Bill Minter

Comments

• My understanding is that this non-itemizer charity deduction really functions as a "below the line" (does not affect AGI) deduction. AI seems to affirm that understanding... "However, this new deduction is somewhat unusual: it is widely described as “above the line”, but under the One Big Beautiful Bill Act it does not reduce AGI itself; it reduces taxable income after AGI is calculated, functioning like a universal charitable deduction layered on top of the standard deduction. So in practice for 2026:

  • Traditional charitable deductions for itemizers are below the line.
  • The new non‑itemizer charitable deduction is labeled “above the line”, but technically operates after AGI in the computation of taxable income."

  Post: 2026 Charitable Contributions

  Link to comment from February 9, 2026

• Bill P., I have been given check writing privileges on my Fidelity tIRA which I will be using to make my QCDs when eligible >4/27/27. They also can be used for RMDs when I turn 73, but I will not likely use them for that purpose. My concern is that Fidelity will have no idea when they clear the check whether it is for a QCD, or whether it is a normal taxable distribution. So the question arises for me.... If Fidelity sends me a 1099-R with no code Y, but I tell FreeTaxUSA that it does have a Y code, will I run into trouble with the IRS? Bill M.

  Post: Checks and Balances

  Link to comment from January 27, 2026

• Maybe that's why my immigrant Grandfather Forsythe would claim that he was proud to be a Scot because of his country of origin, and he was proud to have been a successful businessman because he was so "scotch".

  Post: Financial Wisdom from the Scottish Bard

  Link to comment from January 26, 2026

• Having recently retired from full time employment in my chosen profession, I continue to enjoy doing consulting work in my field of expertise. For me, there have been two advantages: 1) Continuing to be engaged in work (1-2 day/week) that I still find fulfilling-- but choosing to do so when it fits my interest and schedule; 2) Earning just enough income from my consulting to enable me to write-off all our household's ACA, Medicare, Medigap, LTCI, dental, and vision premium expenses as "above the line" deductions so I can effectively make larger Roth conversions prior to my SS at age 70. I use some of that income to pay Roth conversion taxes.

  Post: Business and Side Hustle Tax Tips

  Link to comment from December 20, 2025

• In preparations for utilizing QCD's from my tIRA in 16 months (at 701/2), and RMDs (at 73) I have begun directing all my bond fund's dividends and stock fund dividend/capital gains to my "core holding" (SPAXX) in that account. My intention is to always have the needed cash on hand in my tIRA to meet my more immediate QCD needs, and later RMD requirements, without ever having to decide what and how much to sell a position. If I find I am overshooting my annual needs I can always turn on some of the DRIPs.

  Post: You DRIP?

  Link to comment from December 8, 2025

• In preparation for executing QCD's from my Fidelity Rollover IRA when I soon reach 70 1/2 years old, I have just applied for check writing privileges. They offer this only for tIRA's and HSAs. My intent is to better control the timing and assurance that the charity has received my QCD. Check's can also be written for RMDs (when I turn 73) but the tax liability tracking implications seem more fraught using checks for this purpose. I will just let Fidelity process those through their normal on-line system. The question that arises for me is that, beginning 2025, the 1099-R's will now have an additional code ("Y") that Fidelity is supposed to indicate if the distribution was intended as a QCD. That would provide more verification when filing my taxes if I were to request Fidelity send the distribution directly to the charity-- as typically is done. But when I write a check on my tIRA account and provide it to a charity intending that it applies as a QCD, there is no paper trail with Fidelity that informs them that this distribution was used as a QCD. They can just as well assume it is a regular taxable distribution and not add the "Y" code to my 1099-R. William Perry... any perspective about this new dynamic starting in 2025?

  Post: 10 Ways to Give—Without Writing a Check

  Link to comment from November 8, 2025

• Of our total household portfolio (rollover and Roth IRA's) my spouse's (6+ years younger) accounts make up 34% and mine 66%. While I have a spreadsheet that lists each of our accounts separately (with corresponding asset allocations), I have a grand total at the bottom that is then broken down in % asset classes. When I rebalance, I just look at the grand total and then select the account(s) that I can most easily adjust to accomplish my goal. Having said that, I do take into account the most efficient asset location. For example, I recently sold some of the stock position in my rollover IRA and bought bonds to rebalance the grand total back to 60% stocks and also to increase that account's bond % so it will grow more slowly over time and thus limit my (her as survivor) RMDs-- which I will need to begin taking in four years. The assumption I make for the above is that we have named each other the beneficiary for each of our accounts, so the survivor will end up owning all of the accounts. I would welcome critique as to whether this a valid assumption.

  Post: How do Couples Rebalance with Multiple Accounts

  Link to comment from October 28, 2025

• I appreciate learning from all of the comments shared on this topic. Each appropriately reflects the commenters' beliefs, values and experiences-- all which should be respected. In my Christian faith tradition, we also consider "first-fruits giving" as an additional way to practice the spiritual disciple of gratitude. My AI friend contrasts that with tithing...... Tithing comes from the Hebrew word “ma’aser,” meaning tenth. Biblically, it refers to giving 10% of one’s income or produce to God (Leviticus 27:30–33). Historically, the tithe supported the work of the temple and Levites, and today many Christians practice it as a regular, proportional act of obedience and trust in God’s provision. It is typically ongoing—done each time income is received, such as a paycheck or harvest yield.​
  First-fruits giving originates in Old Testament agricultural practices (Exodus 23:19; Proverbs 3:9). People would offer the very first and best portion of their harvest as a sign of gratitude and dedication to God before consuming or enjoying the rest. In a modern Christian context, first-fruits giving symbolizes offering the first increase—for example, the first paycheck of a new job, a year-end bonus, or similar “first” blessings—to God in thanksgiving. It is not a set percentage but a spontaneous act of worship and gratitude, often done seasonally or on special occasions rather than regularly.​

  Post: Tithing is a mistake … for some people. 

  Link to comment from October 20, 2025

• Rick, In re: "I like to understand what the assumptions are and how conservative they are, and to see a margin of safety in the result." I have found that toggling the discount rate down even lower than the current 10-year TIPS yield has helped me feel even better about my "projected balance sheet"... especially when I have set my mortal demise at the avg. 84yr life span, and my 6.5-yr younger spouse spouse moving to SS survivor benefits, living to 100, and spending 100K/yr (today's $) in long term care for her last 20 yrs.

  Post: Funded Ratio vs Monte Carlo – Different Routes to Get to the Same Destination (or not)?

  Link to comment from May 20, 2025

• Rick, I would especially be grateful to know what your perspective is on this concept as it applies to personal finance given the experiences you have shared that have been valuable to me. My understanding that this concept is what is used in the pension and insurance industries.

  Post: Funded Ratio vs Monte Carlo – Different Routes to Get to the Same Destination (or not)?

  Link to comment from May 19, 2025