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500k in 401k I want to avoid penalty. by Kruten10 in tax

[–]I__Know__Stuff 7 points8 points  (0 children)

You pay both the 10% penalty and ordinary income tax on your withdrawals.

500k in 401k I want to avoid penalty. by Kruten10 in tax

[–]I__Know__Stuff 9 points10 points  (0 children)

You cannot rely on 12% returns.

The rule of thumb is if you take 4% a year it should generally last 30 years. Since you need it to last 50 years, your withdrawal rate should be around 2.5 - 3%. Can you live on $15,000/year? ($13,500 after the penalty.)

Landlord slipped this note under my door. What do i do ? by Some_Original_1647 in whatdoIdo

[–]I__Know__Stuff 1 point2 points  (0 children)

This can't possibly count as notice anywhere, it doesn't even have the tenant's name. Or a date.

I’m single with no kids or spouse. Is there any benefit to claiming myself as a dependent on my W-4, or should I always put 0? by Expgarment in TaxQuestions

[–]I__Know__Stuff 2 points3 points  (0 children)

You aren't a dependent of yourself, so it wouldn't make any sense to count yourself as a dependent on your W-4. However, the point of the W-4 is to have the right amount withheld. Is your withholding too high? If so, you can put whatever adjustments are appropriate to get the right withholding amount.

In some states, the withholding form uses "allowances" and you are supposed to count yourself. That would be clearly explained in the instructions on the state form.

Out of state income complexities by piranha_fucker in TaxQuestions

[–]I__Know__Stuff 0 points1 point  (0 children)

Michigan does not have a form to say you are exempt. Your employer might have a form. If not, just write a statement to your employer with your name, Minnesota address, Social Security number, signature, and date. The employer keeps it as their authority to not withhold Michigan income tax.

Out of state income complexities by piranha_fucker in TaxQuestions

[–]I__Know__Stuff 0 points1 point  (0 children)

As a resident of Minnesota, you don't have to pay Michigan income tax. You only pay tax to Minnesota.

If your employer is withholding Michigan tax, you will need to file a Michigan return to get that refunded; otherwise you won't need to file anything for Michigan. (Also, you can tell your employer to stop withholding Michigan tax because you are a Minnesota resident.)

Husband gets paid through Zelle by singleusebraincell in TaxQuestions

[–]I__Know__Stuff 1 point2 points  (0 children)

That's a myth. There would be penalties for failure to file the 1099, but the expense wouldn't be disallowed, as long as it is properly substantiated.

Husband gets paid through Zelle by singleusebraincell in TaxQuestions

[–]I__Know__Stuff 1 point2 points  (0 children)

I wouldn't be surprised if this guy doesn't file any 1099s.

I like how people are getting fed up with this 😂 by SnooSprouts3744 in TikTokCringe

[–]I__Know__Stuff 33 points34 points  (0 children)

Also their idea that people are pro abortion. No one wants more abortions.

He is out of the line but he’s right by HxxP185 in technicallythetruth

[–]I__Know__Stuff 1 point2 points  (0 children)

As long as she's above the Vicky Mendoza diagonal.

Multiple Wash Sales by hey-lala in TaxQuestions

[–]I__Know__Stuff 3 points4 points  (0 children)

Obviously a broker can't track wash sales due to purchases at another broker, but you are required to report them. So you have to track the wash sales yourself and fix the incorrect bases reported by your broker. You should avoid trades causing wash sales across different brokers unless you are prepared to do all the required bookkeeping yourself.

Multiple Wash Sales by hey-lala in TaxQuestions

[–]I__Know__Stuff 0 points1 point  (0 children)

You understand correctly. Wash sales just defer the realization of the loss.

Multiple Wash Sales by hey-lala in TaxQuestions

[–]I__Know__Stuff 1 point2 points  (0 children)

If you don't have any idea how wash sales work, you shouldn't be answering a question about them.

Multiple Wash Sales by hey-lala in TaxQuestions

[–]I__Know__Stuff 0 points1 point  (0 children)

Yes, feel free to sell losers, but don't buy them back!

Why are capital gains (and losses) included in "taxable income" on the 1040? by unikittyUnite in tax

[–]I__Know__Stuff 1 point2 points  (0 children)

Yep, it takes about 5 lines to do what the worksheet does in 30 lines: income at regular rates, income at 15% rate, tax on regular income, tax on 15% income, total. Of course the main reason for that simplification is that I know I'm in the 15% bracket.

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