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Thread: Setting in For a Long Winter's Nap

  1. #1


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    Setting in For a Long Winter's Nap

    Today just made my last bank deposit for the year. I won't be playing anymore blackjack for another 3 months and figured why let so much money just sit there not earning any interest.

    I haven't played any blackjack since Nov, and even though road conditions were good the last few days, the arrival of the snowmobilers has pretty much ruined any good playing conditions.

    Anyway my efforts over the next 3 months will be divided between snow shoveling and doing my income taxes. I actually start on my income taxes on Dec 31st. I make a list of the value of all my assets (except house & cars) as of Dec 31st in one column of an excel spread sheet and in the next column l list the income the asset has generated for the year be either interest, dividend or realized capital gain. Some assets are non incoming producing like real estate, and other investments are tax exempt like Roth IRAs, or income deferred like 401(k) so I don't list what they generate. I'm looking for what I need to do my taxes.

    This worksheet becomes the backup for my income taxes, but I usually don't have everything I need to actually do the taxes until Feb 15th. Last year my worksheet was 36 lines long and included everything from cash on hand to the cash surrender value of my life insurance and everything in between.

  2. #2


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    MWP....I like you but don’t get the point of it. What sorts of responses are you looking for? Tax or BJ?

  3. #3


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    Do you take the (new, elevated) standard deduction or itemize?

  4. #4


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    Quote Originally Posted by 21forme View Post
    Do you take the (new, elevated) standard deduction or itemize?
    Last year was the first time in many years that I didn't itemize. However, I went through all the work to figure out how much my itemized deductions would be. The new tax law didn't help me much because even though I had a larger standard deduction I lost the personal exemptions. Last year alone our health insurance premiums (medicare, medicare supplement, prescription drug, and long term care insurance) were over $14,000. The kicker is you can only deduct health expenses that exceed 7.5% of adjusted gross income.

  5. #5


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    I know you have a lot of time on your hands this time of year, but you may want to consider Turbotax or similar product. You enter your data (potential deductions), and it will tell you which is the way to go - itemize vs. std. deduction. YOu probably know that in 2020, the health insurance/expense deduction goes up to exceed 10% of AGI.

  6. #6


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    Quote Originally Posted by 21forme View Post
    I know you have a lot of time on your hands this time of year, but you may want to consider Turbotax or similar product. You enter your data (potential deductions), and it will tell you which is the way to go - itemize vs. std. deduction. YOu probably know that in 2020, the health insurance/expense deduction goes up to exceed 10% of AGI.
    I assume you are talking about the 2019 tax year which is filed in 2020. Yes, you are right the health expense deduction has to exceed 10% of AGI for all taxpayers for tax year 2019.

    I do use tax software to do my taxes. I've been using H&R Block for years now. I did use Turbotax for one year many years ago.

  7. #7


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    Quote Originally Posted by Midwest Player View Post
    I assume you are talking about the 2019 tax year which is filed in 2020. Yes, you are right the health expense deduction has to exceed 10% of AGI for all taxpayers for tax year 2019.

    I do use tax software to do my taxes. I've been using H&R Block for years now. I did use Turbotax for one year many years ago.
    Yes, I do mean the 2019 taxes, filed in 2020.

    If you use tax software, why put it in Excel first?
    Last edited by 21forme; 12-28-2019 at 01:41 PM.

  8. #8


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    Quote Originally Posted by ZeeBabar View Post
    MWP....I like you but don’t get the point of it. What sorts of responses are you looking for? Tax or BJ?
    Zee, I was just rambling on about what was on my mind this time of year, taxes and snow. I wasn't looking for any particular type of response.

    I did drop preliminary numbers into my tax worksheet for 2019. Hell, I'm shocked to find that the value of my investments has increased by over $96,000 from Dec 31st of last year. Now I'm worried I might be in a higher income tax bracket. It is going to be a real close call. I wanted to remain in the zero percent capital gains bracket, and I'm hoping most of those huge mutual fund gains are not realized capital gains by the mutual fund companies and not distributed in 2019.

    Funny thing is I took $12,000 from my 401(k) for 2019, but the value of my 401(k) still increased by $17,000 from Dec 31st of last year.

    I'm glad I didn't have a great year at blackjack for 2019. If I did, I would surely be in the next income tax bracket. I always plan on having enough taxes withheld during the year to cover a $10,000 blackjack win, and this year I was lucky enough to be quite a bit below that.
    Last edited by Midwest Player; 12-28-2019 at 02:21 PM.

  9. #9


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    Quote Originally Posted by Midwest Player View Post
    Zee, I was just rambling on about what was on my mind this time of year, taxes and snow. I wasn't looking for any particular type of response.

    I did drop preliminary numbers into my tax worksheet for 2019. Hell, I'm shocked to find that the value of my investments has increased by over $96,000 from Dec 31st of last year. Now I'm worried I might be in a higher income tax bracket. It is going to be a real close call. I want to remain in the zero percent capital gains bracket, and I'm hoping most of those huge mutual fund gains are not realized capital gains by the mutual fund companies and not distributed in 2019.

    Funny thing is I took $12,000 from my 401(k) for 2019, but the value of my 401(k) still increased by $17,000 from Dec 31st of last year.

    I'm glad I didn't have a great year at blackjack for 2019. If I did, I would surely be in the next income tax bracket. I always plan on having enough taxes withheld during the year to cover a $10,000 blackjack win, and this year I was lucky enough to be quite a bit below that.
    You are in great shape. Besides social security (about $2500), and a pension (about $2600) that I get each month, I have about $300k plus a $200k equity in my home.

    With your income, you could afford a warmer climate.

  10. #10


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    Quote Originally Posted by ZeeBabar View Post
    You are in great shape. Besides social security (about $2500), and a pension (about $2600) that I get each month, I have about $300k plus a $200k equity in my home.
    All due respect Zee, you have been waiting to double down your 11 versus a ten up only till you have a TC of +1?

  11. #11


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    Quote Originally Posted by BoSox View Post
    All due respect Zee, you have been waiting to double down your 11 versus a ten up only till you have a TC of +1?
    No. if TC is less than zero, I have and that is a mistake I will correct. Since you last chipped in to the forum, there are a couple of idiots (“counting” is in their name) who extrapolate from one BS error to me not knowing BS at all, then lying about me “advising others” of basic strategy and playing strategy. I might advise of places to play or stay or post a trip report or share my experiences but with folks like you and a Freightman, Don S and Norm and 21forme, I leave advice on how to play to others.

  12. #12


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    Quote Originally Posted by ZeeBabar View Post
    You are in great shape. Besides social security (about $2500), and a pension (about $2600) that I get each month, I have about $300k plus a $200k equity in my home.

    With your income, you could afford a warmer climate.
    Zee, looks like you have more income each month than me in social security and pension. We are both fortunate to have pensions as a lot of companies have done away with them. In fact the company I use to work for did away with their pension and now has only a 401(k).

    My house has been paid off for about 25 years now, but it isn't a very valuable house. It was all I could afford when I had it built 44 years ago, and I have lived in the same house ever since. No desire to move at all, but becoming a snowbird is an option I'm thinking about.

    I do have quite a bit of interest, dividend, and capital gain income. Last year it was just shy of $13,000 not counting earnings on Roth IRA's and this year it might be double that as I sold some vacant land. I really don't have most of that income as its reinvested back in the mutual funds, but still have to pay taxes on it. So my spending income consists of social security, pension, and 401(k). My wife is also getting social security which is nice. Is your wife old enough to get social security?
    Last edited by Midwest Player; 12-28-2019 at 11:35 PM.

  13. #13


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    Quote Originally Posted by Midwest Player View Post
    Today just made my last bank deposit for the year. I won't be playing anymore blackjack for another 3 months and figured why let so much money just sit there not earning any interest.
    MWP- What interest rate are you getting in your bank? (Assuming you actually deposit into a bank and don't transfer into bonds/CDs/etc)? I know most banks are offering something like .25%. There are some online banks that offer 2% to 3% interest, such as Ally, American Express.

    Another idea you might be interested in:
    Every month I receive letters from Chase Bank saying that if I open an account with them, deposit $5000 and set up a direct deposit, and keep the account open for 3 months, they will give me $600 or so.
    I'm not sure if you get those offers or not, but it could be something to look into for you.

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