BoatBanter.com - IRA Required Minimum Distribution...

wrote:
On Fri, 19 Jun 2015 01:58:04 -0500, Califbill
wrote:

wrote:
On Thu, 18 Jun 2015 11:47:13 -0500, Boating All Out
wrote:

In article ,
says...

On Thu, 18 Jun 2015 07:04:57 -0700 (PDT), wrote:

On Thursday, February 13, 2014 at 8:01:12 AM UTC-5, John H. wrote:
...calculation is very simple. Get the total value of your IRA's (not
Roth) as of the end of the
previous year, divide by a number provided in the IRS table, and
that's your minimum distribution.

Then give it to your kids as a Christmas present, minus the taxes you'll owe on it.

Simple, huh?

Or you could get involved in another hobby. Or buy some more guns, or
maybe a motorcycle.

So, all you youngsters have nothing to fear. Don't pay some CPA guy
to do your taxes for you.

Why can't the Gov't just stay the hell out of our lives? Are they
worried we will die with all that money in an IRA and they won't get
their taxes? Wouldn't an inheritance tax be bigger?
What a total waste of time and effort on everyones part.

IRA and 410k is a time bomb. They let you accumulate this money tax
free but they are coming after it with a vengeance when you want to
spend it.
Currently they also tax 85% of your Social Security at ordinary income
rates if you are not living in poverty so that old saw that your tax
rate will be lower in retirement is simply bull****.,.

Er..my tax rate is considerably lower since I retired.
So it's not bull**** to me.
What you just said, OTOH...

I am making virtually the same money in retirement with my pension and
SS as I was when I worked (20 years ago) and I haven't even started
drawing down my 401k and other investments.
I agree the tax cuts may have made rates lower than when you retired
but for how long?
When Listen to the democrats, there is no reason to assume these lower
tax rates will survive.

I have a higher income than when I retired. I am in to the RMD of my
retirement accounts. When you figure the tax on dividends, it is an
atrocious rate. I pay 20% now because the Dem's figured I needed to pay
more. But that money was already taxed at 39% corporate rate. So
basically, near 55% rate. Would be 59% but dividend was lowered because of
that corporate tax payment.

Qualified dividends should be 15%. It is hard to figure that out for
most people because it is buried in the schedule D work sheet that is
unnecessarily cumbersome ... like the SS work sheet.
On the SS sheet, they might as well say "are you poor enough to eat
cat food? No, then add 85% of your SS to taxable income"

I was thinking the qualified dividends were same as long term Capitol gains
now. Tax program figures out the correct amount. Only one I have problem
with is LINN K1.

Bill