Income Taxes

I would go back and do a series of small Roth conversions over many years. I wouldn't pay the taxes using converted money, but draw on savings and maturing CDs for that.

But in the end I used the non-withheld portion of my distribution, then cashed in matured Savings Bonds, and then a matured CD and bought hard assets outside of the banking system.

I did this beginning in mid-Summer 2025, and though I haven't realized gains yet I am up over 38% on those assets as of today. Not smarts, just once-in-a-lifetime lucky timing.
 
Jacob Petersheim said:
I would go back and do a series of small Roth conversions over many years. I wouldn't pay the taxes using converted money, but draw on savings and maturing CDs for that.

But in the end I used the non-withheld portion of my distribution, then cashed in matured Savings Bonds, and then a matured CD and bought hard assets outside of the banking system.

I did this beginning in mid-Summer 2025, and though I haven't realized gains yet I am up over 38% on those assets as of today. Not smarts, just once-in-a-lifetime lucky timing.
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Predictions are tough to make...especially about the future.
 
I went to pick up tax forms today. The local library carries the basic Federal forms, but for some reason in Virginia, they do not have State forms...you gotta go to the county government center to get those, which would have been closed by the time I got there. That's fine, since the state return is pretty much driven by the Fed form. I'm gonna do them on paper to see which forms I need and then see if I can find an online place I can do them for free. I haven't done this in a long time.

Sometimes I think it would be easier just to put slop in them and hit Submit, since the IRS will fix it, anyway.
 
Still dragging my feet. I want to go back and figure in a State home heating credit. That might take me down to owning $1500. In any case I'm in less of a hurry since nothing is coming back.
 
I mentioned that our grandson stopped by to visit us last weekend. He told us that he profited about $2500 from the "no tax on overtime" provision on his taxes. I'm not hearing much about how the Big Beautiful Bill has affected people in general, but we have seen the benefit in our family.
 
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Beth Gallagher said:
I mentioned that our grandson stopped by to visit us last weekend. He mentioned that he profited about $2500 from the "no tax on overtime" provision on his taxes. I'm not hearing much about how the Big Beautiful Bill has affected people in general, but we have seen the benefit in our family.
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My youngest son got a benefit about the same as your grandson. The other boys are salaried, and the youngest will be salaried this year and beyond.
 
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