We sold the gun safe, so I'm glad that is done and out of the way. The guy just had a small pickup and dh was able to lean the back of the gun safe on his tailgate and then lift up and slide it in. He was a nice older guy. This is a rare occurrence - for dh to sell and get rid of something! LOL I did get a message back from the guy saying it was a pleasure doing business with us and that it was great to meet 2 very nice people.
Now my uncle has one (or more) of his friends telling him his inheritance is not taxable. Ok, I have told him this (even in writing) several times and the gal from the investment office has told him this (also more than once). I told him his friend is wrong. This is an IRA, a tax deferred account, that he inherited part of, and it will be taxed. He's says "but I don't pay any taxes, I haven't filed in years". I said yes, because your income, just social security? (he said yes) is not taxable if you don't have any other income, and then you are below the income threshold need to file taxes. But, if you take this $43,800 distribution all at once, you may owe taxes. You need to talk to your accountant (he's said a couple of times before "my accountant") to advise you the best plan, if you want to minimize the taxes. Plus he lives in a state with an income tax.
Pretty sure there is no "VA disability" income, LOL. Also, if you haven't had to file a tax return in years....what in the world do you need an accountant for? My guess is one of his friends is a retired accountant, LOL. Not to mention accounting courses is what my uncle taught for many years.
I need to get some new tops. Many of mine seem to have stains on them or small holes in the front. I'm not sure what the stains are from and why they won't come out in the wash. I suppose it's been a year since I bought any. I can't remember.
DD and I usually watch Resident Alien (the day after it airs, because it's on too late for both of us) at around the same time Thursday evenings, so then we are messaging back and forth laughing about funny lines. Last night was an especially funny episode. They redeemed themselves from last week's kind of (unusually) blah episode, LOL.
DH was feeling like some deli chicken and jo's from the store in town for dinner last night and I had forgotten to take chicken out of the freezer, so after I was done working we ran into town. We got baked chicken, jo's, some spicy bourbon popcorn chicken (good flavor but too spicy for me), jello parfait and rolls. I also picked up a couple gallons of milk, so now I will for sure be set with enough milk until we go do our regular grocery shopping again. I also got a few bananas, which I want to try to make those chocolate banana muffins that dd made. We ate our dinner at our new little pub table at the dining room window.
I woke up this morning and was like really - it can't be Friday already. This week just sped by. It's sunny blue sky today (but cold) and tomorrow it's supposed to get in the low 50's. That will be nice.
I still need to get signed up for the Costco membership before our eye exams at the end of this month. I see there is a deal I can either get a $20 Costco cash card, with a $60 Gold star membership, or get a $40 cash card with a $120 Executive membership. I'm leaning towards trying the Executive membership. The $40 Costco cash card brings the cost down to $80, plus I'll earn 2% back on all purchases. I still have some time to think about it.
Well, I best get started on my day of work.
We don't really "need" the higher Costco membership but the free shipping was so worth it to me. I did that with Sam's too. We don't make a trip very often, usually just for fresh stuff - but if there is anything non-perishable I still do the shipping because it's free and it's just must less work! It's comical to see the box they put our paper towels in :)
ReplyDeleteThanks for the info! I didn't know about the free shipping and I would likely definitely order stuff online more than shop there in person
DeleteI feel sad for your uncle and so many other folks - they get some money to make their lives comfortable, and it kinda gets complicated by folks with their "good advice". We are having a Costco rotisserie chicken for lunch and dinner next week, LOL!
ReplyDeleteThat's what my dh said, too. I for sure want to try the Costco rotisserie chicken. Do you just reheat leftovers?
DeleteHonestly, yes in my home we reheat! I just made two pounds of meatsauce this week and we ate it Monday through today, LOL. The chicken I find is so good, you can use it up for a good few days. My mom is doing noodles along with it for next week. If you're not too picky about eating the same thing, it works!
Deletewhat is your meatsauce recipe?
DeleteI will but the rotisserie chicken on my rare Sam's stops. I break it down and freeze in meal portions after a day having for a meal. It makes a really tasty broth for soup too. In the summer, I've picked up a couple for the lake - they're devoured. I really recommend your uncle gets tax help from current professionals. I feel pretty savvy and wouldn't begin to understand what ax implications in IRAs let alone inherited ones.
DeleteI keep telling him to ask his accountant. Obviously listening to friends ("but, she's a successful lady - she has like a 2 million dollar house!") isn't a good idea. That's why almost day 1 I wrote it all out for him in an email, so he'd have it to refer back to for info, but it's apparent he's likely forgotten there even was this email :(
DeleteI just looked up easy recipes and grabbed it from here 😆 https://www.allrecipes.com/recipe/158140/spaghetti-sauce-with-ground-beef/
DeleteWe've had it all week with spaghetti and then mashed potatoes!
We have the executive membership. This year I’m getting back $120, so my membership is free. That being said, I shop for a couple kids so that’s not all us. To make up the difference in the cost of the membership you have to spend $250 a month (that’s on a regular priced membership, not your discounted price). I don’t think we’d get there without my kids stuff, most years anyway. I have considered getting the Costco cc for an additional 2% back, but I don’t need another credit card, and we get 1 1/2% back with the one I use, so that’s good enough.
ReplyDeleteIf you google Costco coupon book March 2024 you can look at their ad. It’s probably on their website too, but I always just google. You can also google unadvertised Costco deals. There’s a lady out of Seattle that posts them, and most prices are good here too, but not all.
Diane
Free Shipping is a Plus with Costco or Sam's. But there are a lot of items, especially food, they will not ship.
ReplyDeleteI'm not positive but you can maybe downgrade your membership if you're not satisfied.
I've never gotten my eye exam or glasses from them, but most people are very satisfied with their optical dept.
With your uncles age wouldn't he have to draw from his IRA?
Maybe your "step brother " can offer his expertise. lol
Have a good weekend:)
I got my last eye exam and glasses from Costco (but like 6 years ago) and have been very happy with them. Everyone who inherits an IRA (that is a non-spouse or child) has to draw from the IRA fully within 10 years. But, he doesn't have to take it all at once, so if he wants to minimize tax owed on it, he'd be smart to split it up at least over 2 years. I'm realizing me trying to explain all this to him isn't sticking with him, so there's not much I can do other than keep suggesting the talk to an accountant/tax advisor.
DeleteWith your uncle's obvious lack of information from dependable sources, I feel some of these people upon whom he depends will help him spend his money and he will have little left by the end of the year, at least.
ReplyDeleteI imagine that he does not want to go to someone he has to pay for information. He wants to keep that fee he would have to pay for sound advice.
Since he taught accounting, I cannot imagine him not going to an accountant if he were in his right mind. Older people do become rather foolish, childlike, in old age. Add in dementia, and it does not look hopeful for him.
Well, I was assuming he'd realize the information about it being taxable that is coming directly from the investment company would be enough to convince him they know what they are talking about, rather than friends.
Delete