[B-flat]

Originally Posted by thevillages2013

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

.........................and it won't be the government.

[GRACEALLEMAN]

Originally Posted by Michael G.

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.

Contact your state Representative.
Daniel Webster in Marion County

It all depends on your age. They've already passed a law that you don't have to withdraw until you're 72 years old . Some not there yet

[Mrfriendly]

Originally Posted by Boomer

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

I’m guessing the Clintons owned lots and lots of property back then

[pcovella]

Originally Posted by jebartle

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

1957. We were in a recession. But I do favor serious cuts in federal spending to reduce the national debt, but more importantly to reduce the debt to GDP ratio.

[Ski Bum]

Originally Posted by retiredguy123

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

You would be correct. And Newt ran the House, where all budgets originate.

[johnbarnon]

Originally Posted by Michael G.

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.

Contact your state Representative.
Daniel Webster in Marion County

This system, if all is to be believed will mean the end of the I.R.S. and will lead to many other benefits that the elites did not want the public to know about. You will not find any mention on Main stream media, T.V. or press, but check out on You tube or other sites that are available, there is a lot happening that you need to know about, it is a game changer.

[Lindsyburnsy]

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.

[collie1228]

Originally Posted by retiredguy123

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.

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.

[retiredguy123]

Originally Posted by collie1228

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.

Correct, but if your marginal tax rate doesn't change, it doesn't really matter.

[B-flat]

Originally Posted by Lindsyburnsy

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.

You're right on with your thoughts, this is the start of the new world and reset.

[kkingston57]

Originally Posted by Michael G.

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.

Contact your state Representative.
Daniel Webster in Marion County

Like this or not. It is like a 401K. Another way to push taxes paid into the future or get your inheritors to pay the taxes. Would suspect that most of us will probably pay less on a % basis than our old payroll tax rate.

Remember when my now deceased father would get a large deposit into his checking account. For 10 years I had to explain it to him.

[RICH1]

Check with your Financial Advisors ….If you can find them… Remember these bills have along way to go before they become Law!

[bp243]

Originally Posted by retiredguy123

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.

For some of us, the reason that we took it earlier happened to be a wise move before this announcement anyway, since our money was worth more in January than it is today. If our withdrawal isn’t taxed that would be an even greater advantage. Unsure if that’s the case.

[Dr Winston O Boogie jr]

Originally Posted by jebartle

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

It was a few years after the 105th and 106th Congresses lowered taxes.

[rsmurano]

Why should I have to support reckless spending? We shouldn’t be spending or try to spending as much as we are especially while going into a recession. You have to ask, what got us into this high inflation/recession era? It’s all the reckless spending!