years back I really got hit on taxes so I started doing that. I'll have to find out how to manage that once I retire.

 

[ImJustKCClone]

Taxes aren't all that fun, but full retirement and having to pay taxes is sort of a 1st world problem in my opinion.

Yeah, I know. I thought about that when I was typing it...but I decided all y'all would forgive a little whining...

 

[Cyclones_R_GR8]

Huh. I thought it was 70. It's 75?

Age increased for required beginning date for required minimum distributions. Individuals who reach age 72 after December 31, 2022, may delay receiving their required minimum distributions until April 1 of the year following the year in which they reach age 73.See Your required beginning date for more information.

 

[ImJustKCClone]

Age increased for required beginning date for required minimum distributions. Individuals who reach age 72 after December 31, 2022, may delay receiving their required minimum distributions until April 1 of the year following the year in which they reach age 73.See Your required beginning date for more information.

Can they make that wording any more convoluted???

 

[Cyclones_R_GR8]

Can they make that wording any more convoluted???

It's the government
You're not 70 yet so you can wait until April 1st after you turn 73 to take your first RMD. I also think the RMD is determined by the value of the IRA on Dec 31st

 

[NWICY]

Yeah, I know. I thought about that when I was typing it...but I decided all y'all would forgive a little whining...

A friend of mine was talking about having to build a new house because his wife was tired of living on a corner lot where everyone could see them, they ended up selling that house plus another lot they had bought, to do a remodel on a lake. It was a 1st world problem.

 

[stormchaser2014]

I went to a bar last night, a small gathering for my sister's fiancé's sister graduation, but it was crowded and there was live music, which wasn't properly engineered so it was just loud noise. With the music and everyone talking in a sort of small place, it was way too loud for me, my ears hurt. I could hear everything.

 

[BoxsterCy]

Can they make that wording any more convoluted???

Truth. I have a set amount I need to withdrawn for tax year 2024 but they added a "first year" caveat that I don't need to withdrawn it by end of 2024, I have till April 1, 2025 which would fall into the same year of required 2025 withdraws that would need to be done before end of 2025. Took lots of searching for me to figure it out. You have a choice of convoluted IRS regs reading or for sale advice from private industry.

The IRS could have an online calculator you could enter you age etc and it could burp out what you need to know but I think the industry lobbies against that.

 

[ImJustKCClone]

Truth. I have a set amount I need to withdrawn for tax year 2024 but they added a "first year" caveat that I don't need to withdrawn it by end of 2024, I have till April 1, 2025 which would fall into the same year of required 2025 withdraws that would need to be done before end of 2025. Took lots of searching for me to figure it out. You have a choice of convoluted IRS regs reading or for sale advice from private industry.

The IRS could have an online calculator you could enter you age etc and it could burp out what you need to know but I think the industry lobbies against that.

@isufbcurt is this true?

 

[CloneLawman]

This informational message has been removed.

 

[CycloneErik]

Yeah, I am waiting for the Feds to tell me how much I owe as a penalty. I ended up owing quite a bit, most years I am plus/minus a few hundred dollars but not this year.

Yeah, they're going slowly. I owe, but my account doesn't show it yet. If they want to wait, that's fine enough, I guess.

 

[NWICY]

Ugh a nice day with a sudden .2 inches of rain that didn't really make my day, though it kept me from mowing.

 

[BoxsterCy]

Are you crying? Are you crying? There's no crying! There's no crying in baseball!

 

[SaraV]

 

[wxman1]

Listen here Eggo. Why on God's green earth did you make pancakes that the serving size is 3 and your instructions on warming them up are for 3 AND THEN PUT FOUR IN A CONTAINER??!?!?

 

[Rabbuk]

Listen here Eggo. Why on God's green earth did you make pancakes that the serving size is 3 and your instructions on warming them up are for 3 AND THEN PUT FOUR IN A CONTAINER??!?!?

Sounds you you need to buy 4 boxes at a time