Ask Rande 10,000+

Top 566. Nov 27, 2001 4:44 PM

» SteveT - Re: Fund swap.

In response to message posted by pjstack:

Hey don't take my word on it but if one is Wilshire 5000 and the other S&P 500 I can't see a problem. Maybe just keep the $500 new money in place as long as it fits you allocation & objectives. Just to be sure check back and see what Rande has to say.

BTW Rande, I hope you are enjoying the weather. I just came in from blowing 18 inches of SNOW!

-- posted by SteveT

Top 567. Nov 27, 2001 6:14 PM

» Thruhiker - technically a wash but i would ignore it when preparing return a

technically a wash but i would ignore it when preparing return as the taxes involved are insignificant.

-- posted by Thruhiker

Top 568. Nov 27, 2001 7:33 PM

» Jimstock - 72 T

I would like some input on the use of a 72t for cash flow in retirement.Im 57 and wondering if this would be a good vehicle to take me to 62, and social security.

-- posted by Jimstock

http://www.geocities.com/WallStreet/8257...

Top 569. Nov 27, 2001 7:53 PM

» mdorsey - Re: 72 T

In response to message posted by Jimstock:

You have the 5 year time frame right. Look at this site for more info.

-- posted by mdorsey

http://ftp.fedworld.gov/pub/irs-pdf/p550...

Top 570. Nov 28, 2001 4:18 AM

» Rande - Just checking in.

Just checking in....

pj -- Technically, you've got a partial wash sale for any shares purchased within the 30 day window. See IRS Publication 550 for instructions on how to calculate the portion of the loss which should be disallowed and adjustment to cost basis of reaquired shares. See the link below:

Jim -- You can take distributions without penalty (subject to ordinary tax, of course) prior to 59 1/2 so long as you take out substantially equal amounts based on life expectancy and continue for the longer of 5 years or age 59 1/2 (through age 62 in your example). See IRS Publication 590:

http://ftp.fedworld.gov/pub/irs-pdf/p590...

Sun is definitely shining in central FL. Sympathies to the snowbound. smile b

-- posted by Rande

Top 571. Nov 28, 2001 7:47 AM

» Jimstock - re: 72T

Thanks MD and Rande thats exactly the info I was looking for.It looks a little bit tricky for me pesonally,but I kept hearing about it at various finacial seminars.I think I'll just use after tax money for 2&1/4 years.Keep up the good work I have learned a lot from your posts.

-- posted by Jimstock

Top 572. Nov 28, 2001 8:29 AM

» bonesie - Tax Loss Selling

I need a huge amount of tax loss to offset
some unexpectedly huge Capital Gain selling. I've been advised by my accountant (really a grifter nonetheless a tax preparer) to sell losers at the LOWEST possible current prices to offset these gains. Sounds good, but are there other considerations that would mitigate??

Thanks

-- posted by bonesie

Top 573. Nov 28, 2001 8:32 AM

» Kirk - Re: Tax Loss Selling

In response to message posted by bonesie:

You would have more money in your pocket at the end of the day if you sold losers for the best prices you can get.

You are in effect telling your accountant "lose $100 so I can get $20 back in taxes".

I'd much rather "lose $50 to get $10 back in taxes" if I had a choice.

-- posted by Kirk

Top 574. Nov 28, 2001 10:16 AM

» Thruhiker - tax loss buying

i'm sure that if rande wasn't traveling he would have mentioned that for those who plan on recognizing a tax loss this year but don't want to lose their exposure to the security that you must purchase the security (double up) this week to avoid the wash sale rules when you sell on 12/31.

-- posted by Thruhiker