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Post by SteveH on Aug 23, 2023 10:18:50 GMT -5
But barring a hurricane sale, wherever we move to in New England, we will be able to buy less than half the house for about three times the money. I'm not happy about that, but it will be near the grandchildren, it won't be prone to hurricanes, and it won't be 105 degrees Fahrenheit in the shade as it's going to be here today. Oh well... Money is nice, but it's not everything... Stay out of Connecticut, it is the 'Tax you to death state.' |
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Post by rembrey1203 on Aug 23, 2023 11:26:16 GMT -5
Money is nice, but it's not everything... Stay out of Connecticut, it is the 'Tax you to death state.' As my father reminded me as he kicked me out of the house- "There's no such thing as a free lunch." Every area of the country has its natural calamities - earthquakes, tornadoes, hurricanes, blizzards, etc. |
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Post by leonski on Aug 23, 2023 16:16:21 GMT -5
My house is a five-bedroom, 2.5 bath, two-story of about 3,600 square feet. We bought it in the mid 1980's in "as is" condition from a couple who had already moved to Florida for retirement.for $162,000, cash. We own it outright with no mortgage. In the local real estate market, it's probably worth $370,000. You don't get California prices in Louisiana... The only way to improve the selling price is to be ready to move on short notice, and then wait until New Orleans floods again (it will within the next five years, I believe). The last time New Orleans flooded after Hurricane Katrina, I was getting calls from realtors telling me I could sell for any price I wanted if I could be out in two days. Seems somewhat ghoulish, but... I'm thinking that we could get $500 to $600 thousand easily. But barring a hurricane sale, wherever we move to in New England, we will be able to buy less than half the house for about three times the money. I'm not happy about that, but it will be near the grandchildren, it won't be prone to hurricanes, and it won't be 105 degrees Fahrenheit in the shade as it's going to be here today. Oh well... Money is nice, but it's not everything... Not to mention MY personal limit........Sure......105f......but at 90% Humidity.? NO WAY!.... Even SoCal Palm Springs is no longer 'dry heat' since they waste Hundreds Of Thousands of gallons of water on GOLF COURSES..... Lived in Florida for a while, and NO MAS.......Ever.......Bugs? Reptiles? Rednecks? Crime? SinkHoles? Swamp Ape (local bigfoot) If I were moving to New England? Research.....Research.....Research. Look at crime? Climate? Proximity to various services as you choose......Photographic Opportunity? Education / Classes? How much TOURISM? (less can be better)...... Even look at the demographics of the proposed Zip Code......Educational breakdown may mean a more educated bunch of neighbors. Look at FLOOD MAPS. (from the insurance companies?) and fire coverage. Home resale values over time and resale rate. Taxation? Property /Sales? Car registration? California gets about 10% on new car sales..... Lots of homework to keep you busy...... |
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Post by mauriceminor on Aug 23, 2023 17:27:13 GMT -5
Palm Springs California 92264
Currently 104 F / 17% humidity
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Post by leonski on Aug 23, 2023 19:35:53 GMT -5
Humidity comes and goes....wind direction and watering schedule both play a part.
In years past? Indians would come down off the mountain to WINTER in the springs, where you can still find some evidence.
Hotel in town is part of the reservation and has natural source of hot spring water. VERY Theraputic.
But Palm Springs has what amounts to pretty good management and a program to put water into the aquifir.....
Did I exaggerate? Some would say so, but all that stupd golf course watering MUST have an effect.
Even my (otherwise) Idiot Brother In Law when he moved to one of the nearby towns TORE UP the sod lawn and planted cacti / desert theme which
was the ONLY one like it for blocks around. Everybdy ELSE had a stinkin' LAWN. He also put in a salt water POOL and didn't need the traditional chems.
I demonstrated sublimation for my nephews......I took an ICE CUBE out in 108 temps and put it on a manhole cover. It just basically evaporated and left a wet
spot which lasted another 20 seconds.....My next demo was going to be 'fry an egg' in a black cast iron skillet ON the manhole cover.
On that same trip? (we were house sitting for 2 weeks) a summer strorm blew thru. 3 bolts of lightning within 'pucker' range.....and over an inch of rain in
about 90 minutes......
Now THAT got humid, since as soon as the rain stopped? It warmed right back up and COOKED......
Living out there is like some kind of bad Science Fiction movie. You go out about noon and NO cars are on the road. A sheet of newspaper is blowing down
the middle of the street. Creepy...
I wonder at what point humidity starts to 'feel damp' in 100f weather?
I also wonder if population is going up / down/ or static? That'll effect the water table.....
BTW? Palm Springs area is pretty much an INDEPENDENT System....When you drive around there are MANY 'concrete rivers'.....dry most of the time.....and washes
from like....Whitewater.
If you are ever out there? Drive UP to visit the windmills......
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Post by Boomzilla on Aug 30, 2023 10:20:36 GMT -5
A tax question, please? Wife and I are currently on Social Security. Wife is also taking the minimum required distribution from her retirement savings, but I am not, yet. Total combined Social Security income plus wife's RMD equals about $59,000 / year.
My understanding is that we'll owe income taxes on 50% of our benefits between $25K and $34K and on up to 85% of our benefits above $34K.
Our taxes were done last year by a commercial tax-prep service, but I don't know if they arranged the W-4V form to withhold taxes from our 2023 income.
I'd much prefer to have automatic withholding rather than to file quarterly taxes. My questions are:
1. How do I find out if taxes are automatically being withheld from our Social Security payments?
2. If tax withholding is not being done, are we supposed to be filing quarterly?
3. If tax withholding is not being done, can I file a W-4V form now to begin withholding?
On a different question, I'll have to start taking a minimum required distribution in 2026 (at the latest). This will add approximately $125,000 (at a minimum) annually to our existing Social Security income. Should I employ a tax advisor to minimize income taxes on the retirement income?
Thanks - Boomzilla
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Post by geebo on Aug 30, 2023 10:28:01 GMT -5
A tax question, please? Wife and I are currently on Social Security. Wife is also taking the minimum required distribution from her retirement savings, but I am not, yet. Total combined Social Security income plus wife's RMD equals about $59,000 / year. My understanding is that we'll owe income taxes on 50% of our benefits between $25K and $34K and on up to 85% of our benefits above $34K. Our taxes were done last year by a commercial tax-prep service, but I don't know if they arranged the W-4V form to withhold taxes from our 2023 income. I'd much prefer to have automatic withholding rather than to file quarterly taxes. My questions are: 1. How do I find out if taxes are automatically being withheld from our Social Security payments? 2. If tax withholding is not being done, are we supposed to be filing quarterly? 3. If tax withholding is not being done, can I file a W-4V form now to begin withholding? On a different question, I'll have to start taking a minimum required distribution in 2026 (at the latest). This will add approximately $125,000 (at a minimum) annually to our existing Social Security income. Should I employ a tax advisor to minimize income taxes on the retirement income? Thanks - Boomzilla You can call SS or just go to their website and create an account. There you will be able to see your distributions and if and how much tax has been withheld. www.ssa.gov/myaccount/ |
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Post by Boomzilla on Aug 30, 2023 11:02:37 GMT -5
No can do...
I tried setting up a new account, but the website says I already have an account.
I don't know the user name or the password so I'm locked out.
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Post by monkumonku on Aug 30, 2023 11:04:11 GMT -5
A tax question, please? Wife and I are currently on Social Security. Wife is also taking the minimum required distribution from her retirement savings, but I am not, yet. Total combined Social Security income plus wife's RMD equals about $59,000 / year. My understanding is that we'll owe income taxes on 50% of our benefits between $25K and $34K and on up to 85% of our benefits above $34K. Our taxes were done last year by a commercial tax-prep service, but I don't know if they arranged the W-4V form to withhold taxes from our 2023 income. I'd much prefer to have automatic withholding rather than to file quarterly taxes. My questions are: 1. How do I find out if taxes are automatically being withheld from our Social Security payments? 2. If tax withholding is not being done, are we supposed to be filing quarterly? 3. If tax withholding is not being done, can I file a W-4V form now to begin withholding? On a different question, I'll have to start taking a minimum required distribution in 2026 (at the latest). This will add approximately $125,000 (at a minimum) annually to our existing Social Security income. Should I employ a tax advisor to minimize income taxes on the retirement income? Thanks - Boomzilla Like Geebo said, open a SS account and that will enable you to have withholding taken from your monthly amounts, You will have to file estimated taxes on a quarterly basis if your withholding is not sufficient for your tax liability. When you start taking your RMD in 2026 (or earlier), you should be able to instruct whoever is overseeing your account to withhold a specified amount of your distribution for state and federal income tax purposes. If they can't do this then you'll have to file the estimated taxes yourself. Even if you do have to file the estimated taxes yourself, the process is easy. You can set up an account with the IRS. The more difficult part is figuring out the amount of the estimate, though. If you don't have that much knowledge of taxes it might be good to consult a tax advisor. |
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cawgijoe
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Post by cawgijoe on Aug 30, 2023 11:14:33 GMT -5
A tax question, please? Wife and I are currently on Social Security. Wife is also taking the minimum required distribution from her retirement savings, but I am not, yet. Total combined Social Security income plus wife's RMD equals about $59,000 / year. My understanding is that we'll owe income taxes on 50% of our benefits between $25K and $34K and on up to 85% of our benefits above $34K. Our taxes were done last year by a commercial tax-prep service, but I don't know if they arranged the W-4V form to withhold taxes from our 2023 income. I'd much prefer to have automatic withholding rather than to file quarterly taxes. My questions are: 1. How do I find out if taxes are automatically being withheld from our Social Security payments? 2. If tax withholding is not being done, are we supposed to be filing quarterly? 3. If tax withholding is not being done, can I file a W-4V form now to begin withholding? On a different question, I'll have to start taking a minimum required distribution in 2026 (at the latest). This will add approximately $125,000 (at a minimum) annually to our existing Social Security income. Should I employ a tax advisor to minimize income taxes on the retirement income? Thanks - Boomzilla First off I think that Social Security payments should not be taxed by either the state/and or the Federal Government. You've worked hard all your life and paid into the system, you should have what little they provide you for whatever little time you have left. Ok, off the soapbox. 1. As mentioned...go to the Social Security website, create an account if you don't already have one, hopefully you will get an answer there. 2. I know for 1099 employees, who don't have tax with held, they should be filing quarterly so as not to be hit at the end of the year with a big tax bill and to not incur penalties. 3. You can file anytime to begin withholding. Edit: Monkumonku's advice is good...check with a tax professional or financial advisor to get the scoop on what you need to do. Even if you have a pay a fee of some sort to get that advice, it's likely worth it. |
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Post by Boomzilla on Aug 30, 2023 11:16:54 GMT -5
Well...
You didn't pay tax on the income that went into your retirement when you earned it - so it's reasonable to tax it when you take it out.
The only exception is Roth IRAs where you paid the tax when you earned the money.
The only certainties in life are death & taxes...
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cawgijoe
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Post by cawgijoe on Aug 30, 2023 11:20:32 GMT -5
Well... You didn't pay tax on the income that went into your retirement when you earned it - so it's reasonable to tax it when you take it out. The only exception is Roth IRAs where you paid the tax when you earned the money. The only certainties in life are death & taxes... I'm talking Social Security payments that are taxed...not IRA or 401K.... |
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Post by monkumonku on Aug 30, 2023 11:27:29 GMT -5
Well... You didn't pay tax on the income that went into your retirement when you earned it - so it's reasonable to tax it when you take it out. The only exception is Roth IRAs where you paid the tax when you earned the money. The only certainties in life are death & taxes... I'm talking Social Security payments that are taxed...not IRA or 401K.... Very true. We were taxed on our total income before social security was withheld, so in effect we've already paid taxes on the social security. Why should we have to pay it again when we receive it back? An argument could be made that the excess of what we get back over what we paid in should be taxed, which would (1) be an accounting nightmare and (2) we've already in substance/essence paid a "tax" to the government by them holding those funds all these years and being able to squander them to the point where SS is really bankrupt without them printing money out of thin air to prop it up. So I don't think SS should be taxed. That is one of the few (maybe only?) advantage of living in California, that they don't tax SS. But then probably a lot of other states don't either. |
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Post by Boomzilla on Aug 30, 2023 11:32:58 GMT -5
I hadn't thought of that - You're right - Income taxes were calculated on total income INCLUDING what was taken out for Social Security. So we've already paid tax on that income once. Of course, the drunken sailors who populate our Congress aren't about to miss a chance to double-dip. Or as I once heard someone describe it "Your Congressman is right behind you slapping on the Vaseline."
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cawgijoe
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Post by cawgijoe on Aug 30, 2023 11:57:20 GMT -5
I think a majority of states don't tax Social Security now, but some still do. Virginia does not where I live.
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Post by marcl on Aug 30, 2023 12:04:55 GMT -5
I hadn't thought of that - You're right - Income taxes were calculated on total income INCLUDING what was taken out for Social Security. So we've already paid tax on that income once. Of course, the drunken sailors who populate our Congress aren't about to miss a chance to double-dip. Or as I once heard someone describe it "Your Congressman is right behind you slapping on the Vaseline." Kind of a juggling act too because your income determines your tax rate. If your income from IRA and other assets puts you in the 85% SSI taxable range, then that SSI money gets added to your adjusted gross and may put you in a higher tax bracket too. Sometimes if what we withdraw from our IRA is low enough in a year, we pull out a little more and convert it to a Roth, paying the tax at a lower rate than it might be in the future. Try to get it to the edge without going over. Helps to have an advisor check the math. |
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Post by leonski on Aug 30, 2023 13:28:48 GMT -5
I'd consult with a Tax Professional.
And? If you do not remember asking for or specifying a 'withholding'? Maybe not happening.......
SS a a quagmire.
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Post by geebo on Aug 30, 2023 18:09:39 GMT -5
No can do... I tried setting up a new account, but the website says I already have an account. I don't know the user name or the password so I'm locked out. Have you tried going to the sign in page and check the Forgot Username and Forgot Password boxes? I've had to do that in the past. secure.ssa.gov/RIL/SiView.action |
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Post by geebo on Aug 30, 2023 18:13:30 GMT -5
I'm talking Social Security payments that are taxed...not IRA or 401K.... Very true. We were taxed on our total income before social security was withheld, so in effect we've already paid taxes on the social security. Why should we have to pay it again when we receive it back? An argument could be made that the excess of what we get back over what we paid in should be taxed, which would (1) be an accounting nightmare and (2) we've already in substance/essence paid a "tax" to the government by them holding those funds all these years and being able to squander them to the point where SS is really bankrupt without them printing money out of thin air to prop it up. So I don't think SS should be taxed. That is one of the few (maybe only?) advantage of living in California, that they don't tax SS. But then probably a lot of other states don't either. But we don't pay taxes on the equal Employer contributions to Social Security on our behalf which is probably why SS in not taxed as regular income is. |
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Post by 26gary26 on Aug 30, 2023 20:28:57 GMT -5
Easy. Buy a Turbo tax program estimate what your income is and Social Security and you will know exactly what is and isn't being taxed. You can even create numerous accounts with the programs and have them tax checked with the program without even sending the programs you created in.
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