caesark

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  • in reply to: NIIT SE TAX OR NEITHER ? #17403
    caesark
    Participant

    Kaye,
    The 2.9% Medicare tax would apply to the entire amount of income, correct.
    While it is less than the 3.8% NIIT, in this tax return it will be not be a small fraction.

    in reply to: NIIT SE TAX OR NEITHER ? #17385
    caesark
    Participant

    Kaye,
    Yes, a K-1 is in the making for 2020. I have concluded the taxpayer meets the test for material participation and therefore is not subject to NIIT on the LLC income. However, I am anticipating the K-1 will report the income in Box 14. If that is the case, can you envision any circumstances that would support not reporting SE income?
    Any thoughts you have would be appreciated.

    in reply to: How am I really doing for retirement savings? #7445
    caesark
    Participant

    With both of you age 38, and the progress you have made, and the interest you have, and the detail you articulate, I would say you can ease down to idle if you like. Just remember not to get stuck there and the sooner you can accelerate the earlier that retirement date will come.

    in reply to: Deducting the Cost of Assisted Living #2359
    caesark
    Participant

    kanehoe, Thanks a million. Your response is “right on the money”

    in reply to: HSA Reimbursement For Insurance Premiums #1746
    caesark
    Participant

    If you are able to afford it, it is much better to pay all QME out of pocket. Let your HSA grow like a Roth account. You are always permitted to withdraw the QME in the future, just keep records of all amounts paid out of pocket.

Viewing 5 posts - 1 through 5 (of 5 total)