Thanks everyone. My father passed in October of 2023, and the accounts are already transferred to Inherited IRAs at Fido. He had already taken the 2023 RMD on the small account and his 2023 RMD on the big account was taken just in a nick of time at the end of last year, so that’s done.
Income & Tax Status- $125 salary, but taxable investment income and now the RMDs will, I project, push me into territory where I cannot do a Roth IRA. Filing as single.
2026 Taxes- yes, I am aware of the planned changes in the rates but cannot do anything about it, so not operating with them as a prime consideration at this point, especially because of the Medicare issue raised above. Speaking of which…
Medicare- this is now most concerning. I knew income was a consideration around Medicare benefits but I was primarily interested in how to handle the tax rate issue I outlined in prior posts. Now I may have to accelerate the RMDs, so this is an entirely new consideration to work through.
It seems I may need to be more aggressive with this money as a considerable sum will wind up in Uncle Sam’s pocket in the end. A bit distressing.
Appreciate all of your input, it’s been very helpful!
Income & Tax Status- $125 salary, but taxable investment income and now the RMDs will, I project, push me into territory where I cannot do a Roth IRA. Filing as single.
2026 Taxes- yes, I am aware of the planned changes in the rates but cannot do anything about it, so not operating with them as a prime consideration at this point, especially because of the Medicare issue raised above. Speaking of which…
Medicare- this is now most concerning. I knew income was a consideration around Medicare benefits but I was primarily interested in how to handle the tax rate issue I outlined in prior posts. Now I may have to accelerate the RMDs, so this is an entirely new consideration to work through.
It seems I may need to be more aggressive with this money as a considerable sum will wind up in Uncle Sam’s pocket in the end. A bit distressing.
Appreciate all of your input, it’s been very helpful!
Statistics: Posted by BuboMickey — Tue Jan 16, 2024 10:36 am