Originally Posted by thevillages2013 (Post 2118452)

Better sit down when dealing with the government because someone is going to get screwed

Originally Posted by Michael G. (Post 2118260)

HR 8331 would waive required minimum distributions for the 2022 tax year. That’s a nice way of saying Uncle Sam would not force older folks to withdraw more money than necessary from their retirement accounts this year. :thumbup:

Contact your state Representative.
Daniel Webster in Marion County

Originally Posted by Boomer (Post 2118412)

Yes indeed, retiredguy123, it sure was.

That was also the time when the capital gains exclusion for the sale of a primary residence, after owning for two years, went into effect.

That change in the tax law helped a lot of boomers to sell houses and to not have to turn around and buy a more expensive house or pay taxes on the gain.

That change was something that helped regular people to save a lot of money…..and it still does.

Lots of people here, over the years, have sold a longtime primary residence elsewhere in the country, and then bought in TV for cash — and kept the change — tax free.

That cap gains tax law change in the late 1990s created my favorite tax law ever.

Many sellers now don’t remember how it used to be when profit on a house could be gobbled up by cap gains — before the Clinton years.

Boomer

Originally Posted by jebartle (Post 2118370)

Let me be careful, how long ago was the debt reduced, I know, do you?

Originally Posted by retiredguy123 (Post 2118407)

I think it was when Bill Clinton was president, but I am not sure.

Originally Posted by Michael G. (Post 2118260)

HR 8331 would waive required minimum distributions for the 2022 tax year. That’s a nice way of saying Uncle Sam would not force older folks to withdraw more money than necessary from their retirement accounts this year. :thumbup:

Contact your state Representative.
Daniel Webster in Marion County

Originally Posted by retiredguy123 (Post 2118322)

If this year (2022) is your first RMD, you have until April 1, 2023 to take it. If it is not your first RMD, your have until December 31, 2022. So, if you have already taken all or part of your RMD for 2022, you took it earlier than you needed to.

Originally Posted by collie1228 (Post 2118510)

That's true, but if you wait until 2023 for your first distribution (technically your 2022 distribution) you will also be required to take another RMD by no later than December 31, 2023. Personally, I'd rather have the smaller effect on my tax bill by taking the RMD in each year, not both distributions in the same year.

Originally Posted by Lindsyburnsy (Post 2118495)

We all have to be on alert. Several "leaders" are supporting the slow elimination of Social Security and Medicare...which, by the way, we have all paid into. While many of us can live off of our retirement savings or pensions, many people, including those who were small business owners, cannot. Be sure to get your news from more than one outlet.

Originally Posted by Michael G. (Post 2118260)

HR 8331 would waive required minimum distributions for the 2022 tax year. That’s a nice way of saying Uncle Sam would not force older folks to withdraw more money than necessary from their retirement accounts this year. :thumbup:

Contact your state Representative.
Daniel Webster in Marion County

Originally Posted by retiredguy123 (Post 2118322)

If this year (2022) is your first RMD, you have until April 1, 2023 to take it. If it is not your first RMD, your have until December 31, 2022. So, if you have already taken all or part of your RMD for 2022, you took it earlier than you needed to.

Originally Posted by jebartle (Post 2118370)

Let me be careful, how long ago was the debt reduced, I know, do you?