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re: Contribute to an IRA or not
Posted by Dreamweaver on 6/6 at 7:40 pm
I'll answer that for you, it's tracked on IRS Form 8606. It's called your "basis" in the IRA, this has no relation to cost basis. When you withdraw funds from the IRA, a pro-rata portion of the withdrawal will not be considered taxable and that amount will go to reduce your basis, until eventually...

Posted on: Money Talk

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re: This Friday, 15 years ago, Julian Simon died
Posted by Dreamweaver on 2/5 at 12:34 pm
Had to do with the price of commodities if i recall correctly....

Posted on: Political Talk

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re: Here Lies Lt. Wilson S. Newman...
Posted by Dreamweaver on 1/22 at 1:59 pm
[quote]Aside from separating us from Britain, it is of no legal effect. Though it is a magnificent document, the constitution was drafted and ratified because the articles of confederation (drafted in the wake of the declaration itself) were not a workable or practical legal/political framework for ...

Posted on: Political Talk

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re: Here Lies Lt. Wilson S. Newman...
Posted by Dreamweaver on 1/22 at 11:21 am
[quote]Perhaps there is a place in heaven for traitors. [/quote] You mean like George Washington, John Adams, and the rest of the Founding Fathers....

Posted on: Political Talk

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re: taxing the rich...estate tax
Posted by Dreamweaver on 1/20 at 12:09 pm
[quote]Someone can correct me if I am wrong, but is the estate tax different then any other income taxes? IE is the tax only paid on the amount over the exempted amount? So if you have a 30% tax rate on estates over 5 million and your estate is 5.5 million, you would only be paying the 30% on half a...

Posted on: Political Talk

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re: taxing the rich...estate tax
Posted by Dreamweaver on 1/20 at 9:50 am
[quote]What ever happened to the roll forward on the capital basis when a person dies? It used to be that the capital gains were wiped out and the new basis for the heirs was the value at the time of death. In a way, the estate tax was an offset to the loss of the capital gains tax. I believe there ...

Posted on: Political Talk

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If Romney had won?
Posted by Dreamweaver on 1/17 at 8:13 am
Who would doubt that if Romney would have won in November we'd be having the discussion right now about how he is racist for daring to have his inauguration on MLK day, but since it's Odummo, CRICKETS!!!...

Posted on: Political Talk

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re: Re: Fiscal Cliff; Today is D-Day
Posted by Dreamweaver on 12/31 at 8:15 am
[quote]Let me ask a dumb question... I keep hearing that if a deal doesn't get done, it would screw up tax returns, filing, etc... Why would the deal affect 2012 taxes which have already passed and just waiting to be refunded or paid [/quote] Because congress has not agreed to pass the AMT Pa...

Posted on: Political Talk

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re: SEC scheduling question
Posted by Dreamweaver on 11/8 at 9:00 am
Because we are one conference, not a conference with two separate sets of teams (Bama, Tenn, AU, UGA)and the rest. The whole football scheduling mess is the reason I was so opposed to conference expansion (not to mention what it does to scheduling/tournament structure in other sports). 12 was su...

Posted on: Tiger Rant

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re: SEC scheduling question
Posted by Dreamweaver on 11/8 at 7:31 am
[quote]It's simple: 8 game schedule. No divisions. No 'permanent' opponents. Each school would play: 3 teams each year for four years 5 of the 10 other schools would rotate onto the schedule for a home and home for two years 5 remaining schools rotate home and home for the next t...

Posted on: Tiger Rant

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re: 2013 IRS Inflation Adjustments re: IRA's & Gift taxes
Posted by Dreamweaver on 10/19 at 12:25 pm
If you are over the income limits for the Roth IRA, there is a still a way you can contribute to a Roth. Just goggle "backdoor roth ira" for how to do it. ...

Posted on: Money Talk

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re: Will we ever do away with electoral college?
Posted by Dreamweaver on 10/11 at 8:33 am
Plus it limits any vote counting controversy to one area. Could you imagine Bush-Gore being fought out nationwide....

Posted on: Political Talk

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re: Shocked at how much 2001 4Runner is valued
Posted by Dreamweaver on 10/10 at 9:09 am
Ive been happily surprised at how well my 2010 tacoma pre runner has held its value. KBB says its still worth $20k, a depreciation rate of ~10% a year in the years where the depreciation is supposed to be the worst. BTW, you can partially thank or despise the cash for clunkers program for the hi...

Posted on: Money Talk

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re: Fumble recovery after play is blown dead
Posted by Dreamweaver on 10/7 at 7:32 am
So anytime a ball hits the turf even after a play has been declared dead, players should just assume it was a fumble and jump all over it. Not only is that stupid, but someone is gonna get seriously hurt in that situation. I thought the NCAA was looking out for player safety, after all that's why ...

Posted on: More Sports Board

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re: Fumble recovery after play is blown dead
Posted by Dreamweaver on 10/6 at 6:06 pm
So by that logic, that play should just continue on, and no matter how many refs blow the whistle the players should just keep hitting each other. This is one aspect of the replay rules that the NFL has right!...

Posted on: More Sports Board

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re: Fumble recovery after play is blown dead
Posted by Dreamweaver on 10/6 at 5:58 pm
How can a player clearly recover a ball after a play has been blown dead. Stupidest rule in all of sports!...

Posted on: More Sports Board

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re: Fumble recovery after play is blown dead
Posted by Dreamweaver on 10/6 at 5:36 pm
Then there should be no such things as late hit penalties! Are the players just supposed to determine on their own when to continue playing or not!!!!...

Posted on: More Sports Board

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re: The old Government. Where would we be right now
Posted by Dreamweaver on 9/28 at 7:59 am
Also imagine that the 16th Amendment hadn't happened and the government relied on customs, excises and direct taxation of the states apportioned on population as determined by the census. I bet you any US Senator that authorized huge spending bills which required state legislatures to raise taxes o...

Posted on: Political Talk

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re: IRA to Roth IRA
Posted by Dreamweaver on 9/21 at 3:51 pm
You would be able to convert the whole amount since a conversion is not the same as a contribution. You could do the conversion and also a contribution in the same year as long as you are within the AGI limits for a Roth contribution this year ( there are no AGI limits on conversions right now)...

Posted on: Money Talk

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re: IRA to Roth IRA
Posted by Dreamweaver on 9/21 at 12:04 pm
What you are talking about doing is called a conversion, and if you do it you will be responsible for taxes on the $5900 if you were entitled to and took the deduction for the original traditional IRA contribution(s). IMHO, its a smart move as long as you can pay the taxes with money that you have...

Posted on: Money Talk

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re: 401k Question
Posted by Dreamweaver on 9/16 at 3:06 pm
Keep in mind that whatever assets you own, and are doing so well for you in your 401(k) plan, can probably also be owned in a IRA. Just because a certain investment is in a 401(k) plan doesn't mean it's not available to the general public. So for instance if you own $100,000 worth of a certain Vangu...

Posted on: Money Talk

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re: 401k Question
Posted by Dreamweaver on 9/16 at 11:41 am
Fyi, you can't roll it into a Roth unless it is specifically a Roth 401(k), which have only been around since 2006 or so. You could roll it to a traditional IRA and then do a conversion (by paying taxes on the amount converted) to get it into a Roth IRA. If you are happy with your investment choic...

Posted on: Money Talk

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re: Paul Ryan already benefited from the Social Security fund he now wants to gut
Posted by Dreamweaver on 8/12 at 7:28 am
Actually I would say that Ryan's father saved SS money by dying so young. 2 or so years of paying Paul benefits versus who knows how many years of retirement benefits for his father....

Posted on: Political Talk

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re: Has any presidential candidate ever foregone available tax deductions?
Posted by Dreamweaver on 8/2 at 4:00 pm
This may not count exactly, but by looking at Reagan's 1987 tax return http://www.taxhistory.org/thp/presreturns.nsf/Returns/8C84E991B26B8F6285256F0400783358/$file/R_Reagan_1987.pdf I see that he and Nancy didn't collect any Social Security that year, a benefit I'm sure they were entitled to (...

Posted on: Political Talk

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re: I'm confused about this Chic-fil-a thing...
Posted by Dreamweaver on 7/27 at 7:03 pm
A quote from Rahm Emanuel on the Chick-fil-A controversy "Chick-fil-A values are not Chicago values" Substitute Jewish for Chick-fil-A and Germany for Chicago and who does this sound like. And conservatives are the intolerant ones :lol:...

Posted on: Political Talk

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re: Retirees Wrestle With Pension Buyout From General Motors
Posted by Dreamweaver on 7/19 at 1:22 pm
Not if he rolls it into an IRA...

Posted on: Political Talk

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re: Read the worst birthday party invitation EVER!
Posted by Dreamweaver on 7/19 at 7:18 am
Are you required to make a donation to enter, because if you are I'm pretty sure this amounts to an illegal sweepstakes or lottery....

Posted on: Political Talk

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re: Why should Romney release more tax returns if...
Posted by Dreamweaver on 7/15 at 8:35 am
I hope he releases them by scanning them and running them through OCR software so that all kinds of weird layers and objects show up on them....

Posted on: Political Talk

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re: Progressives cradle to grave compassion
Posted by Dreamweaver on 7/11 at 8:10 am
It's only compassion if you do it with your own time and money, if you use someone else's money to do it it's called THEFT!!!...

Posted on: Political Talk

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re: Holder on Texas Voter ID Law
Posted by Dreamweaver on 7/11 at 7:56 am
Hypocrites It's OK for the Feds to force you to buy insurance or face loss of property or liberty, but Texas can't say someone needs to have photo ID to vote. They need to check out a study done based on Georgia's experience after they implemented Voter ID law. Voter participation actually in...

Posted on: Political Talk

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