Wednesday, March 18, 2020

Digest for misc.consumers.frugal-living@googlegroups.com - 6 updates in 1 topic

rbowman <bowman@montana.com>: Mar 17 08:41PM -0600

On 03/17/2020 03:20 PM, ItsJoan NotJoann wrote:
>>> Affected by gov't shutdown?
 
>> https://nypost.com/2020/03/17/irs-gives-americans-3-month-break-for-filing-taxes/
 
> Too late. Taxes have already been filed and refund was received 6 days later.
 
Good for you. Filed and a hefty check sent to both the Feds and state.
ItsJoan NotJoann <itsjoannotjoann@webtv.net>: Mar 17 07:46PM -0700

On Tuesday, March 17, 2020 at 9:40:32 PM UTC-5, rbowman wrote:
 
> On 03/17/2020 03:20 PM, ItsJoan NotJoann wrote:
 
> > Too late. Taxes have already been filed and refund was received 6 days later.
 
> Good for you. Filed and a hefty check sent to both the Feds and state.
 
No state income tax here and the IRS refund was used to pay 8 car notes.
rbowman <bowman@montana.com>: Mar 17 10:54PM -0600

On 03/17/2020 08:46 PM, ItsJoan NotJoann wrote:
 
>>> Too late. Taxes have already been filed and refund was received 6 days later.
 
>> Good for you. Filed and a hefty check sent to both the Feds and state.
 
> No state income tax here and the IRS refund was used to pay 8 car notes.
 
It's days like that when I wish I still lived in New Hampster. Not only
does this state have an income tax they also tax you SSI. They will
withhold Federal tax from SSI and RMD but not state. I gotta retire one
of these days.
ItsJoan NotJoann <itsjoannotjoann@webtv.net>: Mar 18 03:32PM -0700

On Tuesday, March 17, 2020 at 11:54:27 PM UTC-5, rbowman wrote:
> does this state have an income tax they also tax you SSI. They will
> withhold Federal tax from SSI and RMD but not state. I gotta retire one
> of these days.
 
No tax here on SS either. What's RMD?
The Real Bev <bashley101@gmail.com>: Mar 18 05:01PM -0700

On 03/18/2020 03:32 PM, ItsJoan NotJoann wrote:
>> withhold Federal tax from SSI and RMD but not state. I gotta retire one
>> of these days.
 
> No tax here on SS either. What's RMD?
 
Required Minimum Distribution. The feds decide how long you're likely
to live and make you take out a certain MINIMUM amount from your
IRA/401k each year so that by the time you're dead the money will all
have been taxed and gone. If you live longer than that I guess you're
just SOL.
 
Chickenshit if you ask me.
 
Roth IRAs are different -- you put in money that's been taxed, but you
pay no taxes when you take it out. OTOH, $6K/year is a piddling amount
to save toward retirement so you better invest it in something with a
BIG payoff.
 
 
--
Cheers, Bev
Children, your performance was miserable. Your parents will
all receive phone calls instructing them to love you less.
ItsJoan NotJoann <itsjoannotjoann@webtv.net>: Mar 18 05:55PM -0700

On Wednesday, March 18, 2020 at 7:01:35 PM UTC-5, The Real Bev wrote:
> IRA/401k each year so that by the time you're dead the money will all
> have been taxed and gone. If you live longer than that I guess you're
> just SOL.
 
Oh ok. I'm drawing from my 401k and pension which was rolled over into an
investment account. My financial adviser figured out how much I receive
and how much the IRS gets each month.
 
> Chickenshit if you ask me.
 
True.
> to save toward retirement so you better invest it in something with a
> BIG payoff.
 
> Cheers, Bev
 
Yeah, I invested in my 401k for 20+ years and the company put money into
my pension from the first day I started work there a couple hundred years
ago. Well, it seemed like I worked there for a couple hundred years. 😉
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